Home Community Insights Finance App Usage in Sub-Saharan Africa Soars, Nigeria Powers Non-Organic Install Growth – Report

Finance App Usage in Sub-Saharan Africa Soars, Nigeria Powers Non-Organic Install Growth – Report

Finance App Usage in Sub-Saharan Africa Soars, Nigeria Powers Non-Organic Install Growth – Report

The mobile market in Sub-Saharan Africa continues to grow rapidly, with projections suggesting that mobile subscriptions in the region could reach 1 billion by 2029, of which two-thirds will be smartphones.

A recent Appsflyer report revealed that overall installs grew significantly in sub-Saharan Africa through the first half (H1) of 2024, rising by 23% year-on-year. The steady upward trend continued for Android into Q3 of 2024, up by 20% in the same quarter of 2023. iOS took a step back, dipping by 14%.

Non-organic installs (NOIs) underpin Android’s growth in sub-Saharan Africa in 2024 to date, growing 28% year-on-year. Nigeria played a pivotal role in driving this growth, particularly in terms of non-organic installs in the region. The country recorded strong growth during the first half (H1) of 2024, rising by 38% in H1 compared to the same period of 2023.

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This growth, particularly in non-organic installs, suggests strong word-of-mouth and organic user acquisition strategies by finance app providers in Nigeria. The surge is likely attributed to a combination of factors, which include increasing smartphone penetration, growing financial inclusion efforts, and a desire for greater financial control and independence among the population.

However, non-organic installs performance in South Africa was relatively subdued, albeit with some sharp acceleration in Q3 of 2024, which rose by 31% compared to the third quarter of the previous year. As NOI activity grew in the region, remarketing conversions nosedived over the summer to offset a 2x growth in Q1 of 2024. This left remarketing down by 22% in the year-to-date when compared to the same period of 2023.

App install ad spend dipped by 7% overall in Q1-3 of 2024 compared to last year, with iOS taking a 10% hit year-on-year. Q3 brought some renewed spending, with a modest 6% rise compared to the same quarter in 2023. In-app purchases in the sub-Saharan African region hit new levels, which were up by 24% in 2024 to date, compared to the previous year. iOS saw an impressive 39% increase during this period. With app installation ad spending declining slightly year-on-year, marketers were predicted to have shifted their budget towards a full-funnel marketing approach, with impressive results.

According to a Google trends report, the Financial Services sector experienced overall growth from January 2023 to August 2024, with March emerging as a seasonal peak for search terms in Nigeria. Moniepoint, OPay, UBA Internet Banking,  Wema Bank and EcoBank were identified as businesses with the highest search volume.

“Naira,” “dollar” “naira to dollar.” and “loans” were the most frequently searched terms on Google. Notably, Zenith Bank and GTBank were the only financial institutions to appear in the top 20 category of search trends.

“This report from AppsFlyer 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. What is striking is the growth of app installs at 21% YOY, as well as the in-app purchase revenue growing at 24% YOY, proving that apps provide a growing ROl for advertisers. This underscores the need for a mobile-first strategy in Africa.

“Apps offer a powerful way to build awareness, acquire customers, and foster loyalty. We encourage advertisers to leverage this report to build awareness, acquire customers, and foster loyalty. We encourage advertisers to leverage this report to understand the African app landscape and optimize their strategies. Google is committed to supporting businesses in this dynamic market, and this report is a great starting point for unlocking success.” Lorraine Landon, Head of Advertising Products and Solutions, Google.

The finance vertical was one of the standout categories for apps in sub-Saharan Africa in 2023 and into 2024, with impressive growth throughout, particularly in Q1. Overall installs of finance apps were up 34% when comparing the first three quarters of 2024 to the same period last year. iOS enjoyed a doubling of finance installs in Q1 of 2024 compared to the opening quarter of 2023.

Finance apps on Android continued their upward trend throughout the year, culminating in a 33% increase in Q3 vs the same period of 2023. The finance vertical was also hit hardest by reduced app installs and ad spend budgets in 2024, with Android dipping by 27% in the first three quarters of the year compared to the previous period. Although 2025 and beyond is anticipated to be an improving time for economies in sub-Saharan Africa.

Notably, shopping apps have seen a remarkable rise in app install ad spending from 2024 to date, with spending skyrocketing by 80% when compared to the first three quarters of 2023.

Conclusion

The mobile market in Sub-Saharan Africa presents a dynamic and rapidly evolving landscape. The region’s burgeoning mobile phone penetration, coupled with increasing smartphone adoption, is driving significant growth in app usage.

While the overall app market demonstrates robust growth, the finance sector stands out as a key driver, experiencing substantial growth in app installs and in-app purchases.

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