Fintech apps reach 88% of Nigerian smartphone users – Report

The Nigeria Smartphone Study 2025, conducted by KPMG Nigeria and Orange Group, has revealed that banking and fintech applications have reached 88% of smartphone users in Nigeria. The study, conducted across 12 major Nigerian cities, surveyed 13,251 respondents and examined various aspects of smartphone usage and digital consumption patterns.

Banking and fintech apps ranked second among app categories, trailing behind social media and communication platforms at 98% adoption rates. The report highlighted that fintech applications were adopted by 88% of respondents, indicating a rapid shift toward digital financial services in Nigeria. The widespread use of fintech platforms reflects the growing preference for convenient, accessible financial services, according to the study.

OPay emerged as the leading fintech app, with 69% of surveyed smartphones having the app installed, followed by PalmPay at 29% and Moniepoint, which was identified as one of the top three banking and fintech apps on Nigerian smartphones. The report stated that fintech applications, including banking and fintech platforms, were increasingly favored over traditional banking channels, as they provided consumers with convenient alternatives.

Conventional banks, such as Access Bank, UBA, and GTBank, had lower adoption rates of 16%, 11%, and 11% respectively, as compared to fintech apps. This trend coincides with a significant increase in smartphone ownership in Nigeria, which rose from 64% in 2023 to 75% in 2025, while feature phone penetration declined from 36% to 28%.

The adoption of financial applications has also contributed to the growth of Nigeria's digital payments market, with transaction value increasing from N587.5tn in 2020 to N1,261.65tn in 2024, a growth of about 115%. Transaction volume also surged by about 70% from 10.42 billion transactions in 2020 to 17.67 billion in 2024. Despite the impressive growth, the study identified challenges, such as the prevalence of 2G networks, infrastructure limitations, affordability concerns, digital literacy gaps, and cybersecurity issues, which could hinder broader digital adoption in Nigeria.