- Acess Bank PLC
- FCMB
- Fidelity Banking
- Premier Bank
- GTBANK
- Stanbic IBTC
- Sterling Financial
- United Bank of Africa (UBA)
- Wema Financial
- Zenith Banking
The landscape of personal finance has evolved with the integration of mobile banking into the daily routines of numerous consumers. A recent examination by Mastercard, a global leader in payments and technology, reveals that a substantial ninety-one percent (91%) of Nigerians utilize digital channels, such as banking applications and websites, for their financial transactions.
The magnetic appeal lies in the convenience that mobile banking provides. Given that consumers carry their smartphones virtually everywhere, a mobile banking app serves as a compact solution, enabling them to efficiently manage a spectrum of financial activities at their convenience. Essentially, it transforms your smartphone into a portable bank.
Beyond the realm of mere convenience, mobile banking steps in as a valuable tool for individuals uneasy about their savings. It furnishes users with practical features for tracking expenses, establishing savings targets, and upholding financial stability.
Moreover, mobile banking broadens financial accessibility for those devoid of proximity to a physical branch, catering to individuals in need of swift loan facilities.
In this piece, Techeconomy meticulously assesses ten (10) Nigerian banking apps that have seized our attention in 2024.
Let’s delve in!
1: Access bank PLC
Number of Downloads on Play Store: 5,000,000+
User Feedback:
Access Bank has encountered a diverse range of opinions from its users. Notably, a significant portion of app store reviewers commends the app’s responsiveness, particularly its swift reaction to failed transactions caused by network issues.
Conversely, some users express dissatisfaction with recent alterations to the app. Issues raised include discrepancies in transaction history, a desire for additional account management features, and challenges related to debit card functionality.
Loan Facilitation:
Access Bank distinguishes itself through its competitive loan offerings, presenting a range of options finely tuned to address the varied financial requirements of its clientele.
The application process is generally streamlined, featuring options for salary advances, personal and business loans, boasting competitive interest rates, and efficient processing times.
Access Bank also stands out in areas such as eNaira, Foreign Exchange Currency (FCY) transfers, as well as QR and cardless payments.
User Interface and Experience (UI/UX):
While many find the app’s overall user interface user-friendly, recent updates have triggered complaints regarding the inability to deactivate specific accounts and challenges in selecting the preferred order of multiple accounts.
Despite these concerns, the app maintains a responsive design tailored for mobile devices.
Noteworthy Features:
Biometric Authentication: Access Bank prioritizes enhanced security by incorporating biometric authentication options, ensuring users a seamless and secure login experience.
Expense Tracking:
The app integrates an expense tracker, empowering users with effective financial management tools.
The bank’s extensive network of branches and ATMs, coupled with its digital banking initiatives (such as the AccessMore app and PayWithCapture), underscores its commitment to financial inclusion, setting it apart in the industry.
Security Measures:
Access Bank places a robust emphasis on security measures to safeguard user data and transactions. Employing biometric features and encryption protocols, the bank employs multi-factor authentication, device fingerprinting, data encryption, and in-app security tips to fortify its commitment to user security.
2. FCMB (FCMB MOBILE)
Image Source: Google Search Engine
Number of Downloads on Play Store: 1,000,000+
User Rating: 3.5 out of 5
Positioned at #39 among iOS finance apps User Rating: 3.1 out of 5
User Feedback:
User reviews for FCMB reveal a notable degree of frustration, pointing to issues of reliability, delays in account opening, and app crashes during transactions. Some users express dissatisfaction with the app’s suitability for business use and encounter challenges during online banking registration. Additionally, there are calls for a more user-friendly interface.
Loan Offerings:
Despite the challenges, FCMB shines through its diverse array of loan products. Once registered, users generally appreciate the available loan options, with plans to expand the range. FCMB provides various loan options, granting users credit access based on their financial profiles. The bank offers flexible repayment terms and requires collateral for specific loans.
User Interface and Experience (UI/UX):
The latest app design garners praise for its intuitive layout and straightforward navigation. However, persistent issues such as app crashes during transfer receipt sharing detract from the overall positive user experience. The user interface is generally user-friendly, with simplicity appreciated by users. Suggestions for improvement focus on response times and transaction reliability.
Notable Features:
Cardless Withdrawals: FCMB incorporates cardless withdrawal features, enabling users to withdraw cash from ATMs without a physical card.
Personal Financial Management Tools:
The app provides tools for users to manage budgets and track expenses. FCMB prioritizes customer relationships, offering youth-focused banking products and expanding its digital banking presence. Additionally, it engages in multi-currency accounts, forex trading, loan repayment tracking, virtual cards, and a loyalty rewards program. FCMB distinguishes itself with business-focused features and an enhanced mobile app design.
Security Measures:
FCMB places a high priority on security, implementing encryption and two-factor authentication to safeguard user information. While users report concerns about the reliability of FCMB’s technology, there is an urge for prompt resolution of errors in online banking registration. The bank maintains secure login protocols, fraud monitoring, transaction alerts, and a dedicated security team to underscore its commitment to security.
3: Fidelity Bank
Image source: Google Search Engine
Number of Installs on Play Store: Over 1 million
User Rating: 3.8 out of 5
User Feedback: Users of the Fidelity Bank app are highlighting occasional delays in updating transaction history and expressing concerns about app crashes.
Loan Offerings: Fidelity Bank extends various loan products to users, addressing both personal and business financial needs, including SME loans. The bank has competitive interest rates, flexible repayment terms, and a commitment to customer relationships, with plans to expand loan options in the future.
UI/UX: While the user interface generally receives positive feedback, ensuring app stability remains crucial for an optimal user experience.
Special Features: In-App Financial Planning: Fidelity Bank integrates financial planning tools within the app, assisting users in managing their financial goals.
Quick Balance Check: Users appreciate the convenience of checking their account balances swiftly without navigating through multiple menus.
Fidelity Bank maintains a strong focus on retail and SME banking, fostering a growing digital banking presence through initiatives like Fidelity Go. The bank actively engages in community development projects.
Security Measures: Fidelity Bank employs robust security measures, including transaction PINs and biometric authentication, to ensure the safety of user data. Additional security features include secure login protocols, transaction alerts, and a dedicated security team.
4: First Bank of Nigeria
Image Source: Google Search Engine
Play Store Installations: Surpassing 5 million downloads
User Rating: Rated at 3.7 out of 5
User Feedback:
Users express significant challenges with the app’s transaction history functionality, citing inaccuracies and difficulties in tracking transactions. Some encounter issues updating the app through the designated store. Occasional login problems and transaction delays have also been reported. Suggestions for improvement include enhancing the app’s response times.
Loan Offerings:
FirstBank offers diverse loan options with a streamlined application process. With a well-established loan platform, users gain access to personal and business loans. The bank facilitates easy access to salary loans, personal loans, and SME loans through the app. Providing a varied range of loan products, FirstBank tailors solutions for different needs, adhering to strict eligibility criteria.
UI/UX:
While the FirstBank app is generally commended for its ease of use and well-organized website, users request an in-app update option for an enhanced overall experience. The visually appealing user interface could benefit from addressing occasional lagging and optimizing navigation to contribute to an improved user experience.
Special Features:
As the largest bank in Nigeria by assets, FirstBank boasts an extensive branch network offering a wide array of financial services. The bank provides virtual card services for secure online transactions. Distinguishing features include chatbot support, account aggregation, travel insurance purchase, instant transfers, and merchant offers.
Security Measures:
FirstBank places a strong emphasis on robust security measures, with users highlighting the importance of consistent app updates to address potential vulnerabilities. Security features include multi-factor authentication, biometric login, transaction limits, and real-time fraud prevention. The bank commits substantial investments in security infrastructure.
5: GTCO BANK
Image Source: Google Search Engine
Play Store Downloads: Exceeding 5 million installations
User Rating: Rated at 3.7 out of 5
User Feedback:
GTWorld users highlight significant challenges with the login flow changes and potential difficulties in accessing funds following the new update.
Loan Facilitation:
GTWorld app boasts an extensive loan portfolio catering to both individuals and businesses. Offering commendable and competitive rates, the app provides flexible repayment options and places a strong emphasis on digital loan applications.
UI/UX:
While the new UI/UX update garnered positive feedback, users stress the importance of maintaining simplicity in the app’s design.
Special Features:
GTWorld stands out with innovative features, including foreign exchange swaps, bill payments, travel insurance purchases, account verification, virtual cards, QR code payments, a robust brand recognition, and a large customer base. The bank pioneers digital banking initiatives and actively engages in corporate social responsibility programs.
Security Measures:
GTCo implements robust security measures, including multi-factor authentication, biometric login, secure in-app messaging, and fraud monitoring tools. The bank invests heavily in cybersecurity, ensuring regular security updates and awareness campaigns.
6: STANBIC IBTC BANK
Image Source: Google Search Engine
Play Store Installations: Over 1 million downloads
User Rating: Rated at 3.4 out of 5
User Feedback:
Users express concerns about transaction history and occasional login issues. Additionally, there are privacy apprehensions related to the visibility of account balances during transactions.
Loan Offerings:
Stanbic IBTC distinguishes itself by offering loans without collateral or guarantor requirements, significantly enhancing financial accessibility for users. The bank provides a comprehensive range of loan options within the app, encompassing mortgages, car loans, and student loans. Specializing in corporate and investment banking, Stanbic IBTC extends personal and business loans with a focus on high-net-worth individuals.
UI/UX:
While the app has undergone positive evolution, users express a desire for more customizable transaction history and improved transaction receipts.
Special Features:
Stanbic IBTC’s app receives acclaim for its role in facilitating daily business transactions and providing a platform for collateral-free loans. The bank boasts a strong international presence, prioritizes financial advisory services, offers wealth management tools, investment options, insurance purchases, account statements download, virtual cards, among other features.
Security Measures:
Stanbic IBTC employs multi-layered security measures, featuring biometric login, transaction confirmation, and real-time fraud detection, reinforcing the bank’s commitment to robust security protocols.
7: Sterling Bank
Image Source: Google Search Engine
Play Store Downloads: Surpassing 1 million installations
User Rating: Rated at 3.7 out of 5
User Feedback:
Users of the Sterling Bank app have noted occasional challenges in navigating through the app’s menus, suggesting improvements for enhanced user-friendliness. Inconsistent customer service experiences, a comparatively limited ATM network compared to larger banks, and occasional app crashes and bugs are among the reported issues.
Loan Facilitation:
Sterling Bank extends a variety of loan products, including salary and personal loans, with plans to broaden the range in the future. Beyond personal and business loans, the bank offers agricultural loans featuring competitive interest rates and flexible repayment options. The bank maintains a focus on supporting small businesses and entrepreneurs.
UI/UX:
While the user interface is generally well-designed, enhancing navigation fluidity would contribute to an even better user experience.
Special Features:
Standout features of the Sterling Bank app include FX Swap, payment schedules, links for payment requests to family and friends, and interactive budgeting tools. The app provides users with interactive budgeting tools, aiding in effective financial management.
Security Measures:
Sterling Bank implements robust security measures, encompassing real-time transaction monitoring and secure authentication, to safeguard user data.
The bank emphasizes sustainability and green banking initiatives, showcasing strong corporate governance practices and active involvement in social development projects.
8: United Bank Africa (UBA)
Image Source: Google Search Engine
Play Store Installations: Exceeding 5 million downloads
User Rating: Rated at 4.0 out of 5
User Feedback:
Users share challenges with the app’s interface, login difficulties, and transaction-related issues, signaling potential areas for improvement.
Loan Offerings:
UBA provides easy access to salary loans, personal loans, and business loans, offering a wide array of loan products to meet various needs. The bank ensures fast loan processing times and maintains a focus on financial inclusion, particularly in underserved markets.
UI/UX:
The app’s complete interface overhaul has garnered negative user feedback, emphasizing the importance of clear communication and the maintenance of a seamless user experience. While featuring a modern and visually appealing interface, it may be cluttered with promotional offers.
Special Features:
Distinguishing features of the UBA app include account aggregation, airtime purchase, mobile wallet top-up, merchant offers, and a loyalty rewards program. UBA boasts a Pan-African presence with operations in 20 countries, focusing strongly on mobile banking and payments, as evidenced by innovative products like Leo, the virtual chatbot assistant.
Security Measures:
UBA employs robust security measures, featuring strong authentication measures, transaction alerts, real-time fraud detection, and a dedicated security team.
9: Wema Bank
Image source: Google Search Engine
Play Store Installations: Surpassing 1 million downloads
User Rating: Rated at 3.9 out of 5
User Feedback:
Wema Bank app users have cited occasional challenges in logging in, with suggestions for enhancements in the app’s speed.
Loan Offerings:
Wema Bank provides a diverse range of loan options through its app, ensuring users have convenient access to credit facilities. The bank targets niche markets such as young professionals and SMEs, offering innovative loan products like the ALAT Salary Top-up, featuring flexible repayment options and competitive interest rates.
UI/UX:
The user interface is visually appealing, complemented by enhanced app speed for an enriched user experience.
Special Features:
Wema Bank allows users to customize their account profiles within the app, delivering a personalized banking experience. Users also appreciate the efficiency of the app in facilitating quick fund transfers. The bank maintains a strong focus on digital banking and financial technology, introducing innovative products like ALAT, the digital bank, and employing youth-centric marketing and branding strategies.
Security Measures:
Wema Bank places a high priority on security, implementing multi-layered authentication processes and encryption protocols to safeguard user information. The bank commits substantial investments in cybersecurity measures, conducting regular security audits and penetration testing.
10: Zenith Bank
Image Source: Google Search Engine
Play Store Installations: Exceeding 5 million downloads
User Rating: Rated at 3.3 out of 5
User Feedback: Users have reported issues with beneficiary lists, reduced transfer limits, and challenges in the login process. The Zenith Bank Mobile App also faces criticism for poor customer service experiences, inconsistent app performance, and strict account maintenance fees.
Loan Offerings: Zenith Bank offers a spectrum of personal, business, and mortgage loans, featuring competitive interest rates for prime customers alongside stringent loan approval processes.
UI/UX: The recent UI/UX update received mixed reviews, with users appreciating innovation but calling for improvements in functional clarity.
Special Features: Innovative features, such as sending money to nearby users, contribute positively to the user experience. The app also features account aggregation, instant transfers, airtime purchase, a loyalty points program, and QR code payments.
Security Measures: Zenith Bank places strong emphasis on cybersecurity, implementing measures to protect users’ data against fraudulent activities. The bank has established a robust security framework to enhance user protection.
In conclusion, users of Nigerian banking apps encounter common challenges across the institutions reviewed. These issues range from beneficiary lists, reduced transfer limits, and challenges in the login process to poor customer service experiences, inconsistent app performance, and strict account maintenance fees.
Zenith, UBA, GTCO, FirstBank, and Access Bank all boast over 5 million app downloads on the Google Play Store as of the time of this review.
Conversely, Wema Bank (ALAT), Sterling, Stanbic IBTC Bank, Fidelity, and FCMB account for 1 million-plus downloads.
From a UX/UI perspective, Nigerian banks are generally well-received, with none of them receiving less than a 3.2 rating out of 5.
In this context, the Access Bank mobile app emerges as the highest-rated with a 4.5 out of 5.
Which banking app are you using?
What has been your experience?
News Source: Techeconomy
