Report: Fintech Apps Now Reach 88% of Nigerian Smartphone Users

Banking and fintech apps are now installed on 88% of smartphones used by Nigerians surveyed in the 2025 Nigeria Smartphone Study. The category ranked second only to social media and communication apps, which reached 98% of respondents. OPay led the individual finance apps with 69% penetration, ahead of PalmPay at 29%. Traditional bank apps recorded lower figures, including Access Bank at 16%, UBA and GTBank at 11% each, and FirstBank at 10%. The study links the shift to rising smartphone ownership, demand for instant payments and reduced reliance on physical bank branches. Smartphone penetration rose from 64% in 2023 to 75% in 2025, while the value of digital payments increased from ₦587.5 trillion in 2020 to ₦1,261.65 trillion in 2024. However, the report said affordability, digital literacy, cybersecurity concerns and limited network coverage still restrict wider access to digital financial services, especially beyond major cities.

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