Fully Private Digital Bank, Bank78 MFB, Debuts with AI-Powered Support to Restore Trust and Combat Transaction Downtimes

Nigeria’s digital banking landscape entered a new, competitive phase as Bank78 Microfinance Bank (MFB) officially commenced operations, positioning itself as the country’s first fully private digital bank. The new entrant is built around a philosophy focused on reliability and restoring customer trust eroded by frequent transaction failures and system volatility in the sector.

The high-profile launch event, which drew leading stakeholders and CBN representatives in Lagos, highlighted Bank78 MFB’s core mission: to provide a “calm, secure, and premium digital experience” that combines the speed of fintechs with the operational stability of legacy institutions.

The bank’s leadership emphasized that the Nigerian consumer is increasingly demanding clarity, reliability, and responsive service. They noted that the widespread frustration associated with long queues, unresponsive customer care, and system downtimes a significant contributor to the erosion of trust must be eliminated.

Borderless Banking and AI Support

Bank78 MFB’s infrastructure is engineered to deliver high availability, offering customers effortless digital onboarding, intuitive navigation, and 24/7 support through its AI-powered virtual assistant named Ruby. The bank is fully licensed by the CBN and ensures that all deposits are secured by the NDIC up to ₦5,000,000.

Beyond local stability, Bank78 MFB is targeting the mass-affluent segment and members of the Nigerian diaspora by offering “banking without borders.” Customers can easily open both local and international accounts on their mobile devices, managing their finances seamlessly across currencies and continents.

The launch of Bank78 MFB signals an evolution in Nigeria’s fintech space, where competitors are increasingly moving beyond just fast transactions to focus on overall user experience, reliability, and the prestige associated with premium, trustworthy banking services.