What is Mkobo Bank and how does it work?

Mkobo Bank 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 Bank 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.

What countries does Mkobo Bank operate in?

Mkobo Bank operates in Nigeria.

Does Mkobo Bank have a mobile app?

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

Who is Mkobo Bank best suited for?

Mkobo Bank 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 Bank support?

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

Does Mkobo Bank have a plan for teams or businesses?

Yes, Mkobo Bank 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.

Mkobo Bank

🇳🇬 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.

Use it on:Web Android· 4.7 iOS· 3.6

Is Mkobo Bank right for you?

Best for

Salary earners
Employees needing early pay
Entrepreneurs in Nigeria
People building savings
Everyday banking users

What it does well

Earned wage access
High-interest savings deposits
Bank transfers
Bill payments
Linked accounts

Things to check

Savings rate terms
Early pay eligibility
Loan terms
Billers supported
CBN licence details

Mkobo Bank 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 SMS notifications are free.
SingleView and payments: SingleView shows balances and transactions across linked third-party bank accounts in one app; @Mtag enables sending and receiving money using a username instead of sharing account numbers.

Available on Android and iOS.

Target users include individuals who want early salary access, budgeting, and high-interest savings, plus businesses and employers offering earned wage access as an employee benefit.

Notable in the Nigerian market context, it operates as MKOBO Microfinance Bank (RC1234231), regulated by the Central Bank of Nigeria (CBN registration 51188), and positions its fees around free account opening, no account maintenance, no card maintenance fee, and immediate failed-transaction reversals.

As of Jul 6, 2026, Mkobo Bank is rated 3.6 on the App Store from 7 reviews and 4.7 on Google Play from 4.6K reviews with 50K+ installs.

Phone:+234 700 0006 5626

Social Links:

Categories:

Fintech

Features & Business Model: