KPMG: Opay Leads Fintech Payment Apps with 69% Smartphone Penetration

Dike Onwuamaeze A new study carried out by the KPMG Nigeria, in collaboration with the Orange Group, has revealed that Opay lead the Nigerian fintech payment apps in 2025 with 69 per cent smartphone penetration. According to the report, PalmPay, Moniepoint, Access Bank and United Bank for Africa (UBA) smartphone presence were 29, 16, 11, 11 per cent respectively; while GT Bank, First Bank and Zenith Bank recorded 8,8 and 6 percentage penetration respectively. The study said that fintech platforms are redefining financial access in Nigeria, with Opay reaching 69 per cent smartphone presence and significantly outperforming most traditional banking apps. It said: “Opay, PalmPay and Moniepoint rank as the top three banking and fintech apps on smartphones of Nigerian users, underscoring the growing dominance of fintech solutions over traditional banking platforms. Opay leads the category with a remarkable 69 per cent smartphone penetration. “The data suggests that traditional banking and fintech services are increasingly converging within the mobile ecosystem. As smartphones become the primary gateway to digital services, financial institutions are no longer competing only with other banks but also with agile fintech platforms that deliver faster, more convenient mobile-first experiences. This shift indicates that mobile usability, app performance and integrated digital services are now critical differentiators in financial services.” The study, which was released in Lagos by KPMG and Orange is titled, “Nigeria Smartphone Study: A Nationwide Analysis of Smartphone Ownership and Digital Application Usage.” The report said that as smartphone adoption continued to rise across major cities, mobile devices are increasingly becoming the preferred channel for accessing financial services. It said: “Many consumers now rely on mobile banking applications to perform everyday financial transactions such as transfers, bill payments, airtime purchases and account management,” adding that this “reflects the growing role of smartphones in enabling convenient financial access.” On e-commerce, the report showed that Jumia, Temu, Jiji and Konga lead the sector with 15, 8, 6 and 3 per cent smartphone penetration respectively. It also showed that Amazon had 2.0 per cent while Slot, AliExpress and Alibaba had 1.0 per cent penetration each. Commenting on the study that surveyed 13,251 respondents across 12 major Nigerian cities, Partner and Head, Technology, Media and Telecommunications, KPMG Africa, Mr. Lawrence Amadi, said that the report provided a timely assessment of Nigeria’s evolving smartphone and mobile application ecosystem.