The digital landscape in Africa is evolving at a fascinating pace. A recent report by AppsFlyer, crafted in collaboration with Google, highlights a compelling trend: financial apps are not just making waves—they are reshaping the mobile app ecosystem across the continent.
The Dominance of Financial Apps
Let’s take a journey through the bustling streets of technology evolution. Between 2023 and 2024, particularly in the first quarter, financial applications came to the forefront in Sub-Saharan Africa. Reflecting on these times, one wonders: why does finance hold such power? Is it the promise of accessibility, or perhaps the changing economic landscapes driving user engagement?
When we zoom in on the data from the first three quarters of 2024, juxtaposed with the same period the previous year, we see an astonishing 34% increase in finance app installations. Isn’t it intriguing how numbers can narrate a revolutionary story? Here, they tell us of a digital awakening, a regional leap towards financial inclusion.
The figures don’t stop there. In-App Purchase (IAP) revenue from banking applications rose by 46% in Q3 of 2024 compared to the same quarter in the prior year. It prompts one to ponder: could this be the region solidifying its faith in digital transactions, or perhaps a testament to the innovative possibilities these platforms are providing?
Overarchingly, from the initial to the third quarter of 2024, there’s a robust 28% increase in IAP revenue across this sector compared to the same timeframe the previous year. As industry leaders noted, “Outstanding development between 2023 and 2024 has highlighted the financial vertical as a noteworthy category in Sub-Saharan Africa.”
However, it’s not all smooth sailing. Despite these successes, the finance vertical was particularly impacted by reduced app install ad-spend budgets during the review period.
As future prospects unfold, the report cautiously observes, “Although 2025 and beyond hold promise for economic recovery in sub-Saharan Africa, late-2024’s performance might be an early sign that the resurgence in finance ad spending could trail the broader economic revival.”
Top 5 Most Searched Finance Apps in Key Markets
Breaking down the dynamic trends at the market level, here’s a snapshot of the top-searched finance apps in Nigeria:
- Moniepoint
- O-Pay
- UBA Internet Banking
- Wema Bank
- Eco Bank
Meanwhile, in South Africa, these apps led the search frequency:
- Nedbank
- Discovery Bank
- TransUnion
- Wonga
- ABSA
Additional Insights from Africa’s App Download Trends in 2024
Diving deeper, the report unveils an overarching 7% decline in overall app install ad spending in SSA during the early quarters of 2024 compared to the previous year, with iOS experiencing a 10% dip.
Yet, an optimistic twist appeared in Q3, witnessing a modest 6% spending increase over the same quarter in 2023.
This shift hints at a meaningful pivot from focusing solely on acquisition to a broader marketing strategy embracing the entire funnel—encompassing engagement and conversion stages.
“A telling sign of the region’s mobile and economic growth is found in sub-Saharan Africa’s in-app purchase revenue trend, showcasing a 24% uptick in 2024, with iOS alone marking a remarkable 39% lift,” the report reveals.
“As app install ad spend slightly dwindles annually, it seems marketers are redirecting budgets towards a more holistic marketing approach, yielding impressive outcomes,” it further elaborates.
The burgeoning mobile economy of Sub-Saharan Africa is reflected in the soaring app downloads and in-app purchases alike.
While financial applications have etched their mark with significant downloads and revenue, the overarching trend signifies a shift in marketing methodologies.
Developers and organizations are honing in on full-funnel marketing, focusing more on engagement and conversion rather than solely on acquisition.
