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% over the last year.
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%.
The report notes that the market has undergone rapid reorganization with the economic downturn forcing many people to turn to loans apps for short-term financial reprieve, a fact expounded by Lizzie Kondowe, Africa Apps Lead at, Google
“When we look at Google’s search trends, it’s clear that financial uncertainty is weighing heavily on many people across the continent. We’re seeing more and more apps come to market that aim to solve these problems, and so it’s no surprise to see installs rising.” Lizzie said.
The report further notes that the amount of money invested in advertising campaigns aimed at driving users to app stores to download loan apps equally increased between January and September 2022.
“Marketers have been forced to up their budgets in order to run marketing campaigns to acquire new customers, as well as re-engage dormant users. As a result of this, installs from remarketing campaigns tailored to re-engage customers surged 55% between H1 2021 and H1 2022, “ the report elaborates.
These African Countries are leading in Loan Apps Downloads