What is Mkobo and how does it work?

Mkobo is a digital bank for salary earners, self-employed individuals, and entrepreneurs, offering services like interest-free access to up to 50% of earned salary via EarlyPay, high-interest savings through Mkolo, bill payments, and cashback. It works through a mobile app where you sign up, complete KYC to upgrade your account tier, link bank accounts for a unified view, and use features for savings, transfers, and budgeting. Deposits are protected by NDIC, and it's licensed by the Central Bank of Nigeria.

How much does Mkobo cost?

Mkobo has no account maintenance fees, card maintenance fees, or SMS notification charges. Transfers cost ₦10-₦50 after the first free daily transfer, bill payments have 0.5-2% charges, and savings earn up to 24% interest per annum. Mkobo for Business is free to onboard, with standard banking fees applying to transactions.

Does Mkobo have a mobile app?

Yes, Mkobo has a mobile app available on Android via Google Play and iOS via the Apple App Store.

Who is Mkobo best suited for?

Mkobo is best suited for salary earners needing early wage access, self-employed individuals, entrepreneurs, and small to medium businesses or corporate entities in Nigeria managing payroll, treasury, and payments.

How do I contact Mkobo support?

Contact Mkobo support at +234 817 540 1682; they offer 24/7 customer support.

Does Mkobo have a plan for teams or businesses?

Yes, Mkobo for Business provides a web-based platform for teams and businesses, including user management with role-based access, payroll processing, bulk payments, and treasury tools.

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Mkobo: Funding, Reviews & Alternatives (2026) – Liners

Mkobo

🇳🇬 Nigeria

A CBN-licensed digital bank in Nigeria for salary earners and entrepreneurs, offering earned wage access, savings up to 24% p.a., transfers, bills, and linked accounts.

Available on:AndroidiOS

Visit Mkobo

Mkobo is a CBN-licensed, NDIC-insured digital bank and microfinance bank in Nigeria for salary earners, self-employed individuals, entrepreneurs, and companies supporting employee financial wellness.

Key capabilities include:

Earlypay (earned wage access): lets eligible users access up to 50% of already earned salary anytime before payday at 0% interest, positioned as an alternative to payday loans.
Savings and fixed deposits (Mkolo): goal-based savings and fixed deposits with interest from 8% to 24% per annum; the site highlights 22% p.a. fixed deposits with terms from 90 days to 1 year, starting at ₦100,000.
Transfers, bills, and notifications: first transfer of the day to other banks is free, subsequent transfers cost ₦10 to ₦50; bill payments are available with 2% cashback; instant are free.