Opay has emerged as the Most Valuable Player (MVP) among banking apps for Nigerians in 2024, thanks to its seamless user experience, low transaction costs, and consistent reliability that outpaces traditional banking apps. 

Based on a recent poll conducted by Technext online to determine the best-performing banking apps, Opay received the most mentions and significantly outpaced its competitors. 

The responses revealed a significant shift in preference among Nigerian users, with fintech apps like Moniepoint, and Palmpay taking centre stage over traditional banking apps such as GTCO, Zenith Bank, and First Bank. The users’ preferences can be attributed to the uninterrupted and reliable services they enjoy from these fintechs.

Other reasons include lower transaction fees and innovative features offered by fintech apps, which cater directly to modern consumer demands for seamless and efficient banking services. 

Fintechs vs Conventional Banks

The rise of fintech apps in Nigeria marks a paradigm shift in how banking services are now being delivered. Apps like Opay, Moniepoint, and Palmpay have redefined convenience by offering features such as low-cost transactions, instant transfers, flexible savings options, and access to services even in remote areas. 

For example, in Q1 2023, many Nigerians experienced a severe cash crunch due to policy changes by the Central Bank of Nigeria, which exacerbated reliance on digital payments. During this period, several traditional banks faced widespread criticism for system failures and downtimes, leaving customers stranded. Conversely, fintech apps like Opay and Palmpay stepped up, providing consistent and accessible services during these challenging times.

Moniepoint, in particular, has excelled by targeting Nigeria’s informal sector, offering tailored financial solutions that cater to underbanked communities. With its widespread agent network and robust technology, Moniepoint has succeeded in bringing essential banking services to regions often ignored by conventional banks. 

According to data collected in this survey and other market insights, fintech apps boast:

• Higher Transaction Speed: Fintech apps are optimized for quick transaction processing, offering near-instant transfers compared to the delayed services often experienced with traditional banks.
• User-Centric Features: Many of these apps provide features like savings wallets, investment options, bill payments, and rewards programs, enhancing the overall user experience.
• Reliability: Users trust FinTech apps for their consistent performance and minimal downtimes, which have plagued conventional bank platforms during peak periods.

Traditional banks, while established and trusted, often lag in these aspects. Efforts have been made to catch up, which include the adoption of digital wallets and revamped mobile apps, like some of these banks’ renewed mobile banking interface and partnerships with fintech solutions for faster transactions. 

However, these initiatives have frequently fallen short, with persistent downtime issues and user complaints about inefficiency, highlighting a need for more robust innovation. The rigidity of legacy systems has hindered their ability to innovate at the pace of fintechs.

Opay: Driving Financial Inclusion

Opay’s journey is a testament to its focus on financial inclusion. By offering affordable and accessible services, Opay has bridged financial gaps for millions of Nigerians. From merchants who rely on Opay’s Point of Sale (POS) services to urban and rural users who enjoy easy account setups, the app has consistently prioritized user convenience and satisfaction.

As of April 2024, OPay has established a robust foothold in emerging markets, serving over 50 million users and 1 million merchants, boasting monthly transaction volumes surpassing $12 billion. With daily active trading users approaching the 10 million mark, 

Finally,

2024 has proven to be a remarkable year for fintech apps. Led by Opay and Moniepoint, they have cemented their place as preferred banking platforms for users. These apps’ ability to address real-world financial challenges and provide seamless user experiences sets them apart. 

Meanwhile, conventional banks must evaluate their strategies, embrace technological advancements even more, and prioritize customer satisfaction to remain competitive in the financial ecosystem.

As the year wraps up, one thing is clear: the fintech revolution is here to stay, and Opay’s dominance is a testament to the direction of banking-as-a-service for many Nigerians.