The latest “State of App Marketing in Sub-Saharan Africa” report by AppsFlyer and Google highlights significant growth in the finance app ecosystem across the region. With increasing adoption of smartphones and deeper digital transformation, the report presents a detailed view of how finance apps are reshaping financial inclusion and mobile engagement.
Based on a sample of 1.1 billion app installs and 20,000 apps, the report reveals robust growth in finance app installs, revenues, and engagement. Finance apps emerged as a standout vertical, outpacing the overall app market in Sub-Saharan Africa during Q1 to Q3 2024.
Key Trends in Finance App Growth
1. 34% Increase in Finance App Installs
Between Q1 and Q3 2024, finance apps recorded a 34% increase in installs compared to the same period in 2023. This growth surpasses the 21% rise in overall app installs in the region during the same timeframe, underlining the increasing importance of digital financial services.
The growth was driven largely by iOS, which saw finance app installs double in Q1 2024 compared to Q1 2023. Android also experienced strong momentum, with a 33% increase in finance app installs in Q3 2024 compared to Q3 2023.
2. 28% Growth in In-App Purchase Revenue
Finance apps not only attracted more users but also recorded a substantial 28% year-over-year growth in in-app purchase (IAP) revenue from Q1 to Q3 2024. The revenue surge was particularly strong in Q3 2024, with a 46% increase compared to Q3 2023.
- Nigeria as a Key Market: iOS finance apps in Nigeria reported a staggering 51% rise in IAP revenue, reflecting growing consumer confidence in digital financial products. However, Android saw a slight 14% dip in IAP revenue over the same period.
This trend underscores a shift toward consistent in-app spending, even as marketing budgets saw fluctuations.
Broader App Market Context
1. 21% Growth in Overall App Installs
The report highlights a 21% year-over-year increase in overall app installs across Sub-Saharan Africa during Q1 to Q3 2024. Android remained the dominant platform, accounting for the majority of installs and achieving a 20% growth in Q3 2024 compared to the same quarter in 2023. In contrast, iOS installs dipped slightly, though its performance in finance apps remained exceptional.
2. Non-Organic Installs Surge by 28%
Non-organic installs (NOIs), driven by paid marketing campaigns, increased by 28% year-over-year. Nigeria emerged as a leader, with 38% growth in NOIs during H1 2024 compared to the same period in 2023. South Africa saw more subdued growth but experienced a 31% NOI increase in Q3 2024, signaling seasonal opportunities for marketers.
Financial Search Trends: Insights from Google
1. Nigeria’s Financial Concerns Drive Searches
In Nigeria, financial-related Google searches surged from January 2023 to August 2024, peaking between February and April 2024 when the Naira hit a record low. Key search terms included “Naira,” “Dollar,” “Naira to Dollar,” and “Loans.” Rising search topics like “Moniepoint,” “O-Pay,” and “UBA Internet Banking” reflect growing consumer interest in fintech solutions.
2. Seasonal Trends in South Africa
South Africa’s financial searches remained relatively stable, with spikes in January and August 2024. These trends align with seasonal expenses such as school fees, holidays, and cultural activities. The top financial search terms included Nedbank, Discovery Bank, and SASSA (South African Social Security Agency).
Challenges in Finance App Marketing
1. Drop in Marketing Budgets
Despite rising app engagement, app install ad spend in the finance vertical decreased by 27% on Android during Q1 to Q3 2024. Marketers shifted their focus to engagement and conversion strategies, as reflected in the 57% increase in iOS ad spend in Q3 2024.
2. Decline in Remarketing Conversions
Re-marketing campaigns faced challenges, with a 22% drop in re-marketing conversions year-over-year. However, strong performance during seasonal peaks, such as Q4 2023, indicates opportunities for better targeting and retention strategies.
Cross-Sector Insights: Shopping Apps as a Benchmark
For comparison, shopping apps recorded 80% growth in app install ad spend and 15% IAP revenue growth in 2024. These metrics underscore the broader potential for app monetization across verticals, providing lessons for the finance sector.
Macroeconomic Context and Digital Transformation
Sub-Saharan Africa’s economic recovery is bolstering mobile app adoption. The International Monetary Fund projects regional growth to reach 4.2% in 2025, aided by digitization and improved smartphone accessibility.
- 4G Expansion: By 2029, half of all mobile subscriptions in the region will be 4G, supporting app usage growth.
- Affordable Smartphones: Falling smartphone prices have spurred adoption, although affordability remains a barrier for many in low-income households.
Opportunities for Marketers in 2025
1. Full-Funnel Marketing Strategies
The growing IAP revenue suggests that marketers are focusing more on full-funnel strategies – engagement and conversion – rather than acquisition alone. This trend is expected to continue in 2025 as economies stabilize.
2. Localized Solutions
Marketers can capitalize on Nigeria’s rising fintech demand and South Africa’s seasonal financial needs by tailoring campaigns to specific consumer behaviors.
Expert Commentary
Netta Lev Sadeh, Managing Director EMEA SANI at AppsFlyer, emphasized the transformative impact of finance apps:
“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.”
Lorraine Landon, Head of Advertising Products and Solutions for Google Sub-Saharan Africa, highlighted the market’s potential:
“This report 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.”
Conclusion
Finance apps in Sub-Saharan Africa are leading the charge in digital transformation, with surging installs, revenue growth, and increasing user engagement. The region’s economic recovery, coupled with advancements in mobile technology, sets the stage for further growth in 2025.
Marketers and developers must continue to innovate and localize their strategies to meet the unique needs of African consumers. By doing so, they can unlock the immense potential of one of the world’s fastest-growing digital markets.
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