Rubies Bank, established in 2019, stands as Nigeria’s pioneering fully digital banking platform, revolutionizing the financial landscape with its innovative offerings tailored towards millennials, young professionals, SMEs, quasi-financial institutions, and FINTECH companies. With an unwavering commitment to expedite financial inclusion, Rubies Bank doesn’t simply represent a mobile app of a traditional bank; rather, it embodies a boutique banking experience delivered through cutting-edge digital channels. Through the seamless integration of mobile and web apps, USSD codes, POS terminals, and ATMs, Rubies Bank grants its customers access to a comprehensive suite of financial services. These encompass not only conventional offerings like cash deposits, withdrawals, fund transfers, and bill payments but also extend to sophisticated financial products including loans and investment management.


Distinguished from other digital and quasi-digital banks prevalent in Nigeria, Rubies Bank introduces a groundbreaking concept – the ability for customers to become “independent bankers.” This unique feature allows customers to earn income each time someone they introduce to the platform conducts a transaction. Beyond this innovative approach, Rubies Bank also stands out for its affordable fee structure. For instance, the platform offers inter-bank transfers at a significantly lower cost of N21 compared to the N52 charged by traditional banks.

Rubies Microfinance Bank: Legit or Not?

Rubies Bank has not faced any public legal issues as of the time of writing this article. The only challenge they faced was in March of 2021, where for about four weeks customers were unable to use any of their services which was largely due to the challenging scenario involving the Nigeria Central Switch (NIBBS), the heart of the country’s transaction settlements, Rubies Bank found itself entangled in a multifaceted narrative. Alongside a dozen other financial institutions, Rubies was reportedly excluded from the Central Switch by the Central Bank of Nigeria (CBN). This intricate narrative has its origins in the CBN’s intricate strategy aimed at stabilizing the Naira. The CBN initially compelled international money transfer companies (IMTOs) to settle all inflows in dollars, but when these entities discovered ways around the policy, their activities were banned by the CBN in December 2020. The connection between Rubies and this policy centers on the bank’s role in assisting IMTOs to settle transactions in Naira. This may have led to the CBN’s scrutiny of Rubies’ activities. However, Rubies asserts that it willingly underwent a CBN audit and no wrongdoing was uncovered. The bank’s customers’ funds are safeguarded due to its status as a licensed deposit-taking institution. Furthermore, as a microfinance institution with funds held at a commercial bank, Rubies has managed to promptly refund its customers.

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Rubies Microfinance Bank is officially registered with the Corporate Affairs Commission (CAC) under the registration number RC I66231. Additionally, it holds a valid license issued by the Central Bank of Nigeria, ensuring its compliance with regulatory standards. Notably, all deposits made into Rubies Microfinance Bank are protected by the Nigerian Deposit Insurance Corporation (NDIC), providing customers with financial security. As a digital bank, Rubies operates with a modern approach, eliminating the need for numerous physical branches common in traditional banking. Presently, Rubies maintains a single branch located in Lagos. Nevertheless, the bank remains accessible through various communication channels offered in the support menu within the Rubies App, enabling customers to engage with the Rubies team effectively.

How Does Rubies Bank Work?

If you’re at least 18 years old and with a valid means of identification, Rubies allows you to choose your account number, get a free debit card delivered to you at no cost, and have many cool features. These cool features include:

  1. Independent banker – Earn off your customer’s transactions, simply share your link
  2. Money request – Requesting and splitting the bill with people
  3. Money market – Invest your money with Rubies
  4. Loan A Friend – Loan a friend with Rubies, with set interests and reminders
  5. Rubies Invoice – for small business owners

With Rubies Your banking experience will only get better. having no hidden charges, and a 10-naira Transaction fee. Kindly follow the following steps, to begin with, rubies

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Step 1: Download the Rubies app from either the play store or Apple App Store

Step 2:When you launch the app you’ll land on the enrollment page

Step 3:Input your phone number and email address to register

Step 4:The next page will inform you that your phone number is your username and you can change it if you prefer, you’ll also have to fill in your first and last name in the form displayed

Step 5:The next step is to set up your six-digit pin, you’ll be asked to confirm it

Step 6:You’ll be sent an OTP to your registered number

Step 7:You’ll be asked to either choose your account number or have one generated for you

Step 8:You’ve successfully created your account

Fueling its prowess in the banking realm, Rubies Bank harnesses the power of cloud technology, artificial intelligence (AI), and advanced analytics. This synergy empowers the bank to redefine banking operations, marketing strategies, and customer engagement, fostering an environment of modernity and convenience. Through its pioneering digital framework, Rubies Bank ushers in a new era of banking, reshaping the financial experience for both customers and independent bankers alike. A lot of crypto traders like to go fully digital and embracing Rubies Microfinance Bank’s services is one way to get their desired way of keeping their fiat for a “needs” basis. Some traders keep their profits converted to fiat in digital banks like Rubies.

How To Sell Crypto for Fiat in Nigeria on Astro Africa

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Astro Africa shines as an outstanding cryptocurrency exchange in Nigeria, embodying profit, exceptional user experience, security, and transparency. Users can seamlessly trade their crypto for Naira or Cedis, with future plans for expansion across Africa. Services include exchanging crypto for fiat, local deposits, gift card conversion, and an exchange rate calculator. The platform offers a favorable exchange rate, and its mobile app is available for Android users. Users maintain full control over portfolios, trading, and withdrawing to local bank accounts fee-free. With educational resources and a very interactive blog, Astro Africa is a pioneering innovation in cryptocurrency exchange.

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