The 2023 KPMG West Africa Banking Industry Customer Survey has revealed that Nigeria is leading Ghana in the adoption and usage of digital banking channels. The survey, which provides valuable insights into customer behaviors and preferences, showcases the evolving digital landscape in West Africa and its impact on the region’s financial ecosystems.

Key findings from the survey include:

Mobile Banking Usage: Approximately 70% of customers in Nigeria use their mobile banking apps at least once a week, compared to 53% in Ghana. This highlights a higher frequency of mobile banking interactions among Nigerian customers.
ATM Usage: In Nigeria, 43% of customers utilize Automated Teller Machines (ATMs) weekly, while the figure is 32% for Ghana. Nigerian customers demonstrate a more frequent reliance on ATMs for their banking needs.
USSD Banking: About 40% of Nigerian customers engage in Unstructured Supplementary Service Data (USSD) banking weekly, surpassing the 28% reported in Ghana. USSD transactions represent a significant aspect of digital banking activities.

The research, KPMG West Africa’s inaugural combined customer study, emphasizes the diverse value-seeking behaviors across different customer segments. The ease of use and variety of features offered by online banking platforms are considered crucial by both corporates and Small and Medium Enterprises (SMEs) in Nigeria, with 78% of corporates and 52% of SMEs emphasizing its importance.

In comparison, 61% of corporates and 44% of SMEs in Ghana highlighted the significance of their bank’s online platform in terms of ease of use and feature variety.