The emergence of fintech has revolutionized money transfers and payments in Nigeria. Platforms like Opay and Palmpay made digital financial services accessible and affordable for millions.
However, while these apps continue operations, new innovators are disrupting the space with even better features and services.
In this post, we explore the top 10 apps like Opay and Palmpay currently available in Nigeria.
Overview of Opay and Palmpay
First, let\’s briefly recap Opay and Palmpay and their services:
Opay
Launched in 2018, Opay gained rapid adoption by enabling quick money transfers, airtime/data purchase, bill payments and other services through a large agent network.
Backed by investors like Softbank, Opay continues to drive financial inclusion and ease transactions via mobile phones in Nigeria.
Palmpay
Palmpay started operations in 2019 and also relied on agents to offer affordable mobile money services like transfers, deposits, withdrawals and bill payments.
While still active in Nigeria, Palmpay has scaled down dependence on agents by integrating bank transfers on their app.
Top Alternative Apps to Opay and Palmpay
While both platforms are still operational, new and improved alternatives have emerged with even better offerings.
Here are the top 10 apps like Opay and Palmpay:
1. Kuda Bank
Kuda provides a full-fledged digital bank account with money transfers, savings, lending and other services.
2. FairMoney
FairMoney offers digital banking, investing, lending and money transfer options.
3. Paga
Paga is a longstanding payment platform for transfers, bills, savings and business payments.
4. ALAT by Wema
ALAT provides a digital bank account with money transfers, savings, loans and investment.
5. Sterling Bank
Sterling Bank offers mobile banking, payments, transfers, loans and investments.
6. NowNow
NowNow focuses on instant money transfers, payments and lending services.
7. Carbon
Carbon provides digital banking services including payments, transfers, loans and investments.
8. Firstmonie
Firstmonie by First Bank enables transfers, bills payment, savings and cash withdrawals.
9. Chipper Cash
Chipper Cash allows instant cross-border money transfers within Africa.
10. Payday Investor
Payday Investor offers high yield investments coupled with money transfers, savings and loans.
Let\’s look at each of these top alternatives to Opay and Palmpay more closely:
1. Kuda Bank
Kuda Bank provides a full-service digital bank account accessible via web and mobile apps. Services include:
- Money transfers – Instantly send money to any Nigerian bank
- Airtime/data purchase – Buy airtime, data plans and other e-vouchers
- Bill payments – Pay bills like electricity, cable TV etc
- Savings – Open flexible savings wallets with interest
- Overdrafts – Get quick overdrafts based on eligibility
- Card payments – Request virtual and physical debit cards
- FX transfers – Move money worldwide in GBP, EUR, USD etc
Kuda is robust, secure and provides responsive 24/7 customer assistance. With affordable pricing and unique offerings, Kuda competes favorably with the likes of Opay and Palmpay.
2. FairMoney
FairMoney started as an instant lending app but today offers a range of financial services including:
- Money transfers – Send money to any Nigerian bank account
- Airtime/data top-up – Purchase airtime, data and other e-vouchers
- Cash withdrawal – Visit agents to withdraw cash without cards
- Wealth investment – Invest in secure assets with great returns
- Loans – Access emergency loans and repay within 6 weeks
- Salary advance – Get your salary before payday based on eligibility
FairMoney combines digital banking, payments and investments with quick access loans. This makes money matters convenient via your mobile phone.
3. Paga
Paga is a longstanding Nigerian fintech platform that enables:
- Money transfers – Send and receive money instantly
- Deposits & withdrawals – Over 14,000 agents nationwide
- Airtime & data – Purchase airtime, data plans and e-vouchers
- Bill payments – Pay utilities, cable TV, education fees etc
- Business payments – Receive payments from customers via Paga
- Savings – Open Flex savings wallet with interest rates
Paga has an established agent network across Nigeria for easy cash deposits and withdrawals. Businesses can also use Paga for collecting payments, payroll etc.
4. ALAT by Wema
ALAT provides a full digital bank account through Wema Bank. Key features include:
- Money transfers – Instantly send funds to any ALAT or Nigerian bank account
- Airtime/data – Purchase airtime, data plans and other e-vouchers
- Bill payments – Pay bills and subscriptions easily
- Savings – Open high yield savings wallets
- Debit cards – Request virtual and physical debit cards
- Fixed deposits – Grow your money via secure fixed deposits
- Loans – Access instant loans and overdrafts based on eligibility
ALAT competes with offerings from Opay, Palmpay and other fintech apps. Open an account remotely in minutes.
5. Sterling Bank
Sterling Bank offers the following via mobile and internet banking:
- Money transfers – Make instant fee-free transfers to Sterling accounts
- Airtime/data – Buy airtime, data bundles and e-vouchers
- Bill payments – Pay bills conveniently including electricity, cable TV etc
- Wealth investment – Invest in mutual funds, fixed deposits, Eurobonds etc
- Loans – Access personal loans, overdrafts, school loans and more
- Salary payments – Get your salary credited to your Sterling account
- Debit cards – Physical and virtual debit cards for payments worldwide
Sterling Bank provides robust digital banking services to compete with disruptive fintech apps.
6. NowNow
NowNow is a fast-growing fintech focused on money transfers, payments and lending. Key features include:
- Instant transfers – Send money to any Nigerian bank account
- Cash collection – Visit agents to deposit and withdraw money
- Airtime/data purchase – Buy airtime, data plans and other e-vouchers
- Bill Payments – Pay electricity, cable TV, betting, schools fees etc
- Nano loans – Access instant loans up to ₦500,000
- Savings – Save money in your NowNow wallet and earn interest
NowNow combines speedy money transfers with quick access loans. Convenient for urgent transactions and needs.
7. Carbon
Carbon is an innovative digital banking platform with:
- Instant transfers – Send money instantly to any local Nigerian bank account
- Airtime/Data – Top up airtime, data plans and other e-vouchers
- Bill payments – Pay bills and subscriptions easily
- Savings – Flexible high yield savings wallets
- Loans – Access quick loans up to ₦1 million
- Investments – Invest in secure assets with great returns
- Debit cards – Physical and virtual Carbon debit cards
Carbon provides modern digital banking services on par with international standards.
8. Firstmonie
Firstmonie by First Bank enables:
- Money transfers – Send & receive money from Firstmonie and First Bank users
- Cash deposits & withdrawals – Nationwide agent network
- Airtime/data purchase – Buy airtime, data plans and other e-vouchers
- Bill payments – Pay school fees, electricity bills, insurance, TV subscriptions etc
- Investments – Invest in real estate and other deals starting from ₦5,000
Firstmonie provides both mobile banking and agent banking services. Useful for urgent cash needs and transactions.
9. Chipper Cash
Chipper Cash enables free instant cross-border money transfers in Africa. You can:
- Send and receive money – to Chipper Cash users in Nigeria, Ghana, Uganda, Rwanda etc
- Cash out – Withdraw money to local bank accounts and mobile wallets
- Buy airtime – for yourself and others in different African countries
- Pay bills – like DStv, electricity, school fees across Africa
- Buy/Sell Bitcoin – Seamlessly trade Bitcoin using Chipper Cash
With Chipper Cash, distance is not a barrier when transacting or making payments across Africa.
10. Payday Investor
Payday Investor offers investment opportunities with up to 60% annual returns. Additional services include:
- Money transfers – Make instant fee-free transfers
- Airtime & data – Purchase airtime, data plans and other e-vouchers
- Bill payments – Pay bills and subscriptions easily
- Debit card – Order branded debit cards for payments
- Loans – Get quick loans by pledging investments as collateral
Payday Investor combines high yield investments with essential money transfer and payment options.
Key Features of the Top Alternatives
In summary, the top new apps like Opay and Palmpay offer these services:
- Money transfers – Send and receive money conveniently
- Cash withdrawals – Agent networks for depositing and withdrawing money
- Airtime/Data purchase – Buy airtime, data plans and other e-vouchers
- Bill payments – Pay utilities, subscriptions, fees conveniently
- Savings – Secure savings wallets with attractive interest
- Loans & advances – Quick access loans and overdrafts
- Investments – Invest in secure assets with good returns
- Debit cards – Physical and virtual cards for payments
- Business payments – Receive payments from customers
Benefits of Switching to an Alternative App
Here are the benefits of switching to one of the new fintech apps:
Convenience – Manage all your money matters easily on your phone
Speed – Deposits, transfers and payments are near instant
Security – Latest security protections for accounts and transactions
Affordability – Lower fees compared to traditional remittances and transfers
Flexibility – Access diverse services like investments, savings, loans etc
Rewards – Exclusive deals, cashback, discounts and incentives
Reliability – Backed by reputable companies and investors
Innovation – Get new offerings like FX transfers, crypto etc
The new digital banking and money transfer apps provide significant improvements over early pioneers like Opay and Palmpay.
How to Choose the Best Alternative
With so many options, here are tips for choosing the best Opay/Palmpay alternative app:
- Compare services offered to pick one that matches your needs
- Check online reviews and feedback from existing users
- Consider apps with large agent networks in your location if you need cash services
- Evaluate transfer fees and charges
- Assess ease of use and user experience
- Check security and fraud protection measures
- Consider backing by reputable founders and investors
By evaluating the top alternatives against your specific needs, you can determine the perfect app to switch to from Opay or Palmpay.
Step-By-Step Guide to Get Started
Follow this simple guide to get started with any of the new money transfer and digital banking apps:
1. Download the app and register a new account
2. Complete profile verification (KYC)
3. Fund your wallet via bank transfer, card payment, agent deposit etc
4. Initiate your first transaction – money transfer, airtime purchase, bill payment
5. Add beneficiaries, set up recuring payments etc
Within minutes you can onboard, fund your wallet and send your first instant payment using the new app.
Frequently Asked Questions
1. What is the benefit of using a money transfer app?
Using a money transfer app allows you to easily and instantly send money to others right from your mobile phone. Transfer apps offer convenience, speed and affordable rates compared to traditional remittance methods.
2. Is it safe to link my bank account to a money transfer app?
It is generally safe to link your bank account to a money transfer app as long as you use reputable platforms that utilize encryption and other security measures. Avoid sharing your bank login details and only link via instant methods like NIP or API integrations.
3. What documents do I need to register on a money transfer app?
Most money transfer apps require a valid government ID like national ID, drivers license or passport for registration. You also need to capture a selfie for facial verification. Providing accurate ID and personal details prevents fraud.
4. Can I send money to any Nigerian bank account?
Many money transfer apps allow you to instantly send money to any Nigerian bank account if you know the account details – name, number and bank. Transfer limits may apply based on your profile verification level.
5. What is the quickest money transfer app?
Apps like NowNow, Carbon, OPay and Palmpay can initiate instant transfers within seconds. However, completion speed also depends on the recipient\’s bank processing times.
6. How much does it cost to send money using a transfer app?
Transfer fees are typically 0.5% to 1% of the sent amount for local transfers. Sending money abroad may incur FX charges. Confirm all rates before initiating a transfer.
7. Is there a limit to how much I can send using a money transfer app?
Most apps impose limits on how much you can send based on your account activity and KYC verification status. Daily/monthly limits range from ₦100k to ₦5 million for non-verified and fully verified users respectively.
8. Can I send money to African countries on money transfer apps?
Some apps like Chipper Cash support instant cross-border transfers to other African countries. Depositing and withdrawing those funds locally may require a partner integration. Check each app\’s African coverage before transacting.
9. How do I withdraw money sent to my transfer app?
You can withdraw money received in your transfer app wallet via bank transfer or visiting an agent location if the app has an agency network. Request the withdrawal from your app and follow the steps.
10. Is there a cost for withdrawing money from a transfer app?
Most apps charge a flat 1% fee for withdrawing funds from your app wallet. Some withdrawals like to a linked bank account may be free. Agent withdrawals have higher charges due to logistics costs.
11. Can I pay bills using a money transfer app?
Yes, most money transfer apps allow you to pay your bills like electricity, cable TV, internet data, school fees etc directly from the app wallet. Some apps may restrict billers based on partnerships.
12. How do I get customer support from my money transfer app?
Apps typically offer customer support via in-app chat, email, phone, WhatsApp, social media and online help articles. Check your app\’s support page for the available contact channels and response times.
13. What happens if a money transfer fails on the app?
If a transfer fails or is stuck, contact customer support immediately for help. Provide details like the reference number, recipient account, date and amount. Failed transfers are usually reversed or completed within hours after investigation.
14. Can I earn money by referring people to use a money transfer app?
Yes, most apps offer referral bonuses when you invite your friends to sign up using your referral code/link. You can earn up to ₦2000 per referral. The bonus is credited to your app wallet.
15. Are money transfer apps profitable businesses in Nigeria?
The money transfer space is highly competitive but profitable for apps that achieve substantial user adoption. Top platforms earn significant revenue from withdrawal fees, interconnect fees, adverts and value added services.
16. Can I do dollar transfers on money transfer apps?
Some apps may allow you to directly send dollars or exchange Naira to Dollar. However, recipient dollar withdrawals depend on integration with partner foreign banks. Check for clear dollar transfer and payout support before transacting.
17. Is my money safe if I keep it in my transfer app wallet?
Keeping money in your app wallet is generally safe. Reputable apps keep funds with partner banks and utilize encryption, HTTPS, AES, OTP, PINs etc to safeguard your money. Enable transaction alerts for monitoring.
18. Why do money transfer apps require so much personal information?
Money transfer apps require your personal data, ID and photos to verify your identity and comply with financial regulations like KYC and AML. This deters fraudulent activities and maintains confidence in the financial system.
19. Can I link multiple bank accounts to my transfer app?
Most money transfer apps allow linking only one Nigerian bank account number using API integration for seamless transfers. However, you can still send to and withdraw into other accounts manually.
20. How popular are money transfer apps compared to banks?
Money transfer apps are fast gaining adoption among Nigerians thanks to convenience and affordability. Fintechs facilitated over 900 million digital transactions in 2021 compared to banks. However, banks still manage greater overall volumes.
Conclusion
While Opay and Palmpay pioneered agent-based financial services, new digital banking and money transfer apps are taking convenience and affordability to the next level.
Platforms like Kuda, FairMoney, NowNow, Carbon and ALAT offer more secure, flexible and cheaper services than the early fintech apps.
This guide has revealed the top apps like Opay and Palmpay worth switching to today. Take advantage of instant transfers, payments, lending and investments right from your phone.
Adopting these new platforms will save you time and money for your everyday money matters and transactions.