INTRODUCTION:
Nigeria’s fintech sector has expanded significantly as a result of creative businesses using technology to provide a variety of financial products and services.
With their user-friendly apps and services including loans, savings, investments, and simple financial transactions, fintechs have drawn more users, particularly in light of the recent naira devaluation and the lack of readily available physical money.
Due to the abundance of options available to consumers in the Nigerian fintech app industry, there is fierce rivalry among businesses to draw in and keep users.
In recent years, the fintech sector in Nigeria has experienced substantial expansion. Using technology to offer a variety of financial goods and services, fintech, or financial technology businesses, have emerged as cutting-edge players in Nigeria’s financial services industry.
With their flexible and user-friendly apps, fintech companies have continued to win over more clients in a variety of industries, including lending, savings and investment services, deposits, and transfers. In fact, many Nigerians now view fintech as the preferable choice for quick financial transactions in light of recent banking industry developments about the redesign of the naira and the dearth of naira notes.
The industry is growing increasingly competitive as a result of the continual growth in the number of fintech businesses in Nigeria, as the target clients now have a wide range of options from the assortment of businesses delivering cutting-edge financial services via mobile apps. However, as more Nigerians used fintech apps for their convenience and quick access to financial services on the go, the ones with the most robust features began to dominate and are rewarded with more customers and this often reflects in how many people are downloading their apps.
The following are the top 10 Fintech apps in Nigeria, as assessed this year.
Top 10 Fintech Apps in Nigeria 2023
1. OPay
On the strength of the success of its internet search engine in Africa, Opera’s African fintech firm OPay launched its mobile money platform in Lagos in 2018. Users of OPay’s mobile money service can pay for services, send money between people, and save money. The business also provides an offline banking solution so that customers without cell phones can still do transactions.
Total volume of Download: 10 million plus
Reviews: 389,000
Rating: 4.4
2. FairMoney
Digital bank FairMoney specializes in lending. The business offers debit cards, bank accounts, and fast loans of up to one million naira. According to the business, FairMoney disburses one loan every eight seconds while processing over 10,000 loans each day. With over 10 million downloads, the FairMoney app is among the most popular ones in the Google Play Store.
Total volume of Downloads: 10 million plus
Reviews: 577,000
Rating: 4.3
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3. Palmpay
According to Google Play, the Palmpay fintech app was initially released in September 2018. But in July 2019, the company began a trial program after obtaining a mobile money operator license from the Central Bank of Nigeria (CBN). In November 2019, it was formally made available to Nigerian users. Palmpay had reached 10 million downloads by the end of June, up from 5 million plus as of February this year.
Total volume of Downloads: 10 million plus
Reviews: 478,000
Rating: 4.5
4. Kuda
The Central Bank of Nigeria (CBN) has officially authorized the online bank Kuda to operate as a microfinance institution. Despite having its headquarters in London, Kuda is currently concentrating on the Nigerian market. A free debit card, spending limits, transfers, and savings features are all included with Kuda accounts.
Additionally, the bank no longer charges maintenance fees and offers consumers a set number of free transfers each month. With more than 5 million downloads and counting, it is one of the most popular fintech apps in Nigeria right now.
Total volume of Downloads: 5 million plus
Reviews: 238,000
Rating: 4.3
5. Top 10 fintech apps in Nigeria: JumiaPay
Over 50% of sales on the platform are now paid for using the JumiaPay app, which was first released by the e-commerce company in 2016. Through partnerships with banks, the company recently added consumer loans to the app. Jumia Pay was one of the most downloaded financial apps on the Google Play Store as of June of this year, with over 5 million downloads.
Total volume of Downloads: 5 million plus
Reviews: 133,000
Rating: 4.2
6. Palmcredit
Users of Palmcredit, a fintech app owned by Newedge Finance Limited in Nigeria, can obtain loans without providing any security. There is little doubt that a large number of Nigerians are using the app’s lending services given that it is one of the most downloaded fintech apps. The app had received over 5 million downloads as of the end of June.
Total volume of Downloads: 5 million plus
Reviews: 156,000
Rating: 4.0
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7. Top 10 fintech apps in Nigeria: OKash
Okash, run by Blue Ridge Microfinance Bank Limited, is a rapid online lending facility for Nigerian mobile users. Customers’ financial demands are fully met by OKash online and round-the-clock. The loan amount is deposited to the applicant’s bank account after only a few simple steps and little paperwork in the application procedure.
With more than 5 million downloads as of the end of June, OKash—one of the nation’s licensed digital lenders—now has a larger customer base and is among the most popular fintech apps in Nigeria.
Total volume of Downloads: 5 million plus
Reviews: 155,793
Rating: 4.3
8. Carbon
In addition to the standard functions of online banking, such as debit cards, Carbon is a CBN-licensed digital bank that also offers a loan facility and investment options. P2P payments, bill payments, and cellphone recharge are all permitted for accounts. Despite having more than two million users as of this writing, the fintech company’s app on Google Play has more than one million downloads.
Total volume of Downloads: 1 million plus
Reviews: 148,000
Rating: 4.4
9. Top 10 fintech apps in Nigeria: Piggyvest
PiggyVest offers savings and investment opportunities to its users, but it’s not yet a full-fledged online bank. The organization provides pre-vetted low-medium risk primary and secondary investment channels for 6 to 12 months, as well as fixed, flexible, goal-oriented, and automatic savings choices. The software, which is well-liked by Nigeria’s younger population and is inclined toward saving, had surpassed 1 million downloads on the Google Play Store by the end of June.
Total volume of Downloads: 1 million plus
Reviews: 41,000
Rating: 4.0
10. Paga
Paga is a mobile money provider that provides remittance services in addition to transfers, bill payments, top-ups, and other services. According to the business, it has over 17 million customers and may be accessed by offline, unbanked individuals through a network of mobile money agents. Paga had only 500,000 or more downloads as of February this year on the Google Play Store. However, the app had surpassed 1 million downloads by the end of June.
Total volume of Downloads: 1 million plus
Reviews: 14,535
Rating: 4.0
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