A joint report by AppsFlyer & Google has shown that there is a 25percent increase in the installation 0f finance app in Africa between 2021 & 2022, an indication that people on the continent turn to apps and technology as a way of managing finances, navigating economic uncertainty, and moving towards financial freedom.
The report looking at how mobile apps are transforming finance in Africa shows a significant increase in finance app installs across the African continent, with more than 140 million installs, across 3,000 finance apps analysed.
Specifically, Ghana, Nigeria, Kenya & South Africa were the main contributors to this rise in finance app installs, with the former largely bolstering this by a massive 200 percent; followed by Nigeria, which saw an increase by 33 percent. Kenya’s growth was recorded at 5 percent, while South Africa witnessed a decline by 11 percent.
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.”
Also, 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.”
Key findings from the report include:
- In-app purchasing revenue and its relation to overall consumer spending
- COVID’s impact on app installs in Africa (overall app installs increased by 20% in Q2 2020 compared to the previous quarter, for example)
- The effect of Android’s larger market share within Sub-Saharan Africa, has seen advertisers spend more budget on the platform. (Non-organic installs increased by 54%, compared to 19% for iOS. The cost per install (CPI) on iOS also increased by 21% between Q2 and Q3 2020, which meant iOS app developers were getting fewer installs for the same budget.)
A breakdown of data relating to specific markets in South Africa, Kenya, and Nigeria.