Finance App Installs Grow across Africa, According to Joint Report by AppsFlyer & Google
AppsFlyer and Google have launched a new report looking at how mobile apps are transforming finance in Africa. Data reveals a significant increase in finance app installs across
the African continent, as people turn to apps and technology as a way of managing finances, navigating economic uncertainty, and moving towards financial freedom. The report
analyzed more than 140 million installs, across 3,000 finance apps, and found that installs across the continent grew 25%. 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%; followed by Nigeria, which saw an increase by 33%. Kenya’s growth
was recorded at 5%, while South Africa witnessed a decline by 11%. Financial Google search increase in Africa Google search trends between May 2021 & May 2022 showed that
lending and currency conversions dominated in terms of interest related to finance – an indication of exactly how uncertain the economic situation has become for most people on
the continent, particularly post-pandemic. Key countries contributing to this increase include South Africa, who led the way in “grant status” and “loan application
searches”, recording 700% & 51% increases in search intent respectively. They also led the way in “payment date” searches, with a 700% increase in search intent.
There was also a large increase in South Africans searching for “currency conversions”, with a 74% increase in search intent for “euros to rands conversion rates”.
Nigeria topped the list in terms of “loan app” searches, with an increase in search intent of 68% in the country. In Kenya, the majority of people searched for “currency
conversion”, with a 52% increase in search intent for “USD to KSH” searches. How Marketers are responding According to the report, app install ad spend for finance
represented approximately 87% of total spend across the continent between January 2021 and September 2022, confirming exactly how dominant the finance industry is. This figure
represents the amount of money invested in advertising campaigns aimed at driving users to app stores to download an app. Indeed, there was a 45% increase in finance app install ad
spend across Africa on Android devices between H1 2021 & H2 2022. Marketers have been forced to up their budgets in order to run marketing campaigns to acquire new customers,
as well as re-engage dormant users. As a result of this, installs from remarketing campaigns tailored to re-engage customers surged 55% between H1 2021 and H1 2022. Commenting