Demand For Finance Apps At ‘All Time High’ In Sub-Saharan Africa: Report

Demand For Finance Apps At ‘All Time High’ In Sub-Saharan Africa: Report

Finance apps are in huge demand, experiencing a 132 per cent leap globally in downloads in the last two years, according to AppsFlyer, the global marketing measurement firm. Fastest-growing markets include Egypt and South Africa, alongside Hong Kong, Turkey and the US. The State of Finance App Marketing 2021 report reveals installs in Nigeria climbed 160 per cent, up 100 per cent in Kenya and growing by 52 per cent in South Africa. With 56 per cent of the population in Nigeria 'unbanked', many are turning to apps to access key financial solutions including: loans (43.3 per cent), financial services (35.6 per cent) and investments (20.3 per cent). Africa as a whole recorded a 69 per cent registration rate in loan apps. The Middle East and Turkey enjoyed mostly steady climbs since 2019, culminating in a Q1 2021 surge in Turkey (over 110 per cent vs. Q4 and a 865 per cent leap since Q1 2019). Meanwhile, demand in Saudi Arabia and the UAE increased 45 per cent and 60 per cent in the same time frame, respectively (with both showing growth rates that exceeded 200 per cent since Q1 2019). Globally, digital banking installs were up 45 per cent