Young Nigerians Are Turning to Fintech—but the Tools Still Fall Short, Says 2025 Financial Habits Report

As inflation bites deeper, incomes remain volatile, and the cost of living continues to rise, young Nigerians are increasingly turning to fintech to manage their finances. But while adoption of financial apps is widespread, the 2025 Nigeria Financial Habits Survey reveals that most users only scratch the surface of what fintech can offer.

Conducted by research studio Column and based on responses from over 1,100 mobile-first Nigerians, the report paints a nuanced picture of Nigeria’s fast-evolving fintech landscape. It highlights a critical shift: Fintech is no longer just a convenience — it’s becoming a lifeline.

Opay Dominates, but Engagement Is Skin-Deep

A staggering 96.9% of respondents use at least one fintech app, and more than a third juggle two or more. At the top of the list is Opay, used by nearly 64% of participants, followed by PalmPay (15.3%), Kuda (9.75%), and Moniepoint (6.5%). In contrast, traditional bank apps like GTBank and Zenith Bank barely register, with less than 1% usage each.

But here’s the twist: 79.3% of users still save primarily through traditional banks, not fintech apps. Only 23.4% trust digital platforms for savings.

“Fintech apps are everywhere, but financial engagement is still rare,” the report notes. “They are used, but not deeply yet.”

This signals either a trust gap or a disconnect between the apps’ core services and users’ most pressing financial needs.

Users Want More Than Speed — They Want Control

Gone are the days when speed and convenience were enough. Young Nigerians now demand clarity, automation, and control over their financial lives.

Top features users want:

• Automatic savings – 65.7%

• Locked savings – 20.6%

• Budgeting tools – 18.4%

• Expense tracking – 15.9%

• Financial reminders – 20%

In fact, 75.2% of users say they want to view all their finances in one place — from bank balances and wallet activity to spending habits. The current reality, where users toggle between multiple apps, leads to “cognitive and logistical friction.”

“The desire is not for complex dashboards, but for invisible, intelligent systems that work in the background,” the report emphasizes.

Budgeting and Expense Tracking: A Glaring Gap

Even with the growing appetite for financial discipline, 36.9% of users say they don’t track expenses at all. Among those who do:

• Most rely on memory, notebooks, or basic notes apps.

• Only 5.2% use budgeting apps.

• Just 12.7% check their bank statements regularly.

For students, freelancers, and low-income earners navigating fluctuating prices and unpredictable earnings, rigid budgeting tools simply don’t fit their reality.

“There is a big opportunity here,” the report argues. “Fintech needs to build simple, background expense tracking that respects local income patterns.”

Open Banking: The Sleeping Giant

Although the Central Bank of Nigeria (CBN) released its open banking guidelines in 2023, implementation remains sluggish. Without it, fintechs cannot easily connect user data across platforms, and users are left with fragmented views of their financial lives.

The report warns that banks risk becoming “passive storage lockers” unless they evolve. To stay relevant, banks must transform into “financial command centers”, offering features like:

• Real-time dashboards

• Automated savings

• Integrated expense insights

Fintech’s Next Move: From Apps to Allies

The report’s core message is clear: the race is no longer to onboard users — it’s to serve them better. Fintech companies must pivot from growth to depth by embedding meaningful features and building lasting user trust.

Key opportunities include:

• Smart defaults like bill prediction, auto-savings, and round-up features

• Low-data, mobile-first designs tailored to users with limited connectivity

• Unified dashboards that pull data from multiple bank and wallet accounts

• Collaborations with telcos and retailers for bundled rewards and micro-savings

With 46% of young users spending a large chunk of their monthly income on airtime and data, telcos have a real chance to enter the fintech game — not just through connectivity but as financial partners.

Final Word: Fintech Must Do More Than Function — It Must Empower

The Nigeria Financial Habits Survey 2025 offers more than just stats — it’s a wake-up call. Young Nigerians aren’t financially reckless; they’re under intense pressure. They’re eager to save, budget, and build — but the tools currently available don’t go far enough.

Fintech companies now have a moral and market opportunity: to rise beyond being utility apps and become partners in survival and social mobility.

If they can meet that need, they won’t just win users — they’ll earn loyalty.

Bottom Line: Nigeria’s fintech future won’t be won by the fastest or the flashiest — but by those who understand, empower, and serve young people navigating one of the toughest economies in the world.