- Nigeria’s fintech industry has experienced significant growth, with innovative companies leveraging technology to offer a wide range of financial products and services.
- Fintechs have attracted more customers with their user-friendly apps, providing services such as loans, savings, investments, and easy financial transactions, especially during the recent naira redesign and scarcity of physical currency.
- The Nigerian market for fintech apps is becoming highly competitive, with a plethora of choices available to consumers, leading to intense competition among companies to attract and retain customers.
Nigeria has seen significant growth in the fintech industry in recent years. Fintechs, or financial technology companies, have emerged as innovative players in the Nigerian financial services sector, leveraging technology to provide a range of financial products and services.
From loan provision to savings and investment services to deposits and transfers, the fintechs have continued to attract more customers to their side with their agile and simple-to-use apps. In fact, the recent developments in the banking sector over the naira redesign and the scarcity of naira notes have left many Nigerians to consider fintechs as the better option for swift financial transactions.
Meanwhile, with the continuous rise in the number of fintech companies in Nigeria, the market is becoming highly competitive as the target customers now have many choices from the array of companies offering innovative financial services via mobile apps. Nonetheless, as more Nigerians embraced the fintech apps, for their convenience and easy access to financial services on the go, the ones with the better services are rewarded with more customers and this often reflects in how many people are downloading their apps.
While most of the fintech apps in Nigeria are available on both the iOS App Store and the Google Play Store, Nairametrics took a look at the downloads figure for these apps on the Google Play Store as the iOS Store does not show the number of downloads on apps. Interestingly, most of the apps that had less than a million downloads as of the last time we reviewed them in February this year have now crossed a million downloads.
Here are the top 10 fintech apps in Nigeria by the number of downloads as of June 2023:
10. Paga
Paga is a mobile money solution that offers transfers, bill payments, top-ups, and even remittance services. The company says it has over 17 million users and is accessible to unbanked, offline users through a mobile money agent network as well. As of February this year, Paga’s downloads on the Google Play Store were just 500,000 plus. However, by June end the app had crossed 1 million downloads.
Downloads: 1 million plus
Rating: 4.0
Reviews: 14,535
9. Piggyvest
PiggyVest provides its customers with savings and investment tools, but it’s not exactly a full-fledged digital bank. The company offers fixed, flexible, goal-oriented, and automated savings options, as well as pre-vetted low-medium risk primary and secondary investment avenues for 6 – 12 months. Popular among the younger generation of Nigerians who are savings-inclined, the app had crossed 1 million downloads on the Google Play Store as of June end.
Downloads: 1 million plus
Rating: 4.0
Reviews: 41,000
8. Carbon
Carbon is a CBN-licensed digital bank that also provides a loan facility and investment opportunities, in addition to usual digital banking features such as debit cards. Accounts are enabled for P2P payments, as well as bill payments and mobile recharges. Though the fintech company currently has over two million customers according to its website, its app on Google Play had been downloaded by one million-plus customers.
Downloads: 1 million plus
Rating: 4.4
Reviews: 148,000
7. OKash
Okash is a quick online loan platform for Nigeria mobile users managed by Blue Ridge Microfinance Bank Limited. OKash fulfills customers’ financial needs completely online 24/7. The application process takes just a few steps with minimal documentation and the approved loan amount is transferred to the applicant’s bank account. As one of the licensed digital lenders in the country, OKash’s customer base had grown over the years and it is now one of the most-downloaded fintech apps in Nigeria with over 5 million downloads as of the end of June.
Downloads: 5 million plus
Rating: 4.3
Reviews: 155,793
6. Palmcredit
Palmcredit, is a fintech app in Nigeria owned by Newedge Finance Limited where users can get a loan without collateral. As one of the most downloaded fintech apps, there is no doubt that many Nigerians Nigerians are taking advantage of the loan services being provided through the app. As of June end, the app had crossed 5 million downloads.
Downloads: 5 million plus
Rating: 4.0
Reviews: 156,000
5. JumiaPay
The e-commerce company, Jumia, first introduced its JumiaPay app in 2016, and is now used to pay for more than 50 percent of sales on the platform. The company also recently launched consumer loans on the app via collaborations with banks. Ranking as one of the most downloaded fintech app on the Play Store, Jumia pay had garnered over 5 million downloads on the Google Play Store as of June this year.
Downloads: 5 million plus
Rating: 4.2
Reviews: 133,000
4. Kuda
The digital bank, Kuda, is fully licensed by the Central Bank of Nigeria (CBN) as a microfinance company. Although Kuda is based in London, it is currently focused on the Nigerian market. Kuda accounts come with a free debit card, budgeting, and spending controls, and transfers and savings functions as well. The bank has also killed maintenance fees and provides users with a specific list of free transfers each month. It is currently one of the most-downloaded fintech apps in Nigeria with over 5 million downloads and still counting.
Downloads: 5 million plus
Rating: 4.3
Reviews: 238,000
3.Palmpay
The Palmpay fintech app was first released in September 2018, according to information on Google Play. But a pilot phase was launched in July 2019 after the company secured a mobile money operator licence from the Central Bank of Nigeria (CBN). It officially became available to Nigerian users in November 2019. From 5 million plus downloads as of February this year, Palmpay had crossed 10 million downloads by the end of June.
Downloads: 10 million plus
Rating: 4.5
Reviews: 478,000
2.FairMoney
FairMoney is a digital bank focused on lending. The company provides instant loans of up to one million naira, as well as a bank account and a debit card. According to the company, FairMoney processes over 10,000 loans every day, with one loan disbursed every eight seconds. FairMoney app is among the top when it comes to downloads on the Google Play Store as it has recorded more than 10 million.
Downloads: 10 million plus
Rating: 4.3
Reviews: 577,000
1. OPay
Opera’s Africa fintech startup OPay launched its mobile money platform in Lagos in 2018 on the popularity of its internet search engine in Africa. OPay’s mobile money service gives users the ability to pay for utilities, make P2P transfers, and save as well. The company also offers an offline banking service through which users that don’t have smartphones can still carry out transactions.
Download: 10 million plus
Rating: 4.4
Reviews: 389,000
Bottomline
While there are other fintechs doing very well in Nigeria whose services are not app-based, some of those running on apps now have more downloads than bank apps. Currently, none of the commercial banks in Nigeria has up to 10 million downloads on the Google Play Store, an indication that fintech apps gaining more traction.
