Top Banks Handle N286tn in Mobile Transfers as Fintech Advantage Shrinks

Story: written by springnewsng May 5,2026
Nigeria’s leading lenders, commonly referred to as Tier-1 banks, have processed an estimated N286 trillion in mobile transactions, reflecting their growing dominance in the country’s digital payments space.
The surge highlights how traditional banks are rapidly closing the gap with fintech firms that once held a clear edge in mobile banking and digital services. By investing heavily in technology, upgrading mobile apps, and expanding digital infrastructure, these banks are attracting more customers to their platforms.
Analysts say improved user experience, wider customer reach, and stronger trust in established financial institutions have helped drive the shift. Many customers are now relying on bank-owned apps for transfers, bill payments, and other services that were previously dominated by fintech startups.
The trend signals intensifying competition in Nigeria’s financial ecosystem, as banks and fintech companies continue to battle for market share in the fast-growing digital payments sector.