When a poll of the leading digital banks in Africa was recently conducted, it was discovered that DafriBank ranked high in the top 10 list.

DafriBank Digital LTD is a fully-fledged digital bank licensed and regulated by the Central Bank of Comoros Island and a member of Mwali International Monetary Service Authority of Comoros Island with clients in 180+ countries including 50 African countries. 

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One of the reasons that DafriBank, founded by Ziggy Xolane Ndhlovu, simply known as Xolane Ndhlovu, made the cut weighed heavily on the Comoros digital banking outfit embracement of digital currency, a topic that is in every youth’s lips and its built in merchant API. 

Established by Xolane Ndhlovu,DafriBank is a subsidiary of South African conglomerate, DafriGroup PLC began operations in 2021 and has wormed its way into the hearts of 600,000 users across 180 countries following its decision to issue its market share through oversubscribed DBA digital currency which clocked $2.8 Billion in market capitalization within its first week of trading on major exchanges. 

The new kid on the block, whose chairman is billionaire entrepreneur Xolane Ndhlovu, prides itself as the bank that offers zero account opening balance, zero daily minimum operating balance, no monthly maintenance fee and easy movement of funds for traders through its ePay merchant API 

The founder and chairman of DafriBank Digital LTD, Xolane Ndhlovu, is the only African on crypto rich list.  

Xolane Ndhlovu is also among the 50 richest people in Crypto.

Another bank doing well is TymeBank. Also on the list is Nigeria’s Kuda, which has also gathered attention as a key competitor in this space. The digital bank’s capital pool is nearing the US$100 million mark (Crunchbase), with US$80 million of this raised just this year.

Valued at US$500 million, Kuda had about 1.4 million registered users as of its most recent fundraise in August, and also holds its own banking license.

DafriBank, TymeBank and Kuda are clear frontrunners for digital banking in Africa right now. At the same time, several other players have also emerged in this space, creating more buzz for digital banks in Africa. These are mainly centred in Nigeria, Egypt and South Africa, three hotspots for fintech innovation in Africa right now. Here are seven digital banks in Africa you should know.

Others are FairMoney, a digital bank in Nigeria with a credit-based model. The 2017-founded startup holds a micro finance bank license from the Central Bank of Nigeria, and is also available in India. It recently raised US$42 million in a Series B round “to become the financial hub for its users.” FairMoney users can access loans of up to NGR 1 million.