Money Troubles Drive Surge In Finance App Adoption Across Africa
In Nigeria, growing concerns about the economy are driving unprecedented engagement with financial services. Between January 2023 and August 2024, Google searches for terms like “naira to dollar,” “loans,” and “dollar” surged, mirroring public anxiety over the naira’s continued depreciation.
Search interest peaked between February and April, coinciding with the naira hitting record lows. This trend is emblematic of a larger story unfolding across Sub-Saharan Africa: the rapid rise of finance apps as a lifeline for millions navigating economic uncertainty.
According to The State of App Marketing in Sub-Saharan Africa report by AppsFlyer; a SaaS mobile marketing analytics platform, and Google, finance app installs jumped by 34% between Q1 and Q3 2024 compared to the same period in 2023, while in-app purchase (IAP) revenue climbed 28%. As macroeconomic pressures mount, more consumers are turning to mobile apps to manage their finances, access loans, and seek currency conversion options.
The report highlights a regional divergence in platform trends. In Nigeria, iOS led the surge, with a twofold increase in finance app installs during Q1 2024. Meanwhile, Android installs dropped 27%, a decline attributed to reduced ad spend. However, across platforms, IAP revenue is booming. Nigeria alone saw a 51% rise in IAP revenue on iOS from Q1 to Q3 2024, signalling growing consumer trust in app-based financial services.
In South Africa, financial searches revealed a different pattern. Seasonal spikes in January and August aligned with school fees, holiday expenses, and other cultural activities, highlighting how consumers’ financial priorities vary across the region.
A Shift Toward Mobile Financial Inclusion
The explosive growth of finance apps reflects the region’s evolving digital landscape. Mobile technology is increasingly seen as a tool to bridge financial gaps and address challenges like limited access to traditional banking. AppsFlyer’s Managing Director for EMEA SANI, Netta Lev Sadeh, noted, “The findings underscore the critical role of mobile phones and apps in advancing financial inclusion across Sub-Saharan Africa.”
Google’s Lorraine Landon added, “This report highlights a tremendous opportunity for brands and advertisers to connect with mobile-first consumers in Africa.”
While challenges remain—such as the need to balance marketing spend with user acquisition—there are signs of a rebound. Ad spend grew 9% in Q4 2024, suggesting renewed confidence among app marketers. With finance apps showing strong engagement and revenue growth, the outlook for 2025 is optimistic.
From Nigeria’s currency struggles to South Africa’s seasonal spending habits, the rise of finance apps demonstrates their growing importance in navigating the complexities of daily life. As mobile technology continues to evolve, it’s poised to play an even larger role in driving financial inclusion and economic resilience across the region.
