Bank78 MFB, Nigeria’s First Fully Private Digital Bank, Begins Operations

Bank78 Microfinance Bank (MFB), described as Nigeria’s first fully private digital bank, has officially commenced operations following an exclusive launch event in Lagos on Thursday, November 27, 2025.

The unveiling, attended by top industry leaders and representatives of the Central Bank of Nigeria (CBN), marked the entry of a new player seeking to redefine digital banking for Nigeria’s growing mass-affluent market.

Bank78 MFB positions itself as a premium digital institution inspired by private-banking standards but tailored for everyday high-earning Nigerians. The bank says it offers a calm, secure and transparent digital experience, backed by full CBN licensing, NDIC insurance and NDPR compliance.

Speaking at the event, EviOghene Osifo-Whiskey, Director at Bank78 MFB, said the bank was created to close the gap between fast-moving fintech platforms and the reliability expected from traditional banks.

“There’s a gap between the speed of fintechs and the stability people expect from legacy banks. We are here to close that gap,” she said. “Bank78 is built for a new generation of achievers who want private-banking confidence without losing digital simplicity. Our first product is trust — and everything rests on that.”
The bank says it is targeting Nigeria’s mass-affluent class, including senior professionals, entrepreneurs, consultants, tech workers and diaspora Nigerians who want a stable, modern banking home.

Eberechukwu Dike, Director of Sales, said the institution’s approach to “prestige made accessible” goes beyond appearance and focuses on the customer’s emotional experience.

“Prestige here is not about marble floors or VIP lounges,” he said. “It is about calmer experiences, clearer communication, respect, personalisation and ease. People want a bank that fits naturally into their routine — paying vendors, receiving payments, or saving for goals. Bank78 delivers reliability, clarity and a better way to bank.”

Dike added that the bank’s digital design intentionally strips away clutter, prioritising features customers use every day: seamless onboarding, dependable transfers, clear transaction histories and simple navigation.

The bank also introduced Ruby, its 24/7 AI-powered digital assistant designed to handle routine enquiries, guide users and escalate complex issues.
Bank78 says AI will play a major role in improving customer experience, ensuring smarter routing of issues and faster service.
The bank’s strategy centres on four “emotional pillars”: confidence, comfort, calm and clarity — areas it argues have been neglected in Nigeria’s banking landscape.

Industry observers say the launch signals a shift in Nigeria’s banking sector, where the competition is increasingly focused on mass-affluent customers who expect global-standard digital service and stronger data and security safeguards.

At the launch, top professionals, business leaders and diaspora Nigerians said the bank’s arrival reflects a desire for modern banking without the frustrations often associated with existing institutions.

Bank78 MFB is now fully operational and says it aims to become the primary bank for Nigerians seeking a more refined, stable and customer-centred digital experience.