While finance app downloads in Africa showed huge growth between 2021 and 2022, South Africa saw a decline of 11%, according to AppsFlyer. How often do you download financial apps?
While finance app downloads in Africa showed huge growth between 2021 and 2022, with overall installs increasing by 41%, South Africa saw a decline of 11%.and Google which looks at how mobile apps are transforming finance in Africa.
SA’s app economy had witnessed a huge increase from the onset of the COVID-19 pandemic, as millions of locals took to online channels for entertainment, education, remote work and more – which boosted the app industry, leading to a major transition to a mobile-first approach among consumers. This figure represents the amount of money invested in advertising campaigns aimed at driving users to app stores to download an app.
The “State of Mobile” report highlights the impact of a down economy on what has previously been a thriving industry, which has over the years seen apps raking in more money than the year before.According to AppsFlyer, Africans have, over the past year, turned to finance apps as a way of navigating economic uncertainty, and moving towards financial freedom.
Contenders in this space include Vodacom’s VodaPay, retail giant Massmart, Algeria-headquartered Yassir and Nedbank’s supper app, Avo. Key countries contributing to this increase include SA, which led the way in "grant status” and “loan application searches”, recording 700% and 51% increases in search intent respectively.
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