The fintech industry in Nigeria has experienced significant growth in recent years, with financial technology companies, known as fintechs, emerging as innovative players in the country’s financial services sector. These fintechs utilize technology to offer a wide range of financial products and services, including loans, savings and investment tools, transfers, and bill payments.
One of the reasons for the increasing popularity of fintechs in Nigeria is the recent developments in the banking sector, such as the redesign of the naira and the scarcity of physical currency. These factors have led many Nigerians to view fintechs as a better option for quick and convenient financial transactions.
As the number of fintech companies in Nigeria continues to rise, the market is becoming highly competitive. Customers now have a plethora of choices from various companies offering innovative financial services through mobile apps. Fintech apps are particularly appealing to Nigerians due to their convenience and easy accessibility to financial services on the go. The quality of services offered by these apps often determines the number of customers they attract and reflects in the download figures.
While most fintech apps in Nigeria are available on both the iOS App Store and the Google Play Store, we will focus on the downloads figures from the Google Play Store, as the iOS Store does not provide this information. It is worth noting that many apps that had less than a million downloads in February of this year have now crossed the one million mark.
Let’s take a look at the top 10 fintech apps in Nigeria based on the number of downloads as of June 2023:
Paga: Paga is a mobile money solution that offers transfers, bill payments, top-ups, and remittance services. The app has now crossed one million downloads.
Piggyvest: Piggyvest provides savings and investment tools, catering to the younger generation of Nigerians who prioritize saving. The app has also crossed one million downloads.
Carbon: Carbon is a licensed digital bank that offers a loan facility, investment opportunities, and other digital banking features. It currently has over two million customers and one million-plus downloads.
OKash: OKash is an online loan platform that fulfills customers’ financial needs completely online. The app has grown its customer base over the years and now has over five million downloads.
Palmcredit: Palmcredit is a fintech app that provides loans without collateral. It has become one of the most downloaded fintech apps in Nigeria, with over five million downloads.
JumiaPay: JumiaPay, introduced by the e-commerce company Jumia, is widely used for payments on the platform. It has garnered over five million downloads.
Kuda: Kuda is a fully licensed digital bank that offers various features such as free debit cards, budgeting, spending controls, transfers, and savings functions. The app has crossed five million downloads and is continuing to grow.
Palmpay: Palmpay, which secured a mobile money operator license from the Central Bank of Nigeria, has seen remarkable growth. It has crossed the 10 million downloads mark.
FairMoney: FairMoney is a digital bank focused on lending, offering instant loans and banking services. The app has recorded over 10 million downloads.
OPay: OPay, the mobile money platform launched by Opera’s Africa fintech startup, offers a wide range of financial services, including utility payments, P2P transfers, and savings. The app has gained significant popularity with over 10 million downloads.
It is interesting to note that fintech apps now have more downloads than apps from traditional commercial banks. None of the commercial banks in Nigeria currently have over 10 million downloads on the Google Play Store, indicating the growing traction of fintech apps.
