Remittance has taken the banking industry by storm on a global scale. The ecosystem of businesses leveraging technology to offer financial services has transformed access to finance and banking services both in Nigeria and the rest of the globe.
Due to the possibilities of these digital banks, international venture capital firms are investing heavily in Nigerian fintech companies.
The market is growing increasingly competitive as more and more remittances emerge on a daily basis, since the target consumers now have a wide range of options from a variety of businesses delivering cutting-edge financial services via mobile apps.
Financial technology, which might encompass the internet, applications, mobiles, and other smart gadgets, is essentially an endeavor that tries to bring financial services to people.
The ability of remittance to improve worldwide financial participation is one of its benefits. These businesses provide services like money transfers, check deposits using a mobile device, credit applications, and business funding.
Since the entire banking transaction takes place online, the organizations typically have minimal to no physical presence. Some of these businesses charge no interest on loans and employ the “ajo” (thrift) scheme methodology.
It’s fascinating to note that as more Nigerians use remittance applications for their ease and quick access to financial services while on the go, they are also providing feedback about their experiences through ratings and reviews.
Here are the top 5 based on their rating on the Google Play store at the time of compiling this list:
Renmoney
Renmoney is a microfinance institution that claims itself on being Nigeria’s most practical lender thanks to innovations that provide exceptional customer service.
They offer loans between N50,000 to N6 million for microloans to both individuals and small businesses.
In Nigeria, the Renmoney app is a loan app that expedites credit distributions and loan applications.
It gathers data, checks loan applications, and disburses funds in less than 24 hours.
The app has received 500,000 downloads from Google Play. 8,732 users gave it a 3.4 rating.
PiggyVest
PiggyVest offers savings and investment tools to its more than 3 million users, but it’s not yet an entirely online bank.
The organization provides pre-vetted low-medium risk primary and secondary investment options for 6–12 months and fixed, flexible, goal-oriented, and automatic savings choices.
The Piggyvest app, which has been installed by over a million users, received a 4.1 out of 5 rating on Google Play. 41,032 app users who rated the service completed the task.
JumiaPay
JumiaPay, an app that the e-commerce company first released in 2016, is currently utilized to pay for more than 50% of platform transactions.
Through partnerships with banks, the company currently added users’ loans to the app.
Jumia Pay, one of the most popular fintech apps on the Play Store as of August, had received over 5 million downloads.
JumiaPay received 4.3 out of 5 stars from the 130,000 consumers who have given it reviews, rating the quality of their experience.
Paga
Transfers, bill payments, top-ups, and even remittance services are all available through the mobile money provider Paga.
The company boasts 17 million customers, and through a network of mobile money agents, it is also available to offline, unbanked people.
The Paga app has more than 500,000 downloads on Google Play. 8,704 users have given the app 4.3 stars.
Despite having more clients offline, the Paga app is behind other apps above with the same rating in terms of downloads and reviews.
Carbon
In addition to the typical elements of digital banking, such as debit cards, Carbon is a digital bank that is licensed by the CBN and offers a loan facility and investment potential. P2P payments, bill payments, and cellphone recharges are all permitted for accounts.
Despite having more than two million customers as of this writing, the fintech company’s app on Google Play has been downloaded by over one million users.
According to their experiences, the app’s users think it deserves a 4.4 rating. As of September 2022, the app has 128,128 user reviews.
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