Fintech applications are gaining a stronger presence on Nigerian smartphones than individual traditional bank apps, with OPay leading the way, according to a new study by KPMG and Orange Group Nigeria.
The findings offer a snapshot of the changing digital financial landscape in Nigeria, where consumers increasingly have access to multiple financial applications alongside their existing banking relationships.
The study examined the applications installed on smartphones used by respondents across 12 major Nigerian cities, providing a picture of the financial platforms that have established the strongest presence on consumers’ devices.
According to KPMG, OPay was present on 69% of smartphones surveyed, giving it the highest presence among the financial apps covered by the study.
The figures show that some fintech and digital financial platforms have established a stronger smartphone presence than individual traditional bank applications.
Despite the stronger presence of some fintech applications, traditional banks remain well represented on Nigerian smartphones.
Access Bank led the traditional banks covered by the study at 16%, followed by UBA and GTBank at 11% each. FirstBank recorded 10%, while Zenith Bank was present on 9% of smartphones surveyed.
The figures show that traditional banking applications continue to occupy significant space on consumers’ devices even as fintech platforms have built substantial smartphone presence.
KPMG said the strong presence of mobile banking and fintech applications reflects the growing role of smartphones as a channel for accessing financial services.
Nigerian consumers are increasingly adopting digital payment methods alongside cash, while digital payments have become more common across retail, transportation and other service sectors.
KPMG also linked the growth of mobile financial applications to sustained investment by financial institutions and fintech companies in digital platforms.
The growing presence of fintech and banking apps on Nigerian smartphones comes as the country’s broader smartphone ecosystem continues to expand.
In July, Nairametrics ranked the top 10 Nigerian bank apps by Google Play Store downloads, providing a snapshot of how traditional banks are expanding their digital channels as customers increasingly rely on mobile applications for everyday banking.
