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Best Mobile Banking App in Nigeria 2018 Q2

Nairametrics conducts a review of mobile banking apps in Nigeria.



How much Zenith Bank and GTBank made from e-business in 2018

Periodically, Nairametrics conducts a review of mobile banking apps in Nigeria. We would be reviewing these banking mobile Apps in no particular order. Of particular importance though are the observations made on mobile banking apps in January; we would ascertain if changes have been made and/or if the issues persist.

Diamond Bank

The Diamond Mobile is the banking App for Diamond bank. Diamond bank which prides itself as the highest in retail banking has over 1 Million downloads of its mobile banking app on Google play store, Apple Apps Store, and Microsoft store.

The Review

User’s complaints

When one is trying to access the app on Android, it shows a miniature screen for several seconds and I do not understand that.

I do not understand the Gemstome feature as I could not get it to work; perhaps a better explanation of that feature is necessary so that the common man can understand it. The Lifestyle and Travel feature works really well but I wonder what the ‘Event ‘subcategory is there for? I find myself clueless there.

The loans feature is seen but when clicked on gives you an error message and says, the feature will be available soon. Why is it there if it is not functioning? The Esusu (a personal savings help) is available and functioning properly but might I add that it should be a bit flexible?

Most times, people might not have the money in their accounts on the particular date to pay for Esusu, Can’t there be a deduction when the account gets credited for that month instead of saying that particular month was not paid? It is so easy to pay your bills via app and this is done in a few seconds.

Also iPhone X users complain that app has not been adapted to the size of their screen which makes it a bit confusing for them to use.

One major issue is that when there is an error in transaction via the Diamond Mobile, there is always a debit on your account. This would be no problem if the money is refunded immediately but most times, it takes several days before the issue is rectified.


It is generally accepted that the Diamond Mobile is so easy to use without aid. No misunderstandings whatsoever.   I applaud the upgrade of the mobile app in dealing with the bug issue of not showing one’s account balance immediately after a transaction as this has been successfully dealt with. Another feature of the Diamond Mobile is that it protects the contact Banking details which has been saved on the app. This becomes useful when one changes phones or your phones just up wipes itself as is with Android phones.  I notice also that the issue of the app signing one out after a period of inactivity has be dealt with too.


All of the above problems can be fixed as they are minor issues. The Diamond bank is so easy to use that there is almost no issue whatsoever with the average user. One needs no help at all. One can see from the almost minimal negative reviews that customer usability appreciation is high.

Zenith Bank

The Mobile Banking App of Zenith Bank is found on Google play Store, Apple App store and Microsoft store. There are over a million downloads and its numbers keep growing each day. The Zenith Bank Mobile app when downloaded comes with the banking app and their ‘Easy Money’ app as well. All of the basic features are there and also keeps you informed if you run a domiciliary account as well.

The Review

User’s Complaints

The Zenith Mobile app is confusing. Granted, the basic features of paying bills, money Transfer etc. Most times, it is difficult to save the account details of previous transactions. On the other hand, it also tells you to add pin after pin when transferring money to another account. It is not easy to use for someone who is not tech savvy. I found myself being confused. Most transactions, I have to use the mobile means of a transfer or else, its one process after the other.

Of course, the mobile means of transfer of funds involves lots of codes and your bill for each transaction. It is draining.

At each upgrade of the Mobile app, everything you are doing is wiped and you have to register your device yet again. It is almost as if you are registering for the first time.


The Qwerty banking is also froth with so many issues, one of which the keyboard does not work or respond


It is commendable though that Zenith Bank Mobile app is founded upon preserving the information and id of their customers but a situation where it begins to become a problem to the user is not acceptable. The codes, pins, and tokens are too much and downright distracting and frustrating. Can these bugs and issues be fixed and render this app to be user-friendly? The Negative reviews is on the rise. From the reviews rendered previously, the token issue is still present. We hope they do better.


The UBA Mobile Banking app has over a million downloads on just the Google app store. It has the basic features needed to make their customers have a very easy banking experience. You would recall that earlier this year, UBA rolled out their personal banker Chatbot, LEO and as such are geared towards bringing the advantages of digital banking to the doorstep of their customers.

The Review

User’s Complaints

The mobile banking app is made really easy for the average user except that some customers/ users worry that the security measures in place might be a bit lax; can it be upgraded just a bit?

Also, during the last upgrade, the feature for payments of airtime bills or top up action click was absent which has caused a lot of problems for users. Can this issue be rectified? Subsequently, one can load for just data use. In all, users are having problems with this feature.

Attention is needed however in the user experience for login in problems, there are some network issues that suddenly crop up as well. Some iPhone users complain that the app does not save the save the bank account numbers which are on the favorites and so the users keep adding it repeatedly.


For basic payments or transfer transaction, there are no issues.  Other than the issues aforementioned which are just simple bugs and can be fixed, the UBA Mobile Banking app is efficient for simple money transactions. The app is no longer slowed down and during the last review, there were not many issues. Those of which existed have been fixed and we have the existing ones. However, it is expected that they will be attended to.

First Bank

The First Bank mobile banking app known as ‘FirstMobile’ has a huge customer base with over a million downloads. Its basic features include account overview, funds transfer, bills payment and card management.

The Review

User’s Constraints

The FirstMobile app does not save previous account transactions which the user needs to save whether its same bank or a different bank. I think the problems the app has comes from the upgrade. This has also brought about login problems.

With the recent upgrades of the on the FirstMobile, the user interface is good but then lots of users prefer the old version as this new version is froth with lots of bugs and complaints which can be immediately fixed.

The fingerprint verification tool is a welcome addition which will help secure the information of users; some argue though, that on the other hand, the fingerprint can be manipulated by threats or during unguarded times.

Using the lifestyle feature is quite difficult with the upgrade as well. But then, their account statement which presents in real time, the card management and receipt generator are in top working order and to be commended.  Once it is fixed, I think the FirstMobile is an almost perfect banking app.


From the foregoing, the FirstMobile app has little or no problems of which the bugs or issues that exist can be fixed thus rendering the app as almost the very best that is.

Guaranteed Trust Bank (GTBank)

At this point, I am not sure which of the apps of GTB I should review. Let me use the GTBank Mobile app. This seems to be the first option for mobile banking. The GTBank mobile app assists with providing your transaction history or overview, transfers, airtime and data bills, payment of utility bills, Hotlist card management, account statement and other functions.

The Review

User’s Complaints

Ordinarily, the GTBanking mobile app works fine. Still, most times, its functionality is marred with an inability to function on touch screens. I wonder why customer service or the help assistance sends you to GTWorld when there is an issue with the GTBanking mobile app. It gets confusing, so which the mobile banking app for GTB? They should officially clarify and scrap the other. Most users have a problem with the OTP. To be able to use the GTBanking, one must own a card or you would not be able to register of the mobile banking app. But on the GTWorld, you do not need to own a card before you can register. Most times the app, is too slow or totally unresponsive. Can this be fixed please?


It is clear that most of the previous complaints that were noted in the earlier review have not been worked on. We do hope that we get a better response. Due to the confusion between the GTBanking Mobile app and the GTWorld, there are a lot of negative ratings and complaints.


From what I can see, the mobile banking apps in Nigeria that have been appraised have are doing their very best but more needs to be done given their launch into the digital world and the expectations of users.

This is the much we can review for now. Good thing we appreciate the banks constantly updating their banking apps in response to the needs and complaints of their customers. What mobile banking app is best?

1st. Diamond Mobile


3rd. UBA Banking Mobile App

4th. Zenith Bank Mobile App

5th. GTBanking Mobile App

Do let us what you think. Your comments are welcome.

Nairametrics Research team tracks, collates, maintains and manages a rich database of macro-economic and micro-economic data from Nigeria and Africa. Our analysts share some of the data collated on Nairametrics, using formats such as docs, tables and charts etc. The team also publishes research based analysis as articles on a regular basis.



  1. Dr Dotun Kadir

    August 15, 2018 at 8:48 am

    The diamond banking app is still the best. I have apps for first Bank, GTB, Access, Fidelity and skye. Diamond is easy to use and only requires your pin unlike GTBank app dt uses token – though twirls does not. First bank app is a bit simple to but all the others are to cumbersome and confusing and as such abandoned.

  2. gina

    August 15, 2018 at 11:31 am

    You need to upgrade your Diamond App, the issues you mentioned were fixed with their last build. The balance now updates immediately and the android issue doesn’t happen any longer. I became a customer cos of that app.their app team is quite good

  3. asjts (@asjts)

    August 16, 2018 at 9:38 am

    Review of GTBank’s app is quite biased.
    The bank should have been contacted to know which is her main app; the writer should not have reviewed that which s/he desires.
    I expected the review to be on GTWorld as it seems to be the main app for the bank.
    The GTBank Mobile App is old, but since customers still make use of it, it won’t be professionally sensible to shut it down abruptly.
    However, I expect the bank to put a migration plan in place and notify her customers on the time and need to migrate to the new app; GTWorld.

  4. asjts (@asjts)

    August 16, 2018 at 9:40 am

    Review of GTBank’s app is quite biased.
    The bank should have been contacted to know which is her main app, the writer should not have reviewed that which she desires.
    I expected the review to be on GTWorld as it seems to be the main app for the bank because the GTBank Mobile App is old. But since customers still make use of it, it won’t be professionally sensible to shut it down abruptly.
    However, I expect the bank to put a migration plan in place and notify her customers on the time and need to migrate to the new app; GTWorld.

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Merger, Tax incentive boosts BUA Cement FY 2019 result

BUA Cement Plc recently released financials reveal a 47.5% increase in revenues of N175.52 billion up from N119 billion in 2018.



BUA Cement gives succour to host communities in Edo

One of the industries set to experience the downsides of the Covid-19 pandemic is the construction industry. Given the slowdown in construction activities as a result of the lockdowns and constrained economic activities, the reasons are not farfetched.

Prior to the outbreak of the pandemic, Globe Newswire had predicted an accelerated growth pace of the global construction industry from 2.6% in 2019 to 3.1% in 2020. This growth has now been revised to 0.5%. What is even more daunting is that the revised growth rate is based on the assumption that the outbreak will be contained across all major markets by the end of the second quarter of 2020.

It is only after that (including freedom of movement in H2 2020) that events could facilitate reverting to the normal course of activities to foster businesses in the industry like BUA Cement or those that depend on it to restart activities.

Nigeria’s third-largest cement company, BUA Cement Plc, however, still has its 2019 victories in order. Involved in the manufacturing and sales of cement, BUA Cement has 3 major subsidiaries and plants in Northern and Southern Nigeria.

(READ MORE:Update: BUA Cement Plc lists N1.18 trillion shares on NSE)

With a market capitalisation of N1.18 trillion ($3.3 billion), BUA is the third most capitalised company on the NSE. Its recently released financials reveal a 47.5% increase in revenues of N175.52 billion up from N119 billion in 2018.

Kalambaina Cement Line 2, BUA Group, Kalambaina Cement, CCNN, Merger, Tax Incentive Boost BUA Cement FY 2019 Results

The company’s profits also increased by 69.1% from N39.17 billion in 2018 to N66.24 billion in 2019. Core operating performance was strong, and this was supported by strong cement sales in the domestic market, impairment writes back, and other income.

Deal book 300 x 250

The main reason for the company’s increased earnings is from the cost synergy and increased revenue as a result of the merger that took place between CCNN Plc and Obu Cement Company Limited.

There was also a striking jump in its income statement on its tax for the year. For FY 2019, it incurred a tax expense of N5.6 billion, in comparison to the N24.9 billion tax credit it received in FY 2018.


This was as a result of a reversal of previous tax provision made on Obu Line 1; it received approvals for an extension of the company’s pioneer status on Obu line-1 and Kalambaina line-2 in February 2020, to leave effective tax rate at just over 8% in 2019. The pioneer status will help the company save funds that will otherwise have been spent on higher taxes.

(READ MORE:Dangote Cement to access more debt funding)

BUA reported an impressive FY’19 result. Its performance shows the growing strength of the company and its increasing market share. On the back of the strong performance, management declared an N1.75 dividend per share that translates to a dividend yield of 5.5% on current prices.

Cash flow position was also robust with a strong closing cash balance – from N2.8 billion in 2018 to N15.6 billion as at year ended 2019. The company’s growth, as well as the impact of its merger, present a great buy opportunity of the highly capitalized, low-cost stock. As of today when the market closed (21st May) its share price stood at N35.60 from a 52-week range of N27.6 and N41.

What we see is a great growth stock further heightened by the population expansion and increased urbanization. However, we expect the impact of the Covid-19 pandemic to be felt from the Q1 results of the company.

The industry could slow down for the year as the level of commercial construction also slows down. Yet the best part of holding stocks like this is that even with stalled operations for a period, a resurgence will always emerge.


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Analysis: Airtel Nigeria is winning where it matters

Airtel has left no stones unturned in ensuring that its provisions are top-shelf – subscribers to the network, of course will have their own ideas.  



Analysis: Airtel Nigeria is winning where it matters.

Airtel might have won our hearts over with internet-war adverts starring our favourite tribal in-laws, but its fundamentals are what will make us the bucks that keep us happy. Airtel Africa Ltd is a subsidiary of Indian telecoms group, Bharti Airtel Ltd; the group has left no stones unturned in ensuring that its provision of prepaid plans, credit transfers, mobile internet services, messaging, roaming facilities and more, are top-shelf – subscribers to the network, of course, will have their own ideas.

Since last year when Airtel Nigeria became the second telecommunication company in Nigeria listed on the NSE, the company has experienced a steady level of growth. With a presence in 14 African countries, the group’s strength lies in its diversity with stronger companies mitigating the poor performances of others.

Performance Overview: Airtel Africa 

Airtel Africa’s report for the year ended March 2020, revenue jumped by 10.9% from $3.1 billion at the year ended 2019 to $3.4 billion in 2020. The consolidated profit before tax also jumped by 71.8% from $348 million in 2019 to $598 million in 2020. However, profit for the period dropped by 4.23% with earnings of $408 million in 2020 from the $426 million it had earned in 2019. A reason for this is the tax figure that moved from a credit of $78 million in 2019 to tax payments as high as $190 million in 2020. Total assets also jumped by 2.41% from 2019’s value of $9.1 billion to $9.3 billion in 2020 primarily as a result of their acquisition of more property, plant, and equipment (PPE). The total customer base grew by 9.3% to 99.7 million for the year ended.

Full Report here.

Revenue growth of 10.9% was driven by double-digit growth in Nigeria and East Africa. However, the rest of its African operations experienced a decline in revenue. Its success in Nigeria is especially commendable, considering the fact that the company lost more than 100,000 subscribers in Nigeria between December 2019 and January 2020. Raghunath Mandava, Chief Executive Officer, remarked that the results which were in line with the group’s expectations, “are clear evidence of the effectiveness of our strategy across Voice, Data and Mobile Money.”

(READ MORE: NCDC and NNPC-IPPG reinforce #TakeResponsibility theme with multi-lingual campaign)

Behind The Numbers – Nigeria

Airtel Nigeria’s performance indicates the company is making the right calls in a very competitive industry. Nigerians are fickle when it comes to data and voice but will spend if the service is right. The company grew its data revenue by a whopping 58% to $435 million a sign that its strategy to focus on data is working. Voice Revenues for the year was up 15% to $850 million. In total, Airtel Nigeria’s revenue was up 24.4% to $1.37 billion. Ebitda margin, a number closely watched by foreign investors 54.2% from 49% a year earlier. Operating profit for the year ended also jumped by 52.6% for the year from 2019 and 32.4% from Q1 2019. Total customer base in Nigeria also grew by 12.5%.

Regulation forces Airtel Africa to initiate shares listing in Malawi , Analysis: Airtel Nigeria is winning where it matters.

Deal book 300 x 250

Nigeria is surely critical to Airtel Africa’s future seeing that it contributes about one-third of its revenue. Recent results thus indicate it is winning where it matters most and it must continue to stay this way if it desires to survive a brutal post-COVID-19 2020. Telcos are expected to be among the winners as Nigerians rely more on data to work remotely but there are other players in this game. Concerning the impact of the pandemic, he explained that at the time of the approval of the Group Financial Statements, the group has not experienced any material impact arising from the impact of COVID-19 on its business.

On cash flows…

The group has also taken measures to enhance its liquidity. The CEO explained that it is moving its focus to enhance liquidity towards meeting possible contingencies.


“Having considered business performance, free cash flows, liquidity expectation for the next 12 months together with its other existing drawn and undrawn facilities, the group cancelled the remaining USD 1.2 billion New Airtel Africa Facility. As part of this evaluation, the group has further considered committed facilities of USD 814 million as of date authorisation of financial statements, which should take care of the group’s cash flow requirement under both base and reasonable worst-case scenarios.”

To this end, they have put in the required strategies to preserve its cash as its cash and cash equivalents, consequently, jumped by 19.1%.

(READ MORE: COVID-19: MTN says it has put strict measures in place to preserve resources)

Buying opportunity

Investors looking at this impressive result will be wondering if this portends a buying opportunity. Airtel Nigeria closed at N298 on Friday and has remained at this price for about a month. The stock is quite illiquid and is not readily available to buy.

It’s the price to earnings ratio of 4.56x makes it quite attractive. Further highlighting this opportunity is its price-to-book ratio which is as low as 0.5273, suggesting that the stock could be undervalued. Whether it is available to be bought, is anyone’s guess.





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Analysis: Nestlé strong but exposed.

Being a market leader is great, but in times of economic despair, it can quickly turn you into prey.



Why Nestle Nigeria’s return remains strong - EFG Hermes, Nestle Nigeria Plc appoints new Director, Nestle Plc: FY 2019 Revenue beats estimate; but profit underperforms

With about six decades of being the choice companion for families within Nigeria and the diaspora, Nestlé Nigeria Plc has positioned itself as one of the largest food and beverage companies on the continent. Owing to the expansive growth of Nigeria’s population – one projected to reach 300 million by the year 2030, as well as the growing middle class, the FMCG sector has a very positive outlook.

Consequently, Nestle’s leadership in the industry and its huge market size expectedly gives it a huge advantage. However, with the global economy barely racing against the impact of the Covid-19 pandemic, even the brimming FMCG sector will experience its own level of disruption.

Nestle’s recently released Q1 2020 financials reveal a revenue decline of 0.9%, as it dropped to a marginal ₦70.33 billion from the ₦70.97 billion turnover it garnered in Q1 2019. The profit before tax also experienced an 8.7% drop while the profit after tax had a 12.84% drop, both yielding ₦17.5 billion and ₦11.2 billion respectively, for the first quarter of this year. This is predominantly owing to its increased losses from its overseas activities.

READ ALSO: Italy to invest in Nigeria’s agric sector

The company procures all of its raw materials on a commercial basis from overseas and local suppliers; consequently, the percentage of its supplies dependent on international suppliers had a negative impact on its Q1 2020 financials. Its profits were plagued by a foreign exchange loss of ₦154.7 million from ₦18.9 million, an even higher loss of 720.6%. While the company did not disclose the value of its export revenue, we believe it too might have suffered from reduced exportation in the latter part of the quarter.

The group has since been taking on expansionary projects, such as its launch of a second beverage production plant in Ogun State in February of 2018. The company, on a continuous basis, explores the use of local raw materials in its production processes, contributing its own quota to the Nigerian economy.

READ MORE: Polaris Bank’s profit rises to N26.2 billion from N2.8 billion

Just last week, Nestlé’s stocks went up 2.56% to close at ₦1000, a price it still currently holds today after markets closed. Its price to earnings ratio is 18 and its earnings per share (EPS) of 55.54, signal an investor sentiment of confidence. However, its high price to book ratio of 13.9865 reveals that the company is slightly overvalued and its price of ₦1000 makes it attractive primarily to institutional investors that can afford to purchase large volumes of the stock enough to benefit from its steady growth in value. The company had proposed a dividend payout of ₦45 per share. This also comes after paying ₦25 per share interim dividends earlier. Its dividend yield at the time of writing this is 7%, further heightening the possibilities for the income investor.

Deal book 300 x 250

While the company has strong fundamentals governed predominantly by its position as a market leader, its years of experience, and its existence in the FMCG sector, it too might not have a smooth sail in the coming quarter. Its overseas business from both the supply and the demand sides are expected to experience a further decline, ultimately resulting in an even lower relative turnover and lower earnings.

READ MORE: Cadbury Nigeria reports N638.9 million profit for Q1 2020


We also expect the decline in average disposable income of Nigerians from loss of jobs and an overall wariness of the economic impact of the pandemic, to further drive down turnover; however, sound operational efficiencies and cost control/ profit strategies by the group could ease the burden. The company fundamentals remain strong but its exposure to consumer disposable income remains a major concern. There is always a cheaper alternative and when your pocket empties your choice for cheaper substitutes swells.

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