By Milcah Tanimu
Nigerians are increasingly turning to fintech platforms like Opay, PalmPay, and Moniepoint as traditional banks struggle with ongoing technology upgrades that leave many customers stranded. Industry experts and user feedback indicate that these fintech services are gaining traction during this banking disruption.
This shift mirrors the surge in mobile payment app usage seen in 2023, when banks faced challenges managing a rise in online transactions. In March 2023, Opay and PalmPay became Nigeria’s most-downloaded finance apps, and by October of the same year, Opay claimed the title of the country’s top app overall.
As a result, mobile money transactions continue to grow as Nigerians seek alternative ways to manage their finances during banking disruptions.
