SUB-SAHARAN Africa is witnessing an impressive surge in finance app usage as the region steadily recovers from recent economic instability. In their latest report, The State of App Marketing in Sub-Saharan Africa, AppsFlyer and Google have conducted a comprehensive analysis of the mobile finance sector. Drawing on data from over 1.1 billion app downloads across 20,000 applications, the report highlights significant trends that are reshaping the region’s digital finance landscape.
Robust growth in app installs
The report reveals that while the overall app market continues to expand, finance apps have emerged as a standout category. Between Q1 and Q3 2024, finance app downloads surged by 34 percent compared to the same period in 2023. Notably, the data indicate that iOS users have been at the forefront of this trend, with installations on Apple devices doubling in Q1 2024 relative to Q1 2023. This robust growth suggests that consumers are increasingly turning to mobile solutions to manage their finances amidst persistent economic challenges.
Evolving search trends
An analysis of Google Search trends within the report uncovers shifting consumer interests in Nigeria and South Africa. In Nigeria, interest in financial services has intensified between January 2023 and August 2024. Search terms such as ‘naira’, ‘dollar’, ‘naira to dollar’, and ‘loans’ have grown in popularity, reflecting mounting concerns over the country’s currency devaluation. The peak in financial searches between February and April coincided with the naira reaching record lows, prompting many to seek digital financial tools as a buffer against economic uncertainty. Conversely, in South Africa, search trends for finance have remained relatively stable, though seasonal peaks in January and August hint at increased financial planning during periods of heightened expenditure, such as for education and holidays.
Market dynamics and revenue shifts
Despite the notable rise in finance app installs, the sector has faced some challenges. Data from the report show that Android finance app downloads dropped by 27 percent between Q1 and Q3 2024, a decline attributed largely to reduced expenditure on app install advertising. However, this setback has not hindered the overall momentum of the finance app market. In-app purchase (IAP) revenue from finance apps has demonstrated strong growth, with Q3 2024 registering a 46 percent increase compared to the corresponding quarter in 2023. Over the period from Q1 to Q3, overall IAP revenue grew by 28 percent, underscoring a shift towards more substantial in-app spending by users. In Nigeria, iOS has proven particularly influential, driving a 51% jump in IAP revenue compared to the previous year.
Looking ahead to 2025
The insights offered by the AppsFlyer and Google report provide a cautiously optimistic outlook for the region’s mobile finance market as it steps into 2025. The resurgence in ad spend – with a 9 percent increase in Q4 2024 relative to Q3 – points to renewed confidence among marketers and developers, particularly on the Android platform. As consumers continue to embrace digital finance solutions, there is significant potential for further growth and innovation in this space. App developers and marketers are encouraged to adapt their strategies to the evolving trends, optimising their campaigns to meet the demands of both iOS and Android users.
The detailed analysis by AppsFlyer and Google confirms that finance apps are becoming an essential component of sub-Saharan Africa’s digital economy. With a 34 percent surge in app installs, robust performance on iOS, and a 46 percent spike in IAP revenue during Q3, the data indicate a strong and resilient market. As the region navigates economic uncertainty and embraces digital transformation, stakeholders are well-positioned to capitalise on these trends. The report serves as a vital resource for those looking to understand and leverage the dynamic mobile finance landscape in sub-Saharan Africa, paving the way for sustained growth and innovation in 2025.
