There has been 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.
This is according to a new report from AppsFlyer and Google, looking at how mobile apps are transforming finance in Africa, which analyzed more than 140-million installs across 3 000 finance apps. It found that installs across the continent grew 25%.
Ghana, Nigeria, Kenya and 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%.
Google search trends between May 2021 and 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.
Otávio Tranchesi, industry lead: finance at AppsFlyer, comments: “The tech sector in Africa has experienced tremendous growth over the last few years, but one industry that stands out is the financial sector – and with smartphone penetration increasing, mobile is crucial for success. We’re proud to be working alongside so many companies spearheading this growth.”
Lizzie Kondowe, Africa apps lead at Google, adds: “When we look at Google’s search trends, it’s clear that financial uncertainty is weighing heavily on many people across the continent. We’re seeing more and more apps come to market that aim to solve these problems, and so it’s no surprise to see installs rising.”