AppsFlyer and Google have launched their 2024 “The State of App Marketing in Sub-Saharan Africa” report, analyzing overall performance of finance apps in Sub-Saharan Africa.
Drawing on a sample of 1.1 billion app downloads and 20,000 apps, the report reveals a growing trend in finance app installs, reflecting the region’s strides toward economic recovery following a general rise in inflation and macroeconomic instability.
According to data, while overall app installs continued to grow in 2024, finance apps stood out, highlighting an impressive 34% increase in downloads between Q1 and Q3, when compared to the same period in 2023.
iOS emerged as the primary contributor to this trend, experiencing a twofold increase in finance app installs during Q1 2024, compared to the same quarter in 2023.
Financial Search Trends in Nigeria and South Africa
Leveraging Google Search trends, the report uncovers key trends and purchasing interests within the financial services sector, one of the most-searched categories in Sub-Saharan Africa.
In Nigeria, Google Searches point to an overall growth in financial services interest between January 2023 to August 2024, with “Naira” “dollar” “naira to dollar” and “loans” as the most searched terms, indicating a growing apprehension about the country’s currency devaluation.
Financial searches also reached a high between February and April, in line with the Naira falling to a record low in February.
On the other hand, finance related searches have remained relatively static in South Africa, with spikes in January and August, coinciding with seasonal peaks such as educational expenses, holiday financial expenses, and other cultural activities.
2025 Outlook for Marketers
While the finance sector faced a challenge in Q1 to Q3 2024, with Android installs dropping 27% due to reduced app install ad spend, in-app purchase (IAP) revenue from finance apps is showing strong growth across the region, indicating a shift toward more consistent in-app spending.
Figures on IAP revenue from finance apps in sub-Saharan Africa have shown a boost in Q3 with a 46% increase compared to the same quarter in 2023.
This also aligns with an overall growth trend of 28% between Q1 – Q3 as a whole.
In Nigeria specifically, iOS has seen a 51% jump in IAP revenue from finance apps compared to Q1 – Q3 of the previous year.
Marketers can look forward to continued growth in Sub-Saharan Africa’s mobile landscape, fueled by rising installs and in-app purchase revenue from finance apps.
This momentum is further supported by a promising 9% increase in ad spend recorded in Q4 2024, compared to Q3.
Commenting on findings gathered from the report, Netta Lev Sadeh, managing director EMEA SANI, AppsFlyer stated,
“Our partnership with Google has allowed us to gain valuable insights into the dynamic financial services landscape. As one of the most exciting sectors in the region, the findings of this report underscore the crucial role of mobile phones and apps in continuing the advancement of financial inclusion, helping to bridge a critical gap across Sub-Saharan Africa. We are excited to see the steadily growing trend in IAP revenue from finance apps, which signals a promising and optimistic outlook for the region’s economic future.”
Lorraine Landon, head of Advertising Products and Solutions – SSA for Google, added
“This report from AppsFlyer is a must-read for brands and advertisers targeting the African market. The data clearly shows a huge opportunity to connect with consumers through mobile apps, with engagement growing significantly year-over-year. We are proud to once again partner with AppsFlyer on this report, which reflects our commitment to supporting businesses in this dynamic market and serves as a great starting point for unlocking success.”
