- Access
- FCMB
- Fidelity Bank
- FirstBank
- GTBANK
- Stanbic IBTC
- Sterling Bank
- UBA
- Wema Bank
- Zenith Bank
Mobile banking has become an important part of many consumers’ daily lives. A recent survey by Mastercard, a global payments and technology platform, finds ninety-one percent (91%) of Nigerians say they use digital channels such as banking apps and websites to make financial transactions.
The allure, of course, is the convenience mobile banking offers: Consumers tote their smartphones virtually everywhere, so a mobile banking app can help them quickly take care of a range of financial needs whenever they wish. It’s essentially a bank in your pocket or purse.
While many people are uncomfortable with their level of savings, mobile banking offers helpful tools to track expenses, set savings goals and maintain financial security.
It also makes banking much more accessible to those who might not have access to a branch nearby and others who need quick loans.
In this article, Techeconomy reviews ten (10) Nigerian banks app we are watching in 2024.
Let’s go!
1. Access Bank (Access More App)
Number of Downloads on Play Store: 5,000,000+
Rating: 4.5 out of 5
Users Complaints:
Access Bank has received mixed reviews from users. Interestingly, greater percentage of the reviewers (users) on the app store are excited about responsive level of the app (very quick) to failed transactions due to network issues.
However, others express frustration with the app’s recent changes.
Users highlight issues such as transaction history discrepancies, desire for additional account management features, and debit card issues.
Ability to Give Loans:
Access Bank is known for its competitive loan offerings, providing various options tailored to meet the diverse financial needs of its customers.
The application process is generally streamlined,
Access bank offers salary advance, personal and business loan options, with competitive interest rates and quick processing times.
Access Bank also plays big in eNaira, Foreign Exchange Currency (FCY) transfers, QR and cardless payments.
UI/UX:
The app’s overall user interface is considered user-friendly by many, but recent changes have led to complaints about the inability to turn off specific accounts and challenges in selecting the preferred order of multiple accounts.
Asides these, the app has a responsive design for mobile devices.
Other Distinguishing Key Features:
Biometric Authentication: Access Bank emphasizes enhanced security with biometric authentication options, offering users a seamless and secure login experience.
Expense Tracker: The app incorporates an expense tracker, empowering users to manage their finances more effectively.
Its wide network of branches and ATMs, digital banking initiatives (AccessMore app, PayWithCapture) and strong focus on financial inclusion makes the bank stand out.
Security:
Access Bank has strong security measures to protect user data and transactions. It maintains a firm focus on security, implementing biometric features and encryption protocols to safeguard user data, multi-factor authentication, device fingerprinting, data encryption, and in-app security tips.
2. FCMB (FCMB Mobile)
Number of Downloads on Play Store: 1,000,000+
User Rating: 3.5 out of 5
Rated #39 in Finance apps (iOS)
User Rating: 3.1 out of 5
Users Complaints:
For FCMB, reviews by the users show some level of frustration with the app, citing reliability issues, delays in account opening, and app crashes during transactions. Some customers find the app unreliable for business use and encounter challenges with online banking registration.
Some have also highlighted the need for a more intuitive user interface.
Ability to Give Loans:
However, the plus values of FCMB stem from its offerings – a range of loan products, and once registered, customers generally appreciate the loan options available, with plans to expand loan options.
FCMB offers various loan options, providing users with access to credit based on their financial profiles. The bank has flexible repayment terms and requires collateral for some loans.
UI/UX:
The latest (app) design receives praise for its intuitive layout and easy navigation. However, persistent issues like app crashes during transfer receipt sharing detract from the positive user experience.
The user interface is generally user-friendly, with users appreciating the simplicity. However, enhancements in response times and transaction reliability are suggested.
Other Distinguishing Key Features:
Cardless Withdrawals: FCMB integrates cardless withdrawal features, allowing users to withdraw cash from ATMs without a physical card.
Personal Financial Management Tools: The app offers tools for users to manage their budgets and track expenses.
FCMB takes customer relationships highly, with youth-focused banking products and a growing digital banking presence.
It also deals in multi-currency accounts, forex trading, loan repayment tracking, virtual cards, loyalty rewards program, distinguishing itself with its business-focused features and an improved mobile app design.
Security:
FCMB prioritises security, incorporating encryption and two-factor authentication to protect user information.
Users report concerns about the reliability of FCMB’s technology, urging the bank to address errors in online banking registration promptly.
Secure login protocols, fraud monitoring, transaction alerts, and dedicated security team are FCMB’s strong focus as regards security.
3. Fidelity Bank
Number of downloads on Play Store: 1,000,000+
User Rating: 3.8 out of 5
Users’ Complaints:
Fidelity Bank app users are reporting occasional delays in updating transaction history and have expressed concerns about the app crashing.
Ability to Give Loan:
Fidelity Bank provides users with access to various loan products, catering to personal and business financial needs including SME loans, with plans to expand loan options in the future.
It has competitive interest rates and flexible repayment terms with focus on customer relationships and tailored loan solutions.
UI/UX:
The user interface is generally well-received, but ensuring app stability is important for an optimal user experience.
Other Distinguishing Key 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 ability to check their account balances quickly without navigating through multiple menus.
Strong focus on retail and SME banking, growing digital banking presence with initiatives like Fidelity Go
Active involvement in community development projects.
Security:
Fidelity Bank employs strong security measures, including transaction PINs and biometric authentication, to ensure the safety of user data. Secure login protocols, transaction alerts, and dedicated security team are added features.
4. First Bank (FirstMobile)
Number of Downloads on Play store: 5,000,000+
User Rating: 3.7 out of 5
User Complaints:
The app’s transaction history functionality is a major headache for the users. They cited inaccuracies and difficulties in tracing transactions. Some users encounter challenges updating the app through the designated store.
FirstBank app users have also reported occasional login issues and transaction delays. Some have suggested improvements in the app’s response times.
Ability to Give Loans:
FirstBank provides various loan options with a relatively straightforward application process.
FirstBank has a well-established loan platform, providing users with access to personal and business loans.
The bank provides easy access to salary loans, personal loans, and SME loans through the app. It has diverse range of loan products, tailored solutions for different needs and strict eligibility criteria.
UI/UX:
The FirstBank app is generally praised for its ease of use, with a well-organised website.
However, users request an in-app update option to enhance the overall user experience. The app’s user interface is visually appealing, but addressing occasional lagging and optimising navigation would contribute to an enhanced user experience.
Other Distinguishing Key Features:
FirstBank is the largest bank in Nigeria by assets, it has an extensive branch network with a wide range of financial services.
Virtual Card Services: FirstBank offers virtual card services, allowing users to make online transactions securely.
Chatbot support, account aggregation, travel insurance purchase, instant transfers, and merchant offers are other distinguishing features.
Security:
FirstBank prioritises robust security measures, but users emphasise the importance of consistent app updates to address potential vulnerabilities.
Its security measures include multi-factor authentication, biometric login, transaction limits, and real-time fraud prevention. The Bank invests heavily in security infrastructure.
5. GTCo (GTWorld)
Number of downloads on Play Store: 5,000,000+
User Rating: 3.7 out of 5
User Complaints:
For GTWorld users, login flow changes and potential difficulties in accessing funds due to the new update, are major challenges they face.
Ability to Give Loan:
GTWorld app has an extensive loan portfolio for individuals and businesses, commendable and competitive rates with flexible repayment options. It places emphasis on digital loan applications.
UI/UX:
While the new UI/UX update received positive feedback, users emphasised the importance of maintaining simplicity in the app’s design.
Other Distinguishing Key Features:
Innovative features, such as foreign exchange swap, bill payments, travel insurance purchase, account verification, virtual cards, QR code payments, strong brand recognition and customer base, pioneering digital banking initiatives and corporate social responsibility programs make the bank stand out.
Security:
Multi-factor authentication, biometric login, secure in-app messaging, and fraud monitoring tools are some security measures put in place by the bank.
GTCo invests heavily in cybersecurity, regular security updates and awareness campaigns.
6. Stanbic IBTC
Number of downloads on Play Store: 1,000,000+
User Rating: 3.4 Out of 5
User Complaints:
Users have also complained about transaction history and occasional login issues. There are also privacy concerns regarding account balance visibility during transactions.
Ability to Give Loan:
Stanbic IBTC leads the way with its unique offering of loans without collateral or guarantor requirements, enhancing financial accessibility for users.
The Bank offers a wide range of loan options within the app, including mortgages, car loans, and student loans. It specialises in corporate and investment banking, offers personal and business loans with focus on high-net-worth individuals.
UI/UX:
While the app has evolved positively, users express a desire for more customisable transaction history and improved transaction receipts.
Other Distinguishing Key Features:
Stanbic IBTC’s app is praised for its role in facilitating daily business transactions and providing a platform for collateral-free loans.
It has a strong international presence, prioritises financial advisory services, has wealth management tools, investment options, insurance purchase, account statements download, virtual cards among others.
Security:
Multi-layered security with biometric login, transaction confirmation, and real-time fraud detection are the Bank’s strong security measures.
7. Sterling Bank (Sterling OneBank)
Number of Downloads on Play Store: 1,000,000+
User Rating: 3.7 out of 5
Users’ Complaints:
Sterling Bank app users have highlighted occasional challenges in navigating through the app’s menus, suggesting improvements for enhanced user-friendliness. Inconsistent customer service experiences, limited ATM network compared to larger banks and occasional app crashes and bugs are other issues.
Ability to Give Loan:
Sterling Bank provides users with a range of loan products including salary and personal loans, with plans to expand loan options in the future.
Beyond personal and business loans, the bank offers agricultural loans with competitive interest rates and flexible repayment options. It focuses on supporting small businesses and entrepreneurs.
UI/UX:
While the user interface is generally well-designed, focusing on improving navigation fluidity would contribute to an even better user experience.
Other Distinguishing Key Features:
FX Swap, payment schedules, links for payment requests to family and friends and Interactive Budgeting Tools are some stand out features. The app provides users with interactive budgeting tools, aiding in effective financial management.
Security:
Sterling Bank implements robust security measures, including real-time transaction monitoring and secure authentication, to protect user data.
The Bank focuses on sustainability and green banking initiatives, with strong corporate governance practices and active involvement in social development projects.
8. United Bank for Africa (UBA Mobile Banking)
Number of Downloads on Play Store: 5,000,000+
User Rating: 4.0 out of 5
User Complaints:
The users report challenges with the app’s interface, login difficulties, and transaction-related issues, highlighting potential areas for improvement.
Ability to Give Loan:
Easy access to salary loans, personal loans, and business loans with a wide range of loan products for various needs. Fast loan processing times and a focus on financial inclusion and underserved markets.
UI/UX:
The complete overhaul of the app’s interface has triggered negative user feedback, emphasised the importance of clear communication and maintained a seamless user experience.
It has a modern and visually appealing interface but can be cluttered with promotional offers.
Other Distinguishing Key Features:
Account aggregation, airtime purchase, mobile wallet top-up, merchant offers, loyalty rewards program are some distinguishing features.
UBA has a Pan-African presence with operations in 20 countries. It has a strong focus on mobile banking and payments, innovative products like Leo, the virtual chatbot assistant.
Security:
Strong authentication measures, transaction alerts, real-time fraud detection, and dedicated security team.
9. Wema Bank (ALAT)
Number of Downloads on Play Store: 1,000,000+
User Rating: 3.9 out of 5
Users’ Complaints:
Users of the Wema Bank app have reported occasional difficulties in logging in, with suggestions for improvements in the app’s speed.
Ability to Give Loan:
Wema Bank offers a variety of loan options through its app, providing users with convenient access to credit facilities.
It focused on niche markets like young professionals and SMEs with innovative loan products like the ALAT Salary Top-up, flexible repayment options and competitive interest rates.
UI/UX:
The user interface is visually appealing, with enhanced app speed for an improved user experience.
Other Distinguishing Key Features:
Account Customisation: Wema Bank allows users to customise their account profiles within the app, offering a personalised banking experience.
Quick Fund Transfer: Users appreciate the efficiency of the app in facilitating quick fund transfers.
Strong focus on digital banking and financial technology, innovative products like ALAT, the digital bank, youth-centric marketing and branding are other unique products.
Security:
Wema Bank prioritises security, implementing multi-layered authentication processes and encryption protocols to safeguard user information. The Bank invests heavily in cybersecurity measures, with regular security audits and penetration testing.
10. Zenith Bank (Zenith Bank Mobile App)
Number of Downloads on Play Store: 5,000,000+
User Rating: 3.3 out of 5
User Complaints:
Issues with beneficiary lists, reduced transfer limits, and challenges in the login process have been reported by users. Zenith Bank Mobile App also has issues with poor customer service experiences, inconsistent app performance and strict account maintenance fees.
Ability to Give Loan:
Zenith Bank offers a range of personal, business, and mortgage loans with competitive interest rates for prime customers and 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.
Other Distinguishing Key Features:
Innovative features, such as sending money to nearby users, contribute positively to the user experience. Account aggregation, instant transfers, airtime purchase, loyalty points program, QR code payments are other unique features.
Security:
Zenith Bank takes Cybersecurity strongly, protecting users’ data against fraudulent activities. The Bank has put in place a security framework to enhance this.
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In conclusion, Nigerian banks app users face similar 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 have over 5 million app downloads on Google Play Store as at the time of this review.
On the other hand, Wema Bank (ALAT), Sterling, Stanbic IBTC Bank, Fidelity and FCMB, account for 1 million plus downloads.
From the UX/UI perspective, Nigerian banks aren’t doing badly as none of them received less than 3.2 rating out of 5.
From the foregoing, Access Bank mobile app apps to be the best rated with 4.5 out of 5.
Which banking app are you using?
What has been your experience?
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