The Central Bank of Nigeria (CBN) says there are 10 licensed digital banks in Nigeria The apex bank said that digital banks are also allowed to provide microfinance banking in the country The banks operate primarily as apps without branches but are accorded the same rights as conventional banks

The names of the banks include: Sofri, Mint, Piggyvest, VFD, Moniepoint, FairMoney, Carbon, Kuda, Eyowo AND Sparkle.