AppsFlyer and Google report highlights a 34% increase in installs and 28% growth in in-app purchases.
By the numbers
- 34%: Increase in finance app installs from Q1 to Q3 2024, compared to the same period in 2023.
- 28%: Growth in in-app purchase (IAP) revenue in the same period.
- 46%: Jump in Q3 IAP revenue compared to Q3 2023.
The big picture
Sub-Saharan Africa’s finance app ecosystem is booming, driven by growing smartphone penetration and demand for digital financial solutions amid economic recovery.
AppsFlyer and Google’s State of App Marketing in Sub-Saharan Africa 2024 report analyzed 1.1 billion app downloads across 20,000 apps, highlighting the region’s rapid adoption of mobile financial services.
- iOS leads the way: Finance app installs on iOS doubled in Q1 2024 compared to Q1 2023, reflecting increased engagement in premium app ecosystems.
Zoom in
- Nigeria: Google Search trends show a spike in financial interest, with terms like “Naira,” “dollar,” and “loans” dominating searches. February to April 2024 saw peak searches as the Naira hit record lows.
- South Africa: Financial search trends remained steady, with seasonal spikes in January and August tied to school and holiday expenses.
Challenges
- Android finance app installs dropped by 27% between Q1 and Q3 2024, linked to reduced app install ad spend.
The silver lining
- IAP revenue is soaring, with Nigeria’s iOS IAP revenue jumping 51% in Q1-Q3 2024 compared to the previous year.
- Ad spend increased by 9% in Q4 2024, signaling renewed confidence in the mobile finance sector.
What they’re saying
- Netta Lev Sadeh, AppsFlyer Managing Director EMEA SANI: “This report underscores the critical role of mobile apps in advancing financial inclusion across Sub-Saharan Africa.”
- Lorraine Landon, Head of Advertising Products and Solutions, Google SSA: “The data highlights a huge opportunity for brands and advertisers to connect with consumers in this dynamic market.”
Read the full report here.
