Grace Ashiru
The California-based SaaS mobile marketing analytics and attribution company AppsFlyer examined how mobile apps were changing finance in Africa in collaboration with Google.
The African mobile app business is rising, driven by a developing fintech sector. An spike in super applications and the Covid-19 pandemic, according to recent research from AppsFlyer and Google, contributed to a 25% increase in banking app installs throughout the continent.
The California-based SaaS mobile marketing analytics and attribution company AppsFlyer examined how mobile apps were changing finance in Africa in collaboration with Google. Data shows a marked rise in the number of finance apps installed throughout the continent. This occurs as people use technology and apps to manage their money, deal with economic volatility, and progress toward financial freedom.
Installations throughout the continent increased by 25%, according to the research, which examined more than 140 million installs across 3 000 banking apps.
The biggest drivers of this increase in finance app installs were Ghana, Nigeria, Kenya, and South Africa, with the former heavily boosting this by a huge 200%; followed by Nigeria, which witnessed an increase by 33%. South Africa saw a fall of 11% while Kenya experienced increase of 5%.
Financial A rise in Google searches in Africa
Between May 2021 and May 2022, lending and currency conversions dominated Google search trends in terms of interest linked to money, demonstrating just how unstable the economic situation has become for the majority of people on the continent, particularly post-pandemic.
South Africa, which led the way in “grant status” and “loan application searches,” posting 700% and 51% increases in search intent respectively, is one of the key nations contributing to this rise. With a 700% rise in search intent, they also took the lead in searches for “payment date.”
With a 74% increase in search intent for “euros to Rands conversion rates,” there was also a significant rise in South Africans looking for “currency conversions.”
Nigeria topped the list for “loan app” searches, where there was a 68% rise in search intent. The majority of users in Kenya looked for “currency conversion,” with searches for “USD to KSH” seeing a 52% increase in search intent.
Otavio Tranchesi, industry lead finance at AppsFlyer, discusses the growth of fintech apps in Africa.
At AppsFlyer, Otávio Tranchesi is the industry head for finance.
how advertisers are reacting
The analysis confirms how powerful the finance business is, with app install ad spending for the sector accounting for almost 87% of all spending on the continent between January 2021 and September 2022. This sum indicates the money spent on marketing campaigns intended to encourage users to visit app stores and download apps.
Between H1 2021 and H2 2022, there was a 45% rise in the amount spent on finance app install advertisements across Africa. To undertake marketing initiatives to bring in new clients and reawaken lapsed consumers, marketers have had to increase their budgets. Installs from remarketing initiatives designed to re-engage customers increased by 55% between H1 2021 and H1 2022 as a result.
Otavio Tranchesi, industry lead finance for AppsFlyer, commented on the report’s results by saying, “Once again, we are happy to cooperate with Google, researching one of the most fascinating businesses throughout the continent.
“Africa’s digital business has grown significantly over the past few years, but the banking sector stands out because, with the rise of smartphones, mobile is essential to success. We’re honored to be collaborating with so many businesses driving this expansion.
“When we look at Google’s search patterns, it’s evident that financial uncertainty is weighing heavily on many people across the continent,” noted Lizzie Kondowe, Africa apps lead at Google.
It’s not surprising that installs are increasing because there are an increasing number of apps on the market that are designed to address these issues. We’re honored to be collaborating with AppsFlyer to give marketers the information and resources they need to expand their app portfolios.
