OPay leads Nigerian financial apps as smartphone adoption hits 75%

OPay has emerged as the most widely installed financial application on smartphones in Nigeria, underscoring the growing competition between fintech companies and traditional banks in the country’s digital payments market.

The finding is contained in a study by KPMG and Orange Group Nigeria, which examined financial applications installed on smartphones used by respondents across 12 major Nigerian cities.

According to the study, OPay was installed on 69 per cent of the smartphones surveyed, giving it the highest individual presence among the financial applications examined.

PalmPay ranked second among fintech platforms, with an installation rate of 29 per cent, followed by Moniepoint at 14 per cent. Kuda and PayPal recorded 8 per cent and 7 per cent respectively.

Among traditional banks, Access Bank recorded the highest smartphone presence at 16 per cent, followed by UBA and GTBank at 11 per cent each. FirstBank accounted for 10 per cent, while Zenith Bank recorded 9 per cent.

The figures suggest that although established banks continue to maintain substantial digital footprints, individual fintech applications have achieved wider smartphone penetration among the surveyed consumers.

The trend highlights the increasing importance of mobile applications in Nigerians’ daily financial activities, including money transfers, bill payments, airtime purchases and account management.

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KPMG attributed the expansion of digital financial services partly to consumers’ growing demand for convenient and instant payment options. The consultancy also pointed to continued investments by banks and fintech companies in digital platforms as a driver of mobile financial services adoption.

The study found that smartphone ownership in Nigeria rose from 64 per cent in 2023 to 75 per cent in 2025, significantly expanding the potential user base for mobile financial services.

The increase in smartphone penetration is also extending beyond financial services, with Nigerians increasingly using mobile applications for commerce, education, transportation and other everyday activities.

For the financial sector, the changing application landscape is intensifying competition for customers and digital engagement.

Traditional banks continue to benefit from established customer relationships and extensive financial infrastructure, while fintech companies are competing through mobile-first platforms built around accessibility, speed and convenience.

The strong presence of OPay and PalmPay on consumers’ smartphones therefore points to the growing role of fintech platforms in Nigeria’s evolving payments ecosystem.

As smartphone ownership and digital transactions continue to expand, banks and fintech companies are expected to increase investment in mobile technology as they compete for a larger share of Nigerians’ financial activities.