A new report by AppsFlyer and Google, “The State of App Marketing in Sub-Saharan Africa,” reveals a significant surge in finance app usage and revenue across the region. Between Q1 and Q3 2024, finance app installs increased by 34%, while in-app purchase (IAP) revenues grew by 28% compared to the same period in 2023. This growth reflects the region’s economic recovery and increasing reliance on mobile financial services.
Key Findings:
- Strong Growth in Finance App Installs: Overall app installs continued to grow in 2024, with finance apps demonstrating particularly strong performance. iOS emerged as a key driver, experiencing a twofold increase in finance app installs in Q1 2024 compared to the same period in 2023
- Nigerian Concerns Reflected in Search Trends: Google Search trends in Nigeria reveal a growing concern about the country’s currency devaluation, with terms like “Naira,” “dollar,” “naira to dollar,” and “loans” dominating searches. This aligns with the Naira’s record low in February 2024, leading to increased financial anxiety among Nigerians.
- South African Searches Remain Relatively Stable: In contrast, finance-related searches in South Africa have remained relatively static, with spikes observed in January and August, likely coinciding with seasonal expenses such as education and holidays.
- IAP Revenue on the Rise: Despite a 27% drop in Android installs due to reduced app install ad spend, in-app purchase revenue from finance apps has shown robust growth across the region. Q3 2024 saw a 46% increase in IAP revenue compared to the same quarter in 2023, with an overall growth of 28% between Q1 and Q3. Notably, iOS in Nigeria experienced a 51% jump in IAP revenue from finance apps during this period.
A Promising Outlook for Marketers
This report highlights a promising future for mobile finance in Sub-Saharan Africa, driven by rising installs and increasing in-app spending. The 9% increase in ad spend recorded in Q4 2024 compared to Q3 further supports this positive outlook.
Industry Leaders Comment:
Netta Lev Sadeh, Managing Director EMEA SANI, AppsFlyer, emphasized the report’s valuable insights into the dynamic financial services landscape. She stated, “This report underscores the crucial role of mobile phones and apps in advancing financial inclusion 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.”