OPay Surpasses Traditional Banks on Nigerian Smartphones

A study by KPMG and Orange Group Nigeria reveals that fintech applications are increasingly dominating Nigerian smartphones, with OPay achieving a presence on 69% of devices surveyed across 12 major Nigerian cities. This marks a significant shift in the digital financial landscape, where fintech platforms are outpacing individual traditional bank applications.

Despite this trend, traditional banks still maintain a notable presence, with Access Bank leading at 16%, followed by UBA and GTBank at 11% each, FirstBank at 10%, and Zenith Bank at 9%. The findings indicate that while fintech applications are becoming more prevalent, traditional banking apps continue to occupy substantial space on consumers' smartphones.

KPMG attributes the growth of mobile financial applications to ongoing investments by financial institutions and fintech companies in digital platforms. The study underscores the increasing reliance of Nigerian consumers on digital payment methods alongside cash, reflecting a broader trend in the country's expanding smartphone ecosystem.