AppsFlyer and Google have released a new study on how mobile applications are changing the finance sector in Africa.
Africans are increasingly using apps and technology to manage their money, deal with economic volatility, and work towards financial freedom, according to data.
The study examined more than 140 million installs across 3,000 banking apps and discovered a 25% increase in installs throughout the region.
The largest contributors to this growth in finance app installs were Ghana, Nigeria, Kenya, and South Africa, with the former heavily bolstering this by a staggering 200%, followed by Nigeria, which experienced an increase of 33%. South Africa saw a fall of 11%, while Kenya experienced an increase of 5%.
Read also: The Remarkable Growth of Nigeria’s ICT Sector
Financial Africa’s Google search growth
Google search trends between May 2021 and May 2022 showed that lending and currency conversions dominated finance-related interest, indicating how insecure most people on the continent’s economic condition have become, especially post-pandemic.
South Africa dominated “grant status” and “loan application searches” with 700% and 51% search intent increases, respectively. They lead “payment date” searches with 700% more intent. South Africans also increased their search intent for “euros to rands conversion rates” by 74%.
Nigeria had the most “loan app” searches, up 68%. Most Kenyans looked for “currency conversion,” with “USD to KSH” queries up 52%.
Mobile marketing is expanding in the finance sector
Mobile marketing is becoming more significant as mobile apps do. Only three out of every ten downloads of banking apps in Nigeria were organic, while sponsored marketing accounted for 72% of installs.
This indicates that for a brand to succeed, word of mouth cannot be relied upon. Finance app marketers must emphasize mobile marketing and have a solid plan in place to engage with customers more effectively if they want to expand their user base, boost revenue, and differentiate themselves from the competition.
Mobile marketers should focus on three areas this year to succeed:
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Analyzing your data Brands must measure client lifecycles and KPIs. Monitoring data improves marketing budgets, ROI evaluation, and decision-making.
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Creative strategy and client preferences.
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AppsFlyer appreciates privacy.
With rising mobile device availability and internet prevalence, marketing, especially via mobile, is becoming more sophisticated, requiring various platforms, including web, email, sms, etc. This makes AppsFlyer’s mobile advertising and attribution methodology one of the finest ways to evaluate user reach reliably.
eCommerce app marketers spent $6.1 billion on user acquisition
About AppsFlyer
Appsflyer is a holistic solution for modern marketing. As digital app adoption grows globally, brands have to contend with a new frontier of products and marketing. AppsFlyer connects data across platforms so companies can accurately monitor traffic and have accurate attribution across all platforms. AppsFlyer provides tools to brands to accurately measure if their campaign strategies are working, support the optimization of these strategies, and also provide deep linking and segmentation tools to build customer retention.
With over 12,000 customers across the globe, AppsFlyer has partnered with companies like Nike, Tinder, Kuda and Wema in the African Fintech space, and they’ve helped a host of companies globally measure their brand engagement and improve customer retention.