If you’re thinking of ways to manage your money better, you’ll likely have thought about using a fintech app.

Fintech apps serve all kinds of financial needs, from savings to investments to making payments, taking loans and more.

Nigeria has seen a boom in the fintech industry over the last 10 years, leading to the creation of hundreds of fintech apps out there serving different purposes and needs. 

In this article, we’ll explore the top five fintech apps you can use in Nigeria, and by the end of it, you will have a much better idea of what fintech apps to focus on. 

Let’s dive right in!

What Are Fintech Apps?

Fintech stands for financial technology and it represents software and mobile applications that are designed to improve the delivery of financial services. 

From savings to making payments, investing stocks or simply tracking personal expenses, there is a fintech app for you. Since you can’t use every fintech app out there, however, we’ve decided to help you narrow down the list to the most useful and essential ones.

To help you understand how the different fintech apps we’ll be discussing can help you, here’s a brief guide to the different types of fintech apps you can use in Nigeria:

1. Online Banking Apps

These apps offer the same basic services as your traditional bank, but they do so almost entirely through digital platforms. Online banks do not have extensive networks of physical branches but make it easy for you to access banking services from your laptop, mobile phone, or other internet-enabled devices. 

2. Peer-to-Peer (P2P) Payment Apps

Peer-to-peer or P2P payment platforms are apps that make it easy for users to send and receive money digitally.  The sender and receiver are known as peers since they transact directly with each other in principle.

3. Savings and Investment Apps

While most banking apps offer some features designed to promote savings, there are other apps that are solely dedicated to savings and investments. These apps usually offer higher interest rates on average and may offer some means to buy and sell stocks locally and globally.

4. Loan Apps

Need a quick small loan to take care of the rent? Or perhaps a loan to finance your business? Lending apps have carved out a large niche for themselves, particularly in Nigeria, however, this sector has experienced quite a bit of regulatory crisis, with the Central Bank of Nigeria frequently delisting loan apps in recent times.

5. Crowdfunding Platforms

Crowdfunding apps provide platforms to enable fundraising towards specific goals. While they are most typically used for charitable causes, they can also be used to raise money for more personal needs like starting a business.

These are just a few examples of the diverse range of fintech apps you can use in Nigeria. As the fintech industry continues to innovate, more and more fintech apps can be expected.

With so many apps out there, users will have some challenges in choosing the best ones. While we’ve done our research and have a list of fintechs we’d strongly recommend, we think you should also be able to decide for yourself.

So before we dive into the list of the top five fintech apps in Nigeria, here are the factors you should consider in choosing the best fintech apps. 

How to Pick the Best Fintech App in Nigeria

1. Security

You’ve probably heard all the horror stories of fintech apps getting hacked with depositors’ funds going missing or user data falling into the wrong hands. In a digital world full of digital threats, it is important to trust only apps that deploy the highest levels of security.

For a fintech app in Nigeria, you should check to be sure that the company is in full compliance with the laws and regulations that govern the finance industry. Particularly, the company and/or its key financial partners should be licensed to offer financial services by the CBN.

2. Ease of Use

Considering how complex the world of finance can appear for non-experts, fintech apps need to provide the most user-friendly interfaces possible. This helps to reduce the appearance of complexity and ensure that all users are able to navigate the app easily. 

3. Range of Financial Services Offered

As we’ve discussed, there are different types of fintech apps, with each one focusing on something different. But why use a savings-only app or a loan-only app when you can use a single app for both of these things and much more? 

Bold, for example, a new digital payments app, provides a platform that allows users to save, take loans, shop online and in-store, pay utility bills and more. 

4. Customer Support and Responsiveness

Prompt and efficient customer support can make a significant difference in user satisfaction. Fintech apps should provide responsive customer service channels to address user queries and concerns promptly.

The Best Fintech Apps in Nigeria

1. Bold

Despite being a relatively new fintech app, Bold is currently one of the best fintech apps you can use in Nigeria.

Bold is a mobile payment app, and as we mentioned previously, it allows you to perform a range of functions. Bold stands out in the following ways:

• Borderless virtual cards that allow you to shop without limits
• Unique in-store settlement option that allows for instant, seamless payments
• 2% cashback guaranteed on every single utility bill paid through the app
• Currency swap feature that allows for seamless currency transactions
• High-yield savings offering as much as 15% interest on deposits  

With Bold, the need to use multiple apps is easily eliminated, as you can save, make payments, take loans, settle bills, shop online and do so much more all from a single app.

2. ALAT by Wema

ALAT by Wema is an online banking app created by Wema Bank. ALAT allows users to perform basic banking functions like bill settlement, transfers, savings and more. 

3. Cowrywise

Cowrywise describes itself as a digital-first wealth management platform. In other words, it promotes savings and investment by allowing users to set financial goals and automate their savings. 

4. PiggyVest

PiggyVest is a close alternative to CowryWise, as it offers an identical suite of services. PiggyVest has grown in popularity over the years for some unique features like its support for group saving plans. 

5. Carbon

Carbon is primarily a fintech that offers loans as its principal product. These include small payday loans as well as larger commercial loans offered without as much paperwork as traditional banks may require.

Which is the Best Fintech App in Nigeria?

Since fintech apps generally operate in different categories, choosing a clear winner isn’t a straightforward task. 

That said, if you’re looking for one app that offers pretty much all the benefits offered by the apps we’ve discussed above, our pick would be Bold. As we’ve shared, Bold is a digital payments service that offers everything you would need from your regular bank in a much more accessible platform. 

Are you ready to get started with Bold? Simply download the app from the Google Play Store or IOS Store and create an account to get validated. We can’t wait to have you with us!