Gone are the days when you’d need to make a bank run or head to the nearest ATM to get cash for basic transactions.

In the modern day, all you need is your laptop, phone or some other smart device, and a payment app connected to your bank account or digital wallet. With a few clicks, you can make payments across thousands of miles within seconds.

But what happens when your payment app doesn’t work well or doesn’t offer the features you need? You might find yourself stranded, embarrassed, or unable to proceed with some business transaction. This makes choosing the right app for making payments crucial. 

So, are you wondering which of the dozens of payment apps in Nigeria is the best one for you? In this article, we’ll share what we think is the best app and why we recommend it.

Read on for the details!

What Makes a Good Payment App?

With tons of options available, choosing a mobile payment app can be slightly tricky.  If you know what to look for, however, the decision-making process can be significantly simplified. Here’s a quick guide:

1. Wide Merchant Coverage

The most basic requirement is that a payment app should be good at doing its most important job: helping you make payments when necessary. 

This means that a good payment app should have a wide network of vendors or merchants that it supports. 

At the very minimum, you should be able to buy electricity units, renew your DSTV subscription, buy airtime or data from local telecommunication service providers, and so on.

2. Security and Reliability

As the world gets increasingly digital, digital threats are increasingly commonplace. So when it comes to managing your finances, security should be one of your top concerns. 

To keep your funds safe, you should only use payment apps that offer the best security. At the very least, the app should employ a stringent verification process and should not have a history of getting hacked or coming under sanctions from regulatory bodies due to any data breaches.

3. User Interface and Experience

Payment apps need to be easy to use for everyone. Intuitive design and clear navigation are some essential elements that help to achieve this. Additional features such as personalized dashboards, transaction history tracking, and so on, are also helpful ways to improve the user experience. 

4. Innovative Features

As the business landscape becomes increasingly digital, users need to have more and more digital tools for managing their finances and making purchases. 

For example, Bold, the leading payment app in Nigeria, offers virtual cards that enable users to shop in other currencies, making the online marketplace a genuinely borderless experience for users. 

Another feature Bold offers that might excite users is its currency swap feature which allows users to seamlessly convert their naira balances into foreign currencies when they travel abroad. 

5. Transaction Fees and Charges

Fair and transparent fees are a major factor you should consider when choosing a payments app in Nigeria. 

Again, Bold stands out in this area, with no fees on bill payments and minimal transfer/withdrawal fees. In fact, Bold offers a very generous 2% cashback on any utility bills you pay using the app. 

The Best Payment App in Nigeria: Introducing Bold

Bold is an digital payment app and it allows you to perform a range of functions. While there is quite a long list of online banking apps in Nigeria, Bold stands out in the following ways:

1. Borderless virtual cards 

Due to the unfortunate turbulence in the forex market, most debit cards issued by local banks no longer work for online payments. Bold solves this by offering dollar-denominated virtual cards that are accepted across the globe, without limits. 

2. Unique in-store settlement  

Have you ever run into some trouble when trying to make a payment at a physical store? One common challenge online shoppers may face is transaction failure due to network issues, server conflicts, and so on. Bold solves this with our unique in-store settlement option that allows you to make quick error-proof payments simply by swiping a code with your phone. 

3. Bank-to-bank transfers

Bold offers seamless bank-to-bank transactions that allow you to send or receive money to holders of local bank accounts in Nigeria.

4. Utility bill payments 

In addition to the payment methods mentioned above, Bold is also the most convenient way to pay for your DSTV or GOTV subscriptions, electricity top-ups, airtime, and data purchases. The best part is that users get a 2% cash rebate on every single utility bill paid through the app.

Additional Bold Features:

• Currency swap feature that allows users to seamlessly exchange foreign currencies
• High-yield savings offering as much as 15% interest on deposits  
• Affordable, hassle-free loans for qualified users

Get Started With Bold: The Best Payment App in Nigeria

By now, we hopefully have you convinced that Bold is the right mobile payments app for you. The next step is to try it for yourself! The good news is that Bold is very easy to get started with. All you have to do is download the app and get verified. Bold is available on the Google Play Store and IOS Store.