Top 10 fintech apps in Nigeria according to user ratings on Play Store in August 2022
Globally, fintech has become essential in the financial sector. In Nigeria, as in the rest of the world, the ecosystem of companies using technology to provide financial services has revolutionized access to financial and banking services.
The potential of these digital banks has seen global venture capital pour funds into fintechs in Nigeria. As more and more fintechs are popping up day by day, the market is getting very competitive as the target customers now have many choices from the array of companies offering innovative financial services through mobile apps.
Interestingly, as more and more Nigerians are embracing fintech apps, for their convenience and easy access to financial services on the go, they are also giving feedback through ratings and reviews based on their experience.
Nairametrics looked at the ratings of these apps on the Google Play Store by users who have used them. Here is what we found:
Currency (3.4)
Renmoney is a microfinance bank that prides itself on being Nigeria’s most convenient lending company with innovations that deliver exceptional service experiences. They provide both personal and micro business loans ranging from 50,000 to 6 million naira.
Renmoney app is a lending app in Nigeria that speeds up loan applications and credit disbursements. It collects information transparently, verifies loan applications and disburses the money within 24 hours. On Google Play, the app has had 500,000 downloads. Its rating by 8,732 users is 3.4.
Vest (4.1)
PiggyVest provides its more than 3 million customers with savings and investment tools, but it’s not exactly a full-fledged digital bank. The company offers fixed, flexible, goal-based, and automated savings options, as well as pre-approved low-to-medium risk primary and secondary investment avenues for 6-12 months.
On Google Play, the Piggyvest app, which has been downloaded by over 1 million customers, has a rating of 4.1 out of 5. The rating was made by 41,032 app users.
Jumia Pay (4.2)
E-commerce company Jumia first launched its JumiaPay app in 2016 and is now used to pay over 50% of sales on the platform. The company also recently launched consumer loans on the app through collaborations with banks.
Ranked among the most downloaded fintech apps on the Play Store, Jumia Pay had garnered over 5 million downloads as of August. For the 130,000 users who have rated the app, the quality of experience on JumiaPay is 4.3 out of 5.
Paga (4.3)
Paga is a mobile money solution that offers transfers, bill payments, top-ups and even money transfer services. The company has 17 million users and is also accessible to unbanked offline users through a network of mobile money agents.
On Google Play, the Paga app has exceeded 500,000 downloads. The app is rated 4.3 by 8,704 users. Although it has a larger number of offline customers, the number of downloads and reviews on the Paga app places it behind the other apps above with the same rating.
Carbon (4.4)
Carbon is a CBN-licensed digital bank that also offers lending facility and investment opportunities, in addition to the usual digital banking features such as debit cards. Accounts are enabled for P2P payments, as well as bill payments and mobile recharges.
Although the fintech company currently has over two million customers according to its website, its app on Google Play has been downloaded by over one million customers. App users feel that the app deserved a 4.4 rating based on their experiences. The app had 128,128 user reviews this month.
Kouda (4.4)
The US$500 million fintech is fully licensed by the Central Bank of Nigeria (CBN). Although Kuda is based in London, she is currently focused on the Nigerian market. Kuda accounts come with a free debit card, budgeting and spending controls, and transfer and savings features. The bank has also removed maintenance fees and provides users with a specific list of free transfers every month.
With over a million downloads, the Kuda app enjoys positive reviews from many of its users. This month, 160,790 users had rated the app, giving it a rating of 4.4.
Palmcredit (4.4)
With over 5 million downloads, Palmcredit is a loan app in Nigeria owned by Newedge Finance Limited where users can get a loan without collateral. As one of the most downloaded fintech apps, there is no doubt that many Nigerians are taking advantage of the loan services provided through the app. Google Play says 173,000 users gave the app a 4.2 rating in August this year.
FairMoney (4.4)
FairMoney is a lending-focused digital bank. The company offers instant loans of up to one million naira, as well as a bank account and debit card. According to the company, FairMoney processes more than 10,000 loans every day, with one loan disbursed every eight seconds.
This is reflected in the fintech’s app on the Play Store, as it crossed 5 million downloads in April. For the 471,180 users who rated the app, a 4.4 out of 5 was deemed appropriate for their experience.
Palmpay (4.5)
Fintech app Palmpay was first launched in September 2018, according to reports on Google Play. But a pilot phase was launched in July 2019 after the company obtained a mobile money operator license from the Central Bank of Nigeria (CBN). It officially became available for Nigerian users in November 2019.
Obviously one of the most downloaded fintech apps with over 5 million, Palmpay is also highly rated by users as it got a rating of 4.5 out of 5. The app, however, has fewer reviews per compared to Opay. Google Play says 222,289 users rated the app this month.
Opay (4.5)
Opera’s African fintech startup, OPay, launched its mobile money platform in Lagos in 2018 thanks to the popularity of its internet search engine in Africa. OPay’s mobile money service gives users the ability to pay for utilities, make P2P transfers and also save money. The company also offers an offline banking service through which users who do not have a smartphone can still transact.
As of April 30, 2022, the fintech application had crossed 10 million downloads. Based on reviews from 227,416 users, the app has been rated 4.5, one of the highest ratings for any app in the same category.
Comments are closed.