Mkobo Bank

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, 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.