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Bank78 Microfinance Bank (MFB), described as Nigeria’s first fully private digital bank, has begun operations after an exclusive launch event in Lagos on Thursday, 27 November 2025. The event drew industry leaders and representatives of the Central Bank of Nigeria (CBN), signalling the formal entry of a new player in Nigeria’s digital finance space.
The bank is positioning itself for Nigeria’s mass-affluent market, which includes senior professionals, entrepreneurs, consultants, tech workers and Nigerians in the diaspora. Its focus is a digital system shaped by private-banking standards but built for day-to-day financial activity. According to the bank, its operations are backed by full CBN licensing, NDIC insurance and NDPR compliance.
Speaking at the launch, Director EviOghene Osifo-Whiskey said the institution was created to respond to a gap in the local banking landscape. “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. She added that Bank78 MFB 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.”
Director of Sales, Eberechukwu Dike, noted that the bank’s idea of “prestige made accessible” is centred on customer experience rather than physical structures. “Prestige here is not about marble floors or VIP lounges,” he said. “It is about calmer experiences, clearer communication, respect, personalisation and ease.” He explained that customers seek a bank that fits into their routine, whether they are paying vendors, receiving payments or saving for goals. According to him, Bank78 MFB aims to deliver reliability, clarity and a practical way to manage money.
The bank’s digital design removes clutter and focuses on essential features such as onboarding, transfers, transaction histories and navigation. At the event, the bank also introduced Ruby, its 24/7 AI-powered assistant developed to handle enquiries, guide users and escalate complex issues. The bank said AI will support customer experience through better routing of issues and quicker responses.
Bank78 MFB’s service model is built on four emotional pillars: confidence, comfort, calm and clarity. Industry observers say its entry reflects a shift in a sector where mass-affluent customers are demanding digital systems that meet global standards.
The bank is now fully operational and aims to serve Nigerians seeking a stable, customer-centred digital banking home.
