LOOP App: Over the last couple of years, Africa has become one of the fastest-growing app markets in the world.
Last year, After analyzing 140 million installs, across 3,000 finance apps, Google in collaboration with analytics firm AppsFlyer found that installation of loan and finance apps in general increased by 25%.
Ghana, Nigeria, Kenya and South Africa were the main contributors to this rise in finance app installs. Ghana’s downloads increased by a massive 200%; followed by Nigeria, which saw an increase of 33%. Kenya’s growth was recorded at 5%, while South Africa witnessed a decline of 11%.
As these categories expand, fintech and super apps—applications featuring multiple functionalities, marketplaces, or offerings—are gaining increased momentum.
Super-apps allow citizens to combine applications like pay, commerce, mobility and communication into one platform – instead of juggling multiple apps.
From ride-hailing services to grocery delivery, and financial services such as buy-now-pay-later to microfinancing, super-apps development in Africa is emerging fast as the region proves to be a potentially fertile ground for its growth.
A MasterCard and Economist impact report in a separate report, notes that the burgeoning young, digital-savvy population together with massive investment in fintech and other emerging technologies offers fertile ground for the development of super-apps in Africa. The two note in the report that the continent is following in the footsteps of China to grow the uptake of super apps by leveraging low-end smartphones.
In Kenya, apps like LOOP by LOOP DFS a Fintech subsidiary of the NCBA Group have taken massive advantage of this space. When LOOP first launched in 2017, NCBA at the time said it saw an opportunity to transform banking with a solution that would see those who wanted a financial partner, not a bank. This targeted the millennials looking for a different way to bank. Over the years, the app has grown into a fully-fledged one-stop lifestyle shop with different offerings targeting users across different lifestyles.
In February last year, LOOP unveiled a completely new look with even more features and offering solutions for both Buyers (Consumers) and merchants.
Currently using LOOP, customers can manage all their bank and mobile money accounts on the App; easily fund their account, pay their utility bills, set up standing orders, and even get quick loans. Customers can also get access to fast overdrafts of up to KES.100K and personal loans of up to KES.3M when they transact on LOOP.
The LOOP app also allows users to invest money under its LOOP Invest feature as well as raise funds, commonly known as kuchanga in swahili, with the Moneypool feature on LOOP.
Other new LOOP features include Discover, which highlights the best deals and discounts around, and pay into Mobile Money from your LOOP app or pay using your physical card or up to 5 virtual cards to any merchant easily.
Using the new LOOP BIZ App, a separate app newly launched to target businesses, sellers can make payments to other merchants, and suppliers and pay the business utility bills. They can also accept payments from any customer whether on Mobile money or bank as well as post their promotional deals and discounts and get matched to millions of customers on LOOP.
LOOP says it is a lifestyle brand that seeks to empower customers with the tools and solutions they need to live their lives effortlessly.
Indeed, African super apps are having their moment and with apps like LOOP and investments on the rise, the continent is on the road to producing super apps that may one day rival those seen in other developing markets.
The LOOP app is available for download for Android devices on the PlayStore and IOS devices on the Apple Store.
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