Nigeria records highest number of fintech app installs in Africa


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The pandemic has radically transformed the way consumers interact with fintech and how it works. Fintechs have grown rapidly, thanks to digital transformation in 2020.

Mobile apps have played a key role in transforming fintech across the globe, especially in regions with unbanked or underbanked populations. According to a report, State of Finance App Marketing 2021 by US mobile marketing analytics firm Apps Flyer, financial app installs increased in sub-Saharan Africa, starting in the second quarter of 2020, with Nigeria having the highest number growing fintech application installations in Africa. at + 160%. Other countries in Africa have also seen this growth, with Kenya up 100% and South Africa up 52%.

In Nigeria alone, loan app installs grew by 43.3%, financial services by 34.6%, and investment apps by 20.3%. This shows that Nigerians are more interested in lending and investing apps than any other type of fintech app.

Marketing is another factor behind the increase in the number of fintech app installs. Since the second quarter of 2020, when the COVID lockdowns began, the number of financial apps investing in marketing has increased in all regions. Market spending in Nigeria has increased by 150% since the second quarter of 2020. The country’s cost per facility (CPI) has increased by 70% since the second quarter of 2020, resulting in increased spending.

Other countries like South Africa have also seen a significant increase of around 33% since the first quarter of 2020.

The high spending in sub-Saharan Africa is due to fierce competition, according to the report, with apps using aggressive marketing tactics.

Globally, the demand for financial apps globally has increased over the past two years, with downloads surging 132% between Q1 2019 and Q1 2021; this trend is generalized because the average trend per application follows the same path. Financial apps were downloaded 4.6 billion times in 2020 (+ 15% year-over-year), according to AppAnnie. Application marketers are following suit, increasing their investments to meet increased demand.

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