Understanding Rubies: A Comprehensive Guide to Nigeria’s Digital Banking Platform

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Rubies is not a loan app, but a fully-fledged digital bank offering a comprehensive suite of financial services in Nigeria.

Launched in 2021, Rubies aims to disrupt traditional banking with its 100% digital, zero-fee banking model targeted at millennials, young professionals, small and medium enterprises (SMEs), and fintech companies.

Types of Loan Agencies in Nigeria

It’s important to understand the different types of loan agencies in Nigeria before exploring Rubies’ services. Here’s a brief overview:

Commercial Banks: Traditional lenders offering various loan products with varying eligibility criteria and interest rates.

Microfinance Banks: Provide smaller loans to individuals and small businesses, often with more flexible requirements.

Peer-to-Peer (P2P) Lending Platforms: Connect borrowers directly with lenders, offering alternative financing options.

Loan Products and Services at Rubies

While Rubies doesn’t currently offer traditional loan products, it focuses on empowering users with financial tools for better money management. These include:

Free Debit Card: Manage your finances conveniently with a free debit card delivered to your doorstep.

Zero-fee Banking: No hidden charges or monthly fees for account maintenance.

Savings and Investment Options: Grow your wealth with flexible savings plans and explore future investment opportunities.

Bill Payments and Airtime Top-up: Settle bills and top-up your phone directly through the Rubies app.

Eligibility Criteria

Opening a Rubies account is relatively straightforward. All you need is:

To be a resident of Nigeria

Valid phone number and email address

Basic details like name, date of birth, and BVN (Bank Verification Number)

Interest Rates and Fees

As a digital bank, Rubies focuses on transparent and accessible banking. They currently do not offer loan products, hence interest rates and fees associated with loans are not applicable. However, they maintain a zero-fee banking policy, meaning you won’t incur any hidden charges for account maintenance or transactions.

Repayment Terms and Conditions

Since Rubies doesn’t offer loans, repayment terms and conditions are not relevant in this context. Their services primarily focus on managing your existing funds and providing tools for financial management.

Customer Service

Rubies offers customer support through various channels, including:

In-app chat support

Email communication

Social media platforms

Loan Application Process

As mentioned earlier, Rubies doesn’t offer loan application processes. Their services revolve around opening a digital bank account and utilizing the various features it provides.

Loan Repayment Options

Again, loan repayment options are not applicable to Rubies’ current service offerings.


Does Rubies offer loans?

No, Rubies currently doesn’t offer traditional loan products. However, they aim to empower users with financial tools for better money management.

Are there any fees associated with using Rubies?

Rubies maintains a zero-fee banking policy, meaning you won’t incur any hidden charges for account maintenance or transactions.

How do I open a Rubies account?

Download the Rubies app from the Google Play Store or App Store, and follow the simple signup process. You’ll need your phone number, email address, and basic personal details.

What are the benefits of using Rubies?

Rubies offers a convenient and accessible way to manage your finances with features like free debit cards, zero-fee banking, bill payments, and potential future investment opportunities

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