Fintech platform OPay has emerged as the most widely installed banking and financial services application in Nigeria, present on 69% of smartphones surveyed across the country.
According to data from the Nigeria Smartphone Study 2025—conducted jointly by Orange Group and KPMG and reported by Technxt—OPay maintains a decisive installation lead over both digital-first competitors and established commercial banking institutions.
App Penetration Breakdown Across Nigerian Financial Institutions
The study surveyed 13,251 respondents across 12 major commercial centers, including Lagos, Abuja, Kano, Ibadan, Port Harcourt, Benin City, and Kaduna. It highlights a growing consumer preference for digital-native financial platforms over traditional mobile banking applications.
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Digital-First Platforms: PalmPay secured the second-highest installation footprint at 29%, while Moniepoint recorded a 14% presence. Neobank Kuda captured 8%, and global payment platform PayPal recorded 7%.
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Commercial Tier-1 Banks: Access Bank led traditional financial institutions with a 16% installation rate, followed by United Bank for Africa (UBA) and Guaranty Trust Bank (GTBank) at 11% each. FirstBank recorded 10%, while Zenith Bank captured 9%.
The report clarifies that the 69% figure reflects app installation rates on active smartphones among study participants rather than total consumer bank account market share. However, the data highlights that OPay, PalmPay, and Moniepoint have established a dominant presence in daily retail transactions, peer-to-peer transfers, and utility bill payments.
Smartphone Growth Accelerates Digital Financial Adoption
The surge in financial application installations coincides with rapid hardware adoption across urban and semi-urban markets in Nigeria.
The study reveals that smartphone penetration in Nigeria rose to 75% in 2025, up from 64% in 2023. As mobile devices increasingly serve as the primary portal for personal and business financial management, traditional commercial banks face growing competitive pressure from fintech operators that prioritize app processing speeds, minimal downtime, and frictionless user onboarding.
