AppsFlyer and Google have recently released a report which examines how mobile apps are impacting finance in Africa.
The report found that there has been a significant rise in the number of finance app installs across the continent, as more people turn to technology to manage their finances and navigate economic uncertainty.
The report analyzed over 140 million installs across 3,000 finance apps and found that installs grew by 25%. Ghana, Nigeria, Kenya and South Africa were the main contributors to this increase, with Ghana seeing a 200% growth in installs.
Google search trends between May 2021 and May 2022 showed that lending and currency conversions were the most searched finance-related topics, indicating the economic uncertainty in Africa, particularly post-pandemic.
Key countries contributing to this increase include South Africa, which led the way in “grant status” and “loan application searches” and saw a 700% and 51% increase in search intent respectively. Nigeria topped the list in terms of “loan app” searches, with a 68% increase in search intent.
The report further shows that marketers are responding to the growth in finance app installs by investing in advertising campaigns to drive users to download apps.
The finance industry represented 87% of total app install ad spend across Africa between January 2021 and September 2022.
This figure represents the amount of money invested in advertising campaigns aimed at driving users to app stores to download an app.
There was a 45% increase in finance app install ad spend across Africa on Android devices between H1 2021 and H2 2022.
Marketers have increased their budgets to acquire new customers and re-engage dormant users. As a result, installs from remarketing campaigns tailored to re-engage customers increased by 55% between H1 2021 and H1 2022.
There was a 25% growth in finance app installs across Africa between 2021 and 2022.
Search interest for finance-related queries has seen a three-fold increase in Nigeria in the last five years.
There was a three-fold increase in finance app install ad spend across Africa in 2022, with a spike in 2021 and continued growth early on in the year. However, this trend reversed in the second half of 2022 due to the economic downturn and other macroeconomic conditions.
Commenting on findings gathered from the report, Otávio Tranchesi, Industry Lead Finance, AppsFlyer stated, “Once again we are thrilled to collaborate with Google, exploring one of the most exciting industries across the continent. The tech sector in Africa has experienced tremendous growth over the last few years, but one industry that stands out is the financial sector – and with smartphone penetration increasing, mobile is crucial for success. We’re proud to be working alongside so many companies spearheading this growth.”
Lizzie Kondowe, Africa Apps Lead, Google added “When we look at Google’s search trends, it’s clear that financial uncertainty is weighing heavily on many people across the continent. We’re seeing more and more apps come to market that aim to solve these problems, and so it’s no surprise to see installs rising. We’re proud to be working alongside AppsFlyer, to bring marketers the insights and tools they need to grow their apps.”