Nigeria’s financial sector entered a new phase as Bank78 Microfinance Bank officially launched the country’s first fully private digital bank, positioning itself as a trust-driven alternative for affluent and upwardly mobile customers seeking security without sacrificing digital convenience.

The launch event drew industry leaders, regulators, partners and innovators who say the new institution has the potential to redefine standards in digital banking.

Bank78 enters the market with an ambition to close what its founders describe as the widening disconnect between fast-moving fintechs and the stability expected of traditional banks.

EviOghene Osifo-Whiskey, director at Bank78 MFB, described the new bank as a purpose-built response to long-standing structural challenges in the sector.

Osifo-Whiskey emphasised that the bank’s offering is premised on transparency, secure architecture and clean, intuitive user experience. Demonstrations at the event showcased features including instant digital onboarding, reliable transfers, goal-based savings and round-the-clock assistance via Ruby, the bank’s AI-driven digital assistant. She added that the institution is fully licensed by the Central Bank of Nigeria, insured by the NDIC and compliant with NDPR data-protection standards.

The bank’s leadership says its quiet-prestige identity is intended to give customers a calm, dependable and refined digital experience, an approach they argue has been missing in Nigeria’s increasingly crowded fintech ecosystem. “Money is a critical matter. People don’t play with it. We ensure customers can see what their money is doing, where it is, and how it moves at every step,” Osifo-Whiskey added.

Bright Ajaegbu, chairman of Bank78, said the rollout marks the beginning of a new narrative in Nigeria’s banking landscape. “We are here to launch not an ordinary bank, but one capable of changing the narrative in Nigeria’s banking industry. What we have done today is a disruption. Bank78 is designed for businesses, families, individuals and students to experience a new way of banking,” he noted.

Ajaegbu revealed that the bank had operated remotely while building its systems and is now ready to scale nationwide, enabling users to complete all transactions, from opening accounts to applying for loans, without stepping into a physical branch. While it maintains one physical location for assurance, its operations are intentionally digital-first, backed by a 24-hour contact centre.

The bank is also positioning itself as a strong partner for Nigeria’s small and medium enterprises, an area where customers frequently express concerns about declining relationship support from traditional institutions.

Eberechukwu Dike, director of sales at Bank78, said the bank is committed to reversing that trend, adding that, “We believe there is a gap where banks no longer provide empathy or strong relationships to customers. At Bank78, we are big on SMEs. We follow them from start to scale, from business registration support to advisory, capacity-building workshops and growth programmes.”

Bank78’s model integrates both personal and business banking within a single platform, aiming to give emerging entrepreneurs and middle-income households a streamlined experience free from redundant charges. The institution says it adheres strictly to regulatory frameworks and avoids unnecessary fees, a reassurance targeted at customers increasingly frustrated by hidden costs in the sector.

As the rollout begins nationwide, Bank78 frames its arrival as part of a broader effort to rebuild customer confidence in digital banking while delivering modern tools tailored to Nigeria’s mass-affluent population, SMEs, students and families. The launch marks the introduction of a new category of private digital banking, one designed to combine the prestige and personalised service of a private bank with the speed, transparency and simplicity expected in today’s digital economy.

With its platform now live, Bank78 says it is ready to serve customers across the country, positioning itself as a bridge between convenience and credibility in an industry undergoing rapid transformation. (BUSINESS DAY)