Nigeria’s digital banking sector is booming, with a wave of innovative neobanks transforming the way individuals and businesses manage their finances. These neobanks are bridging the gaps left by traditional banks, offering seamless and customer-centric solutions for both consumers and enterprises. Here are five standout Nigerian neobanks to watch in 2025 — and why their founders and visions make them worth following.
PalmPay
PalmPay is a digital financial services platform that has rapidly gained traction in Nigeria since its launch in 2019. Serving primarily individual consumers, PalmPay offers an intuitive app that facilitates bill payments, airtime top-ups, and instant bank transfers, with a focus on affordability and ease of use. The founding team includes Greg Reeve, the CEO and Co-founder, who has steered PalmPay’s “smartphone-first” approach in collaboration with device manufacturers like Tecno, ensuring the app is accessible to millions of users right out of the box. Alongside him is Chika Nwosu, Managing Director, who has championed local expansion and product refinement. With over 35 million users and a growing small business client base, PalmPay’s scale and adaptability make it a neobank to watch as it continues to expand further across West Africa.
Moniepoint
Moniepoint, previously known as TeamApt, is redefining how businesses access financial services. Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint has evolved from a payment infrastructure provider for banks to a comprehensive business banking platform. With a customer base comprising SMEs and larger enterprises, Moniepoint processes over 800 million transactions monthly and offers a range of products that span digital payments, foreign exchange, credit, and operational tools for businesses. Moniepoint’s recent $110 million funding round, backed by Google and Development Partners International, has positioned it as one of Africa’s most valuable fintech companies, surpassing $1 billion in valuation. This laser focus on enabling business growth and scale makes Moniepoint an essential neobank to watch.
Lenco
Lenco stands out as a neobank built exclusively for businesses. Founded in 2021 by Andrew Airelobhegbe (CEO), Impact Airelobhegbe (COO), Godstime Asine (Lead Engineer), and Praise Osagie (CTO), Lenco is on a mission to address the specific pain points that startups and small to medium-sized enterprises (SMEs) face in Africa. From multi-user business accounts and corporate cards to seamless cross-border payments, Lenco’s offerings empower businesses to operate efficiently and scale beyond local borders. Backed by prominent investors like Y Combinator and Techstars, Lenco’s commitment to solving real-world challenges for businesses positions it as a transformative force in Africa’s financial landscape.
Kuda
Kuda Bank has quickly become a household name for digital personal banking in Nigeria. Founded in 2019 by Babs Ogundeyi and Musty Mustapha, Kuda is designed to serve individual consumers seeking modern, fee-free banking. Kuda’s seamless mobile app offers essential banking services, including free money transfers and high-yield savings accounts. It has attracted significant investment from Target Global and Valar Ventures, boosting its valuation to $500 million. With a rapidly growing user base and a clear mission to democratize banking access, Kuda is setting new standards for digital banking in Nigeria.
OPay
Founded in 2018 by Zhou Yahui, OPay is a multifaceted financial services platform that primarily serves individual consumers through a combination of mobile payments, transfers, bill payments, and micro-lending. Backed by investors like SoftBank and managed under Opera Software’s broader umbrella, OPay’s super-app approach and extensive agent network have made it one of the most accessible digital banks in Nigeria. Its ability to integrate multiple services under one ecosystem ensures that it remains a critical player in Nigeria’s financial inclusion efforts.
Why Neobanks Matter.
The rise of neobanks in Nigeria isn’t just a trend; it’s a fundamental shift in how people and businesses engage with money. In a market where traditional banks often fall short, neobanks are stepping in to offer speed, transparency, and tailored services that fit the realities of everyday life. For individuals, this means banking that’s accessible from a smartphone, with fewer fees and more convenience. For businesses, it means financial tools that make it easier to grow, manage cash flow, and compete in a digital economy.
The five neobanks highlighted here, PalmPay, Moniepoint, Kuda Bank, OPay, and Lenco, each bring their own vision and strengths to the table. But what unites them is their shared mission: to make banking simpler, more inclusive, and better aligned with the needs of modern Nigeria. As they continue to expand and evolve, these neobanks aren’t just transforming financial services; they’re helping to build a more resilient, equitable, and dynamic economic future for Nigeria and the wider African continent.