Frequently Asked Questions

Rex is Nigeria's first AI-native neobank. Unlike traditional banks, Rex does not just hold your money. It learns how you earn and spend, saves automatically on your behalf, and gives you personalised financial insights through RexAtlas, our built-in AI. Rex is licensed by the Central Bank of Nigeria and insured by NDIC.

Opening a Rex account takes under 5 minutes. Download the Rex app from the App Store or Google Play, enter your name, phone number, and email, then complete BVN verification. Once your KYC is approved, fund your account and start banking.

Yes. Rex is available on both the Apple App Store for iPhone users and Google Play Store for Android users. Download the app, sign up, and your account is active within minutes.

Yes. Rex Microfinance Bank is licensed and regulated by the Central Bank of Nigeria (CBN) and insured by NDIC.

You need a valid Nigerian phone number, a Bank Verification Number (BVN), a valid means of identification (National ID, International Passport, or Driver's Licence).

Rex offers up to 18% per annum on RexSave, our flexible savings product, and up to 22% per annum on RexVault, our fixed-term savings product. These are among the highest savings rates in Nigeria.

RexSave is Rex's flexible savings product. RexSave earns up to 18% per annum, and your money remains accessible whenever you need it.

RexVault is Rex's fixed-term savings product. You lock a specific amount for a defined period and earn up to 22% per annum; one of the highest fixed deposit rates in Nigeria. Unlike RexSave, money in RexVault cannot be accessed before the lock period ends, which is why it earns a higher rate. RexVault is best for money you know you will not need for 30 to 90 days or more.

Rex pays up to 22% annually on locked savings, compared to most Nigerian neobanks and savings apps which pay between 8% and 15%. The key difference is that Rex is not just a savings app. It's a full AI-native bank with transfers, bill payments, an AI assistant, and a credit pathway. Rex combines the best savings rates in the market with full banking functionality in one app.

Yes. Rex is licensed by the Central Bank of Nigeria and insured by NDIC. Rex also uses bank-grade encryption to protect your account and transactions.

Nigeria's inflation rate is currently 15.9%. A standard Nigerian savings account pays between 1% and 4% annually, which means your money loses value every year it sits in a regular account. Rex pays up to 18% on RexSave and 22% on RexVault, both of which beat the current inflation rate and help you build wealth.

RexAtlas is Rex's built-in AI financial assistant. You can tell it to transfer money, buy airtime, pay a bill, or check your balance, all from a single chat. Beyond transactions, RexAtlas learns your spending patterns, flags unusual activity, and connects your spending habits to your financial goals, showing you the fastest way to reach them. RexAtlas is included in every Rex account at no extra cost.

Most AI banking features respond to commands. RexAtlas goes further; it builds a financial profile unique to you over time. It learns when your salary lands, what you regularly spend on, and what your financial goals are, then uses that knowledge to give you personalised, specific insights that improve the more you use Rex.

Yes. RexAtlas is built into every Rex account and is completely free. There is no premium tier or subscription required to access your AI financial assistant.

You can send money directly through the Rex app or by telling RexAtlas in plain language. Transfers are instant and confirmed in seconds.

Standard transfer fees apply. All fees are transparent and visible before you confirm any transaction.

Yes. You can pay electricity bills, buy airtime, and make other bill payments directly through Rex or by asking RexAtlas. Simply tell RexAtlas what you need: "Pay N3,000 electricity for meter 0101234567," and it is done instantly.

KYC verification on Rex typically takes under 2 hours. You will receive a notification the moment your identity is verified and your account is fully activated.

If your KYC verification is unsuccessful, Rex will notify you with the specific reason and clear instructions on how to resubmit. Common reasons include a blurry photo, an expired document, or a name mismatch with your BVN. Most resubmissions are approved within 2 hours.

BVN stands for Bank Verification Number. It is a unique identifier issued by the Central Bank of Nigeria to every bank customer. Rex requires your BVN to verify your identity, comply with CBN regulations, and protect your account from fraud. Your BVN is never shared with third parties.

RexFlex is currently in development and will launch after users have built sufficient transaction history on the platform. RexFlex will offer personal overdrafts and business loans based on your financial behaviour; savings consistency, transaction history, and Rex Score, rather than a traditional credit bureau check.

Rex Score is a financial health score built passively from your behaviour on Rex: how you save, manage your spending, and use your account over time. It builds from Day 1 with no forms, no credit bureau checks, and no manual input required. A higher Rex Score unlocks better products, higher limits, and priority access to RexFlex when it launches.

RexPOS is Rex's merchant payment solution. It provides POS terminals for business owners, allowing them to accept card payments from customers. RexPOS merchants can earn yield on their settlement float overnight through RexVault, and build a transaction history that qualifies them for working capital through RexFlex.

RexGo is Rex's cross-border payments platform. It allows you to send and receive money internationally at competitive exchange rates with no hidden charges. RexGo is ideal for Nigerians sending money abroad, receiving remittances from family overseas, or traders importing goods from outside the country at the best rates.

If a transfer fails, Rex will notify you immediately with the reason. Most failed transfers are due to a network issue on the recipient bank's side. Wait 5 minutes and try again. If the issue persists, contact Rex support directly through the app, and a team member will resolve it within hours.

Rex support is available directly through the app. Tap the support icon, describe your issue, and a team member will respond. You can also reach us at [email protected].