OPay dominates Nigerian smartphones as fintech apps outpace banks

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.

OPay leads financial apps

According to KPMG, OPay was present on 69% of smartphones surveyed, giving it the highest presence among the financial apps covered by the study.

• Its presence was more than four times that of Access Bank, which recorded the highest installation rate among the traditional banks covered by the study at 16%.
• PalmPay followed OPay at 29%, also putting it ahead of every individual traditional bank app included in the survey.
• Moniepoint was present on 14% of smartphones, while Kuda recorded 8% and PayPal featured at 7%.

The figures show that some fintech and digital financial platforms have established a stronger smartphone presence than individual traditional bank applications.

Traditional banks still have a strong smartphone presence

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.

Why Nigerians are turning to mobile financial services

KPMG said the strong presence of mobile banking and fintech applications reflects the growing role of smartphones as a channel for accessing financial services.

• Consumers increasingly rely on mobile applications for everyday activities such as transfers, bill payments, airtime purchases and account management.
• As smartphone adoption grows, mobile devices are therefore becoming an increasingly important gateway to financial services, particularly as more consumers conduct routine transactions through their phones.
• The study also found that smartphone ownership increased from 64% in 2023 to 75% in 2025, alongside the growing presence of digital applications across financial services and other sectors.
• Another driver identified by KPMG is the growing demand for convenient and instant payment solutions.

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.

Nigeria’s smartphone economy is expanding

The growing presence of fintech and banking apps on Nigerian smartphones comes as the country’s broader smartphone ecosystem continues to expand.

• Nairametrics recently reported that Nigeria’s smartphone ownership rose from 64% in 2023 to 75% in 2025, with growing smartphone adoption contributing to wider use of digital services across financial services, commerce, education and other sectors.
• The expansion is also intensifying competition among traditional banks and fintechs for space on consumers’ mobile devices.

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.