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.”

Performance marketing, campaigns that drive measurable actions like clicks or sign-ups, has become vital. Such activities are easily measurable by key metrics, such as cost per click (CPC) or return on ad spend (ROAS).

Marketers in developing markets are now heavily vetting these strategies as one of the quickest approaches to acquiring customers and demonstrating a return on investment.

Onuorah John Chidozie, known professionally as John Onuorah, is a growth marketing professional who operates at the intersection of technology and is noted for running data-informed campaigns. For over three years, he has grown tech startups in Nigeria.

Career profiles list his stints at the EduTech platform Edukoya, clothing e-commerce site Garmspot, fintech firm Gigbanc, and now growth marketing manager at FoodCourt among his credentials. His career choices reflect his “willingness to take on new challenges,” adapting his skill set to different industries and business models.

Onuorah is credited for user acquisition growth at these companies. At FoodCourt, he headed acquisition campaigns for scaling up the user base and orders.

A published case study documents notes that FoodCourt‘s acquisition of 30,000 new customers and the 62,000 app installs that came within a 2-month stretch.

During that time, the company registered about 107,875 orders, resulting in a revenue jump to $2.9 million (a 1,000% increase), thanks to the campaigns. FoodCourt’s devastating success case highlights how an ultra-focused, analytics-lit approach could shift the trajectory of growth for a startup.

Some things have remained unchanged in Garmspot and other brands: for example, the FoodCourt’s own growth playbook was built around the AARRR funnel (acquisition, activation, retention, referral, revenue) to optimize each stage of the customer journey.

Another trademark feature of Onuorah is continuous experimenting and precise targeting. A typical day, he says, “involves analyzing data, optimizing campaigns, brainstorming new strategies, and collaborating with his team to drive growth.”

The interplay between creativity and metrics is essential: “Data informs my creative decisions and ensures they are right” was how he framed it. In practical terms, he heavily employs analytical platforms and attribution tools to monitor results.

Google Analytics and Mixpanel track user behaviour, while mobile attribution software like AppsFlyer and Segment ties ad spend to conversions. This emphasis on measurement means every ad dollar is accounted for, and campaign efficiency is continually improved as new data comes in.

Onuorah is also interested in the people behind the campaigns. He underscores the training and mentoring of people as an avenue for sustainable growth.

Last year, he was a facilitator at The Incubator Nigeria’s Future Clan bootcamp, where he led technical writing sessions for over 1,000 aspirants from every corner of the country.

At that program, he even introduced a month-long writing challenge to give mentorship opportunities to upcoming talents and later noted, with pride, the achievements of those mentees who spotted the challenge.

These initiatives show his commitment to developing local talents and sharing best practices outside corporate shareholders.

For the future, Onuorah wears his optimism about performance marketing in Africa on his sleeve. He says it is gaining traction; the industry is becoming automated with more emphasis on metrics, with AI taking center stage in optimizing campaigns.

He mentioned,

“I am preparing by staying up-to-date with industry trends and developing skills in marketing automation and AI.”

With Nigeria often cited as Africa’s fastest-growing internet market, experts say the next phase of e-commerce and fintech growth will depend on marketers who can link digital strategies to real revenue.

With a blend of local startup experience and exposure to global best practices, he is poised to be a key influence in that regard.

Onuorah’s mantra calling upon marketers to “stay curious, keep learning, and always prioritize data decision-making” reflects the outlook on the future.

As digital adoption spreads, performance marketing leaders like John Onuorah will shape how African tech companies turn clicks into customers and build models that can compete on the world stage.

In an era where the world continues to embrace all things digital, Africa has the potential to stand at the forefront of mobile app adoption, presenting app marketers with a unique set of opportunities and challenges.

As the continent continues to witness a rapid surge in smartphone usage, mastering mobile app marketing in Africa has become more crucial than ever.

With over 1.3 billion people, Africa is a dynamic and diverse market for mobile apps. According to recent statistics, Africa boasts the fastest-growing mobile market globally, making it a hotspot for mobile app marketers.

As the number of smartphone users continues to rise, so does the potential for app downloads and engagement.

As the mobile application market burgeons with over 5.6 million apps available across major app stores, merely creating an outstanding app is not the end of the story.

To embark on this journey with a winning strategy, you must focus on four pivotal steps that maximise your odds of success.

To successfully launch and promote your app, start by identifying a real problem through extensive market research.

Understand your target audience’s concerns, interests, and behaviours, and determine how your app addresses their challenges.

Next, focus on building a strong foundation through App Store Optimization (ASO), including keyword research and visually appealing app store creatives.

In the app promotion phase, prioritise organic growth through genuine community building, owned media channels, influencer collaborations, and targeted user acquisition campaigns.

Finally, equip yourself with the right tools, using Mobile Measurement Partners (MMP) for campaign evaluation and app analytics to make data-driven improvements.

Challenges in the African App Landscape

Navigating the African app landscape is not without its challenges. From linguistic and cultural diversity, to varying network infrastructures and limited access to payment options, there are hurdles that app marketers need to address to succeed in this promising market.

Moreover, competition in the space is fierce, making it essential for marketers to have a clear, data-driven strategy.

Unlocking Success with Data-Driven Insights

To master mobile app marketing on the continent, data-driven insights are key. AppsFlyer has recognized the need for a comprehensive strategy to tackle the African market successfully.

Here are some insights and strategies to help app marketers thrive:

1. Localised Content is Key: Africa is incredibly diverse with various languages, cultures, and traditions. Tailoring your app and marketing content to local preferences can significantly boost user engagement.

AppsFlyer’s data analysis can help you understand your audience better, allowing you to create content that resonates.

2. Optimise for Low Connectivity: In many parts of Africa, network connectivity can be unreliable. Africa is the continent with the lowest internet penetration rate at 39% of the population, compared to a global average of nearly 60%.

To ensure that your app remains accessible, consider creating a lighter version that consumes less data, and functions smoothly across slow networks.

3. Flexible Payment Options: The continent faces unique challenges when it comes to payment methods.

Offering a variety of payment options, such as mobile money and local payment gateways, can significantly increase your app’s accessibility and conversion rates.

4. Leveraging Influencer Marketing: African audiences often trust recommendations from local influencers. Collaborating with influencers can be an effective way to reach your target audience.

5. Continuous Data Analysis: The mobile app landscape evolves rapidly. Regularly analysing user data through platforms like AppsFlyer is essential for adjusting your strategies to stay competitive and relevant.

6. User Retention is Vital: User acquisition is just the beginning. Focusing on user retention strategies can maximise the lifetime value of your users, ensuring long-term success in the market.

According to a report by Statista, 57% of mobile app users will delete an app after the first month of use, therefore it is imperative for app marketers to engage in user retention strategies in order to enhance user experience, ultimately encouraging users to stay.

Africa’s mobile app market is brimming with promise, but realising that potential requires a strategic and data-driven approach.

With AppsFlyer as an ally, mobile app marketers can harness the power of data insights to overcome challenges, unlock opportunities, and master mobile app marketing in Africa.

By localising content, optimising for connectivity issues, and staying on top of user preferences through data analysis, app marketers can position their apps for success in this rapidly growing and dynamic market.

As the continent continues to emerge as a mobile app powerhouse, the key to success lies in understanding the unique landscape and adapting your approach to the local context.

The future of mobile app marketing in Africa is bright, and those who embrace it with data-driven insights will undoubtedly be the ones to shine the brightest.

The acquisition strengthens AppsFlyer’s portfolio of products and services as the company introduces holistic solutions crafted for the interconnected needs of modern marketing, growth and monetization teams, and will see oolo operate as “oolo by AppsFlyer.”

AppsFlyer’s acquisition of oolo comes as a part of the company’s continuing mission to empower brands with the most comprehensive decision-making platform in the constantly evolving digital ecosystem. As marketing, growth and monetisation teams expand their responsibilities and strategies for acquiring, engaging, and monetising customers, the need for informed decisions made in real-time, at scale, significantly increases. 

Responding to these challenges, oolo harnesses AI’s full capabilities to enhance growth strategies – from full-funnel acquisition, monetisation, and retention – providing immediate actionable insights and time-sensitive alerts to instantly optimise return on ad spend (ROAS), media revenue, and retention. By continuously monitoring entire datasets, the crucial insights and predictions delivered by oolo’s powerful AI would otherwise remain hidden or require weeks of work by teams of data analysts to uncover.

Now part of AppsFlyer, oolo will also be integrated into AppsFlyer’s growing Privacy Cloud Marketplace, pioneering how AI products can address the primary issue of signal loss and utilise the data within customers’ Data Clean Rooms to deliver additional value through data collaboration with a privacy-by-design approach. 

“Adapting to the ever-changing digital ecosystem requires innovative solutions that can offer privacy-centric, actionable insights for optimal decision-making,” said Oren Kaniel, CEO and Co-founder at AppsFlyer. “oolo’s unique technology, team and expertise will play a key role in our continual pursuit to build a holistic platform that accommodates the shifting expectations, roles and challenges of modern marketing teams. 

The combination of oolo’s innovative technology with AppsFlyer’s industry leading measurement platform offers brands new opportunities to harness AI’s full capabilities to optimise their growth and monetization strategies. We believe the future of data-driven decisions is in smart AI rather than the static tools which are common today, and oolo’s cutting-edge AI technology enables us to better serve the increasing demands of our customers and meet their evolving needs.”

AppsFlyer’s strategic move with the acquisition of oolo aligns with the increasing integration of AI technologies in diverse markets worldwide, particularly in regions like Africa, where AI adoption is gaining momentum. According to a recent report from Policy Center, AI tech is growing across Africa, with over 2,400 companies specialising in AI, 41% of which are startups, and estimates indicate that the technology could contribute $1.2 billion to the continent’s GDP by 2030. With the African continent experiencing rapid digital transformation, businesses are seeking innovative AI-driven solutions to optimise decision-making and drive growth. 

AI’s role in Africa’s business landscape presents immense opportunities for AppsFlyer. Leveraging oolo’s advanced AI-powered capabilities, AppsFlyer aims to assist businesses across Africa in navigating the complexities of marketing, growth, and monetisation strategies. By tapping into the power of AI, AppsFlyer can offer tailored solutions that address the unique challenges and opportunities within the African market, empowering businesses to make data-driven decisions, maximise ROI, and unlock their full growth potential.

“We are thrilled to announce oolo’s strategic acquisition, bringing cutting-edge AI tools to the African region. Africa is one of the fastest-growing regions in the global app market, presenting a huge opportunity for marketers and developers alike. This move is poised to revolutionise operations, allowing marketers to efficiently manage their time and concentrate on previously challenging tasks. 

The impact extends beyond operational enhancements, fostering innovation and growth. With a significant increase in ROI expected, we are committed to driving positive change and economic growth in the region through the deployment of advanced AI solutions” says Michael Zaitsev, Managing Director for Africa & CIS at AppsFlyer.

oolo delivers a constantly updated alert system that makes it easy to detect anomalies, identify immediate growth opportunities, prevent and correct inefficiencies that help solve the daily optimization challenges growth marketers face. By using data from marketing campaigns to train itself to understand what’s normal and what’s not, oolo surfaces and prioritises the most urgent, important and granular insights so marketing, growth and monetisation teams are able to gain a competitive advantage and achieve better results with less effort. 

AppsFlyer’s acquisition of oolo is the company’s second this year, following its recent acquisition of devtodev, a full-cycle data analytics solution for game and app developers. oolo and devtodev will be among the first applications within AppsFlyer’s recently launched Privacy Cloud Marketplace, and will enable all data, analytics and AI providers to build their products using AppsFlyer’s APIs and seamlessly integrate their services without moving or sharing user data with external parties. 

“It’s an exciting time for us at oolo,” said Yuval Brener, CEO of oolo. “This acquisition is set to blaze a trail in the data analytics space as we join forces with AppsFlyer to provide state-of-the-art data monitoring technologies for brands around the world. With AppsFlyer’s proven track-record, large client base, and privacy-preserving architecture, our customers will benefit from an integrated approach to growth decision-making unlike anything seen before.”

oolo by AppsFlyer will be available to both existing AppsFlyer customers and on an independent basis.

The latest version of the Index, which originated in 2015, found the economic downturn had a significant impact on the mobile app media space throughout 2023, as nearly all top media sources saw declines and app install ad spend budgets reduced by 20% in the third quarter of 2023 when compared to Q3 in 2022.

“In a world where excellence is redefined by measurable outcomes, marketers around the globe are keen to boost efficiency, and unlock unprecedented success – the same applies to African marketers. The key to shaping this future of business brilliance lies in embracing data-driven strategies – our latest Performance Index explores how unique economic conditions have impacted the overall market, providing valuable insights on marketing strategies during an economic downturn, and implores marketers to make the right decisions when it comes to budget allocations,” said Michael Zaitsev, Managing Director for Africa & CIS at AppsFlyer.

Apple Search Ads and Meta Lead the Way Across iOS Gaming and Non-gaming

The best way to properly depict the state of the iOS media market is by looking at a single source of truth (SSOT). AppsFlyer’s first ever SSOT iOS index combines SKAdNetwork and traditional attribution, and accurately deduplicates between the two data sources.

Apple Search Ads (ASA) is the #1 media source for iOS gaming apps and non-gaming categories, coming in at #1 in almost all the rankings across every region and every category with high quality and unmatched scale, particularly in non-gaming.

The dominance of ASA in non-gaming is even more pronounced than it is in gaming, coming in at #1 in all the rankings across every category and every region except for Latin America with unmatched scale and high quality.

Although still far from its dominant iOS position before iOS 14.5, Meta ads continues to adapt in the post iOS 14.5 era, coming in at #2 in the power and volume rankings (power rankings combine quality and quantity metrics while volume only covers quantity).

The social network’s performance is mostly fueled by non-gaming apps on SKAdNetwork, Apple’s privacy-centric attribution interface, where it drives the highest number of installs, well above the competition.

Google Ads came in at #3 in the rankings thanks to its scale among non-gaming apps. It should be noted that for Google, iOS is secondary compared to Android, especially when compared to its web business.

For gaming apps, Applovin ranked 5th in the global power ranking, driven by success in casual and hyper casual games, followed by Unity Ads in 6th place, thanks to a #4 rank in casual and hyper casual games.

ironSource ranked 2nd globally in social casino, and 2nd in hyper casual games in Western Europe, Indian subcontinent, Latin America, and the Middle East.

For non-gaming, Meta ads ranked 2nd in the global power ranking, driven by its performance in Life & Culture where it ranked 2nd, while Google reached 5th place (3rd in the volume ranking) thanks to a #2 power ranking in finance. Snapchat and Moloco ranked 3rd and 4th, respectively thanks to top-notch quality.

Google and Meta Dominate in Android Gaming and Non-gaming

Google Ads continues to dominate Android gaming and non-gaming, further extending its power ranking gap from 2nd place Unity.

In fact, it holds the top power and volume ranking in every single category within Android gaming, with the exception of hypercasual where it is ranked 2nd.

Unity Ads held its #2 global power ranking position, but dropped one spot in the volume ranking to #5. Its success can mostly be attributed to Match genre games, where it ranked 2nd, as well as in Puzzle, Shooting, and Tabletop game apps where it ranked 3rd globally.

IronSource surged in the global rankings, coming in at #3 in the power and volume rankings — up an impressive three slots, compared to the previous edition of the Index.

Meta ads ranked 4th in the global power ranking — up one slot compared to 2022 —thanks to a #1 ranking in casino as well as #2 spots in midcore games (RPG, Shooting, Strategy genres), as well as in puzzle, and sports & racing games.

It should be noted that power ranking gaps between Unity, ironSource, and Meta are minor.

Meta Surpasses Google Atop Shopping Ranking for Remarketing Rankings

The Android remarketing ranking finds Google and Meta, and TikTok For Business to some extent, dominating market share. Google Ads, which is the #1 player across most remarketing rankings, came in 2nd to Meta Ads in the most important category— shopping.

Meta ads was able to close the gap with Google in the global power ranking because of its success in shopping, where it surpassed Google to come out on top.

TikTok For Business came in 3rd in the global power ranking, driven by its significant scale, particularly for shopping apps.

Liftoff ranked 4th thanks to great quality, while remarketing specialists Adikteev and Remerge followed with a #5 and #6 ranking, respectively.

The former’s success was largely driven by Life & Culture apps, where it ranked 3rd thanks to great quality, while the latter came in as the top player in casino games where it clinched the #1 power ranking.

In March 2023, OpenAI announced ChatGPT plugins, allowing its users to interact with other services through ChatGPT’s interface. With the plugins, ChatGPT users can query services like Expedia, FiscalNote, Instacart, KAYAK, Klarna, and Shopify to get real-time, actionable answers from these data sources without leaving OpenAI’s platform. 

ChatGPT plugins have opened up a new world of consumer interactions and revenue opportunities. However, without cookies and device identifiers, analytics and measurement are impossible with current tools.

AppsFlyer’s privacy-preserving measurement and analytics support for ChatGPT solves this challenge by providing brands and marketers with analytics and actionable insights into their customers’ interactions and performance of their plugins, together with their marketing activity across all traditional digital platforms and traffic sources. 

“ChatGPT plugins present a revolutionary opportunity for brands and consumers to connect, in addition to interactions on web and mobile apps,” said Oren Kaniel, CEO and Co-founder, AppsFlyer. “As an industry, we have an opportunity to architect this new world in a responsible way, by maximizing both customer value, experience and privacy.

This new world is not bound to the status quo and building blocks like cookies and device identifiers. I am thrilled to take part in this revolution, not only because we have been building privacy-preserving tech for a cookieless environment for the last 10 years, but mainly because it is perfectly aligned with our vision for a better and safer digital experience.”

The ChatGPT plugin support allows e-commerce, retail and travel brands, which specifically rely on an omnichannel view of their marketing efforts, to better measure their activity as they engage with high-intent audiences throughout the user journey. With the Privacy Cloud Data Clean Room, AppsFlyer ensures the privacy of the user’s data while allowing service providers’ plugins to measure the traffic coming from ChatGPT.