Sub-Saharan Africa saw impressive growth in financial technology (FinTech) app with installation in Nigeria climbing 160 per cent.
Nigeria was closely followed by Kenya which recorded 100 percentage growth while FinTech app installation in South Africa saw a 52 per cent rise.
This is contained in a new report titled ‘2021 edition of The State of Finance App Marketing Report’, released yesterday by AppsFlyer, the global marketing measurement leader.
The report stated that though the COVID-19 pandemic directly impacted how consumers interact with financial institutions and how the institutions themselves operate, FinTech apps were in high demand, experiencing a 132 per cent leap globally in downloads in the last two years.
According to the report, downloads of finance apps have shot up over the last year. With 56 per cent of the population in Nigeria ‘unbanked’, the report stated that many Nigerians are turning to apps to access key financial solutions including loans, at 43.3 per cent, financial services at 35.6 per cent and investments at 20.3 per cent.
Nigeria’s cost per install is up to 70 per cent since Q2, leading to a spike in spend, especially in Q1 2021, when budgets almost tripled, the report said.
It also revealed that demand for finance apps is rising across the globe, adding that, “29 of the top 40 finance markets (by app installs) enjoyed a growth of at least 20 per cent, however it was the developing markets that dominated the number of installs.”
“The average number of downloads in developing markets was 70 per cent higher than the average in developed markets, with India, Brazil and Indonesia making up almost half of the global number of downloads,” it stated.