A recent study by KPMG Nigeria and Orange Group, the Nigeria Smartphone Study 2025, has found that banking and fintech applications are the second-most popular category of apps among smartphone users in Nigeria. The report, released in September 2026, surveyed 13,251 respondents across 12 major Nigerian cities. It examined smartphone ownership, application penetration, and digital consumption patterns. The study reveals that 88% of respondents use banking and fintech applications, reflecting Nigeria's rapid shift toward digital financial services.
The widespread adoption of financial applications reflects the growing preference of Nigerians for convenient alternatives to traditional banking channels. The report states that mobile banking apps, digital wallets, and fintech platforms have significantly improved financial inclusion by providing consumers with alternatives to traditional banking infrastructure. OPay dominated the individual banking and fintech applications examined, with its app found on 69% of smartphones surveyed. PalmPay recorded 29% penetration, while Moniepoint was also identified alongside OPay and PalmPay as one of the three leading banking and fintech apps on Nigerian smartphones.
The report attributed the growing dominance of fintech solutions over traditional banking platforms to the increasing demand for instant payment services. Consumers are gradually shifting from cash transactions towards digital payment methods. Fintech and banking applications have become important tools for managing financial activities, particularly in urban areas where digital payments are increasingly used for retail, transportation, and services. The strong adoption of fintech platforms also signals continued progress toward financial inclusion in Nigeria.
The surge in financial app usage coincides with rising smartphone ownership in the country. Smartphone penetration increased by 11 percentage points to 75% in 2025 from 64% in 2023. Feature phone penetration, meanwhile, declined to 28% from 36% over the same period. Android remained the dominant operating system, accounting for 88% of smartphones in the study, compared with 86% in 2023. Apple's iOS accounted for 13% in 2025.
The country's smartphone market is also dominated by relatively affordable brands, with Tecno controlling 25%, Infinix 24%, and Itel 10%. The report attributed their market position largely to affordable devices designed for emerging markets, saying the Nigerian smartphone market remains driven by price and functionality. The increasing use of financial applications has also accompanied a sharp expansion in Nigeria's wider digital payments market.
Citing Central Bank of Nigeria data, the study said the value of digital payments rose from N587.5tn in 2020 to N1,261.65tn in 2024, representing an increase of about 115%. Transaction volume also climbed by about 70% from 10.42 billion transactions in 2020 to 17.67 billion in 2024. The report identified widespread smartphone adoption and internet access, user-friendly banking and fintech apps, innovation in digital wallets and remittances, rising consumer trust and digital financial literacy, and regulatory and infrastructure investment as drivers of the expansion.
Despite the expansion, the study identified gaps that could limit broader digital adoption. More than one-third of mobile subscribers remained on 2G networks as of May 2026, while infrastructure limitations, affordability, gaps in digital literacy, and cybersecurity concerns continued to affect the depth and inclusiveness of digital access. The survey covered Lagos, Ibadan, Ilorin, Onitsha, Aba, Port Harcourt, Owerri, Benin City, Abuja, Jos, Kaduna, and Kano. Of the 13,251 respondents, 53% were male and 47% female, while 85% were between 18 and 45 years.
Key points
- - 88% of Nigerian smartphone users have banking and fintech applications. - OPay, PalmPay, and Moniepoint rank as the top three banking and fintech apps present on the smartphones of Nigerian users. - The value of digital payments in Nigeria rose from N587.5tn in 2020 to N1,261.65tn in 2024.
