In Nigeria, traditional banks often impose hidden charges, maintenance fees, SMS alerts, and transfer levies that quietly erode your hard-earned money. Following the recent reform by the Central Bank of Nigeria (CBN), many Nigerians, especially the youth, have taken alternative measures to secure their cents. The CBN reform, which now attracts a higher withdrawal fee and inter-bank transfer fee, has plunged many Nigerians into considering fintech apps that offer better financial services.
These apps provide features like fee-free transfers, zero maintenance costs, budgeting tools, real-time alerts, and loyalty rewards, helping users manage their finances more effectively.
In April 2025, the Central Bank of Nigeria (CBN) implemented a banking reform that introduced higher ATM withdrawal charges, affecting users accessing funds from ATMs. The reform, effective March 1, 2025, also introduced key changes in several financial regulations.
Below are the 10 widely used fintech and microfinance apps to escape extra charges from commercial banks in Nigeria
1. Kuda: The Bank of the Free
Kuda offers a digital banking experience with no maintenance fees and 25 free transfers to Nigerian banks each month. The app provides real-time transaction alerts, automatic spending categorization, and savings features, making it easier to manage your finances.
2. Opay: More Than Just Payments
Originally a ride-hailing service, Opay has expanded to offer bill payments, peer-to-peer transfers, and virtual cards. With cashback offers and low transaction fees, it’s ideal for users looking to maximize their spending power.
3. PalmPay: Promotions and Minimal Charges
PalmPay allows users to top up airtime, pay utilities, and send money with minimal transfer charges. Regular promotions and a growing merchant network make it a convenient option for everyday transactions.
4. Moniepoint Personal: Transparent and Straightforward
Moniepoint Personal offers a clean dashboard with flat transaction fees, avoiding surprise deductions. Built-in spending analytics help users track expenses and plan ahead.
5. FairMoney: Lending and Beyond
Starting as a lending platform, FairMoney now features a digital wallet with low-cost transfers and automated savings tools, targeting gig workers and small business owners.
6. Vbank: No Hidden Fees
Operated by VFD Microfinance Bank, Vbank guarantees no hidden fees, free internal transfers, and goal-based savings features. Budgeting tools and real-time support make it a popular choice for professionals.
7. Carbon: Loans and Wallet Services
Carbon offers instant loans, a digital wallet, bill payment services, and zero-fee transfers. Its combined loan and wallet functionality helps users avoid high-interest bank overdraft charges.
8. Alat by Wema: Fully Online Banking
Alat provides fully online banking with zero maintenance fees for users who transact exclusively through the app. Goal-based savings plans and a virtual dollar card cater to both local and international spending needs.
9. Eyowo: Simplified Transfers
Eyowo allows transfers using only a phone number, eliminating the need for account details and associated fees. It also offers micro-savings plans and virtual cards, providing flexible payment solutions.
10. Paga: Bridging Cash and Digital Payments
Paga’s wallet lets users send money, pay merchants, and transfer funds between wallets without fees. Its offline deposit and withdrawal network bridges the gap between cash and digital payments, promoting financial inclusion.
