FinTech App Installation Soars By 160% In Nigeria

Sub-Saharan Africa saw impressive growth in financial technology (FinTech) apps with installation in Nigeria climbing 160 per cent.

Nigeria was closely followed by Kenya who recorded 100 percentage growth, while it was 52 per cent rise in FinTech app installation in South Africa.

This was disclosed 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 with 43.3 per cent, financial services with 35.6 per cent and investments with 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.

Commenting on the growth of finance apps across Africa, strategic projects, AppsFlyer, Daniel Junowicz, said the COVID-19 pandemic rapidly accelerated the adoption of financial technology globally and in emerging markets, as finance apps helped millions of consumers and businesses remain connected.

This trend, he stressed, is likely to continue and that understanding how to best market their apps will be key to African businesses standing out from the crowd and growing their customer base.

“With this year heading for a record with total spend globally, reaching no less than $1.2 billion in Q1 alone, we believe that combining different types of marketing activities in addition to improving the registration funnel by optimising and shortening the time from install to registration will give marketers the edge to utilize their 2021 budget to the fullest,” he pointed out.

Head of content & mobile insight, AppsFlyer, Shani Rosenfelder, said, FinTech experienced rapid digital transformation over the last year, with the pandemic leading to a shift in mindset even for those that have been slow to adapt.

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