App downloads in 2024 across Sub-Saharan Africa (SSA), grew by 23% year-on-year. Up 28% year over year, non-organic installs (NOIs) have been the main driver of Android’s growth in sub-Saharan Africa in 2024.
This is according to the latest Apps Flyer report, created in collaboration with Google, which also highlights the fact that financial apps are the secret or not-so-secret formula for those in the know of tech, for the growth of app downloads.
The most popular type of apps downloaded
With outstanding development between 2023 and 2024, especially in Q1, the financial vertical was one of the more notable app categories in sub-Saharan Africa.
When evaluating the first three quarters of 2024 to the same period last year, the total number of finance app installations increased by 34%.
Additionally, In-App Purchase income (IAP) from banking applications in Sub-Saharan Africa continues to rise, with a 46% increase in the third quarter compared to the same time in 2023.
Taking Q1-3 of 2024 as a whole, there is a strong 28% increase in IAP income throughout the vertical compared to the same period the previous year.
“With outstanding development between 2023 and 2024, especially in Q1, the financial vertical was one of the more notable app categories in sub-Saharan Africa.
When evaluating the first three quarters of 2024 to the same period last year, the total number of finance app installations increased by 34%,” the report highlights.
However, the finance vertical was hit hardest by reduced app install ad-spend budgets in the period under review.
“Although 2025 and beyond is anticipated to be an improving time for economies in sub-Saharan Africa, this late-2024 performance may be an early sign that there could be a lag before finance ad spending recovers alongside the economy as a whole,” the report states.
Top 5 most searched finance apps in Nigeria
The following companies have had the highest amount of rising* finance-related search terms, as seen in the report.
- “Moniepint”
- “O-Pay”
- “UBA internet Banking”
- “Wema Bank” and
- “Eco Bank”
Below are the top 5 for South Africa
- “Nedbank”
- “Discovery Bank”
- “TransUnion”
- “Wonga”
- ABSA
Other takeaways from Africa’s trend with app downloads in 2024
According to the report, in SSA, overall app install ad spend decreased by 7% in Q1–Q3 of 2024 compared to the previous year, with iOS suffering a 10% decline.
With a little 6% increase over the same quarter in 2023, Q3 saw some increased spending.
However, the region’s growing in-app purchase statistics indicate that overall ad expenditure has moved away from acquisition and toward full-funnel marketing, which includes engagement and conversion.
“Perhaps the biggest indicator of the region’s mobile and economic growth can be found in sub-Saharan Africa’s in-app purchase (IAP) revenue trend, which is up 24% in 2024 to date compared to the previous year. iOS saw an impressive 39% increase during this period,” the report states.
“With app install ad spend declining slightly year-on-year, it appears that marketers have shifted budget towards more of a full-funnel marketing approach, with impressive results,” it adds.
The increase in app downloads and in-app purchases in Sub-Saharan Africa reflects the region’s booming mobile economy.
While financial applications have been the standout sector, generating downloads and revenue, the overall trend indicates a shift in marketing methods.
Developers and organizations are concentrating on full-funnel marketing, which prioritizes engagement and conversion above just acquisition.
