“During the month of July, OPay, PalmPay, and Over Wallet have emerged as the most sought-after fintech apps, as revealed by a report from StatiSense.
According to StatiSense, the top 10 most popular fintech apps among Nigerians also included Newcredit, OKash, Palmcredit, OPay Business, FairMoney, Moniepoint, and EaseMoni. The report, while lacking specific figures on metrics such as new customer acquisition, customer engagement, transaction volume, and transaction value, based its findings on data sourced from SimilarWeb, a digital intelligence company listed on the New York Stock Exchange.In early 2023, when the Central Bank of Nigeria (CBN) imposed cash limits on Nigerians, straining the ICT infrastructure of commercial banks, several fintech companies capitalized on the situation, experiencing a surge in customer sign-ups and engagement. Notably, PalmPay, Opay, and Moniepoint gained prominence during this period and have since continued to witness growth in both new customer registrations and engagement. This trend was propelled by the subpar service provided by most commercial banks until the CBN extended the deadline for a complete transition to a cashless economy to December 2023.In a BusinessDay report published in July 2023 titled “How Two Chinese Fintechs Dominated Nigeria’s PoS Arena,” it was revealed that OPay secured the Point of Sale (PoS) leadership position with an impressive 563,262 agents. Similarly, PalmPay surged forward, amassing a PoS network of 500,000 agents. Adding to their accomplishments, these fintech companies boasted a remarkable 2 million banking and mobile money agents, as highlighted in the 2023 State of the Industry Report on Mobile Money.
The report indicates that both companies collectively commanded at least 50 percent of the agency banking market share in Nigeria.””As per Statista’s data, the digital payment market in Nigeria is projected to reach approximately $17 billion in 2023, positioning these fintech firms strategically to capture a significant share of these transactions. Reports indicate that digital payments are expected to contribute to 17.3 percent of the total transaction value shift by segment in 2023. A mere five months ago, Opay achieved the noteworthy milestone of surpassing 30 million customers, a remarkable feat for a company that has been operating in the financial banking sector in Africa’s largest economy for less than five years. The responses on Twitter to this report overwhelmingly conveyed appreciation and recognition for the significant progress made by these leading companies, particularly during challenging times when traditional banks struggled to meet the online transaction demands of their customers. Enado stated, “Opay remains the best choice for business,” while another individual, Maxi, affirmed, “It’s not a lie. I’ve used Opay like five times this morning.””
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