Banking and fintech applications are now present on 88 per cent of smartphones used by Nigerians, according to the Nigeria Smartphone Study 2025 conducted by KPMG Nigeria and Orange Group. The report was released in September 2026 and examined smartphone ownership, application usage and digital consumption across Nigeria.
The study surveyed 13,251 respondents across 12 major Nigerian cities and found that banking and fintech applications were the second-most popular category of apps among smartphone users. Social media and communication applications ranked first, with 98 per cent penetration.
Productivity applications recorded 85 per cent penetration, while streaming and music platforms accounted for 82 per cent. Web browsers and utility applications recorded 81 per cent.
The report attributed the widespread use of financial applications to Nigerians’ increasing preference for convenient ways to make payments, transfer money and manage their finances without visiting physical bank branches.
Among individual financial applications, OPay recorded the highest penetration at 69 per cent, followed by PalmPay at 29 per cent. Moniepoint was also identified among the three leading banking and fintech applications found on Nigerian smartphones.
Traditional banking applications recorded lower individual penetration levels. Access Bank stood at 16 per cent, while UBA and GTBank each recorded 11 per cent. FirstBank recorded 10 per cent, Zenith Bank nine per cent and Stanbic IBTC six per cent.
The findings also showed that smartphone ownership is increasing in Nigeria. Smartphone penetration rose from 64 per cent in 2023 to 75 per cent in 2025, while feature-phone penetration declined from 36 per cent to 28 per cent.
The growth in smartphone ownership has supported the expansion of Nigeria’s digital payments market. According to data cited in the report from the Central Bank of Nigeria, the value of digital payments increased from ₦587.5 trillion in 2020 to ₦1.26 quadrillion in 2024, representing an increase of about 115 per cent. Transaction volumes also rose from 10.42 billion to 17.67 billion during the same period.
Nigerians increasingly use mobile applications for activities such as money transfers, bill payments, airtime purchases and account management. The shift has also contributed to changes in the traditional banking sector, with customers increasingly relying on digital channels rather than physical branches.
However, the report identified several challenges that could limit further growth. These include infrastructure limitations, the affordability of smartphones and internet access, gaps in digital literacy and cybersecurity concerns. More than one-third of mobile subscribers were still using 2G networks as of May 2026, according to the report.
The study indicates that Nigeria is becoming increasingly mobile-first, with smartphones playing a growing role in how consumers access financial services. For banks and fintech companies, the trend creates opportunities to reach more customers through digital platforms while increasing competition for users.
The findings also point to the changing relationship between Nigerians and traditional financial institutions as mobile applications become a major channel for everyday financial transactions.
