Nigeria’s banking landscape has entered a new era with the official launch of Bank78 Microfinance Bank’s fully private digital bank which has been hailed as the first of its kind in the country.
Designed for affluent, upwardly mobile and security-conscious customers, the new digital institution aims to deliver premium banking without compromising trust or transparency.
The launch event gathered regulators, industry executives, technology partners and innovators, many of whom described Bank78 as a potential standard-setter in Nigeria’s increasingly competitive digital finance space.
Bridging the Gap Between Fintech Speed and Traditional Bank Stability
Bank78 enters the market with a mission to close what its founders call the “widening disconnect” between fast-paced fintechs and the reliability expected of established banks.
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EviOghene Osifo-Whiskey, a director at Bank78 MFB, said the new digital bank is a deliberate response to long-standing structural issues in the sector. She emphasized that its foundation rests on transparency, secure architecture and an intentionally clean, intuitive user experience.
Live demonstrations highlighted instant digital onboarding, seamless transfers, goal-based savings, and 24/7 support powered by Ruby, the bank’s AI-driven digital assistant. She noted that Bank78 is fully licensed by the Central Bank of Nigeria, insured by the NDIC and compliant with NDPR regulations.
A Calm, Prestige-Led Digital Banking Experience
Bank78 positions itself as a “quiet-prestige” brand offering a refined, non-intrusive digital atmosphere meant to contrast the loud and crowded style of many Nigerian fintechs.
“Money is a critical matter. People don’t play with it,” Osifo-Whiskey said. “We ensure customers can clearly see what their money is doing, where it is, and how it moves at every step.”
A New Narrative for Banking in Nigeria
Chairman Bright Ajaegbu described the launch as a transformative moment for the industry.
“We are not here to launch an ordinary bank. What we have done today is a disruption,” he said. “Bank78 is built for businesses, families, individuals and students to give them a new way of banking.”
Ajaegbu revealed that the bank had operated remotely while building its architecture and is now ready to scale nationwide. Customers can open accounts, request loans and complete all transactions entirely online. While it maintains a single physical location for reassurance, operations remain intentionally digital-first, supported by a 24-hour contact centre.
A Strong Play for SMEs and Relationship Banking
Bank78 is also targeting small and medium enterprises; an area where many business owners frequently complain of declining support from traditional institutions.
Eberechukwu Dike, director of sales, said the bank plans to rebuild relationship banking for SMEs.
“There is a gap in the market where banks no longer provide empathy or strong relationships to customers,” she said. “At Bank78, we are big on SMEs. We follow them from start to scale, from registration to advisory support, workshops and growth programmes.”
No Hidden Fees, One Platform for Personal and Business Needs
With a unified platform catering to both personal and business accounts, Bank78 aims to deliver a streamlined experience without redundant charges. The bank says it is committed to regulatory compliance and does not introduce unnecessary fees, an important differentiator for users increasingly frustrated by hidden banking costs.
A New Category of Private Digital Banking
As it begins nationwide rollout, Bank78 positions itself as a hybrid between prestige-driven private banking and the speed and simplicity modern digital users expect. Its model targets mass-affluent customers, SMEs, students and families seeking both credibility and convenience.
With its systems now fully operational, the bank says it is ready to serve customers across Nigeria, presenting itself as a bridge between trust and technology in a rapidly evolving financial sector.
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