According to a recent study by KPMG and Orange Group Nigeria, fintech applications are rapidly gaining traction on Nigerian smartphones, with OPay emerging as the leader. The research highlights a significant shift in the digital financial landscape, as consumers now have access to a variety of financial applications alongside their traditional banking services.
The study surveyed smartphone users across 12 major Nigerian cities, revealing that OPay was installed on 69% of devices, far surpassing traditional banks. In comparison, Access Bank, the leading traditional bank app, was present on only 16% of smartphones.
Fintech apps like PalmPay (29%), Moniepoint (14%), Kuda (8%), and PayPal (7%) also outperformed individual bank applications, indicating a growing preference for mobile financial services among Nigerians. Despite this trend, traditional banks like UBA and GTBank still maintain a notable presence on smartphones.
The increasing reliance on mobile applications for everyday financial activities, such as transfers and bill payments, is driving this shift. KPMG predicts smartphone ownership will rise from 64% in 2023 to 75% by 2025, further boosting the adoption of digital payment solutions.
This expansion of Nigeria's smartphone economy is intensifying competition between fintechs and traditional banks, as both strive to secure their place in consumers' digital lives. The study underscores the importance of mobile financial services in the evolving landscape of Nigeria's economy.