AppsFlyer and Google have released their 2024 “The State of App Marketing in Sub-Saharan Africa” report, highlighting the growth of finance apps in the region. The report, based on data from 1.1 billion app downloads and 20,000 apps, reveals a significant uptick in finance app installs and in-app purchase (IAP) revenues, signaling an ongoing trend toward economic recovery despite broader macroeconomic challenges.
From Q1 to Q3 in 2024, finance app installs saw a remarkable 34% increase compared to the same period in 2023, outpacing other app categories. Notably, iOS played a major role in this surge, with finance app installs on the platform doubling in Q1 2024 compared to the same quarter in 2023.
Financial Search Trends in Nigeria and South Africa
Leveraging Google Search data, the report explores key trends and consumer behavior in financial services, one of the most searched categories in Sub-Saharan Africa.
In Nigeria, financial-related searches have grown significantly between January 2023 and August 2024. Terms like “Naira,” “dollar,” “naira to dollar,” and “loans” dominated search queries, reflecting public concern over the devaluation of the Naira. Search activity peaked between February and April, coinciding with the Naira’s record low against the dollar in February.
Meanwhile, financial searches in South Africa remained relatively steady, with seasonal spikes in January and August driven by events such as educational expenses and holiday-related costs.
2025 Outlook for Marketers
Despite challenges faced by the finance sector between Q1 and Q3 2024—including a 27% decline in Android app installs due to reduced ad spend—there has been robust growth in IAP revenue from finance apps across Sub-Saharan Africa. In Q3, IAP revenue for finance apps surged by 46% compared to the same period in 2023, contributing to an overall 28% growth from Q1 to Q3.
In Nigeria, iOS finance apps saw an impressive 51% increase in IAP revenue during the same period. This reflects a broader regional trend, showing a shift toward more consistent in-app spending.
Looking ahead, marketers can anticipate continued growth in Sub-Saharan Africa’s mobile landscape, driven by increased app installs and higher IAP revenues from finance apps. This momentum is further supported by a 9% rise in ad spend in Q4 2024 compared to Q3.
Netta Lev Sadeh, Managing Director EMEA SANI at AppsFlyer, commented, “Our partnership with Google has given us valuable insights into the evolving financial services landscape in Sub-Saharan Africa. The results emphasize the growing role of mobile phones and apps in advancing financial inclusion across the region. We’re optimistic about the steady rise in IAP revenue from finance apps, which signals a promising economic future for the region.”
Lorraine Landon, Head of Advertising Products and Solutions – SSA for Google, added, “This report underscores the tremendous opportunity for brands and advertisers to engage with consumers in Africa through mobile apps. The data highlights a significant year-over-year increase in app engagement, and we are proud to continue our partnership with AppsFlyer to support businesses in this dynamic market and help unlock new growth opportunities.”