In the previous fiscal year, 1.1 billion apps were downloaded in Sub-Saharan Africa. Also, projections show that in 2025, app usage and purchases are set to generate $1 billion in revenue for Africa.
- 1.1 billion apps were downloaded in Sub-Saharan Africa in the previous fiscal year.
- In 2025, app usage and purchases are projected to generate $1 billion in revenue for Africa.
- Financial apps saw a 34% increase in installations in the first three quarters of 2024.
App downloads in 2024 across Sub-Saharan Africa (SSA), grew by 23% year-on-year.
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 trends in Africa, for the growth of app downloads within the continent.
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 of 2024 compared to the same perod the year prior.
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![In-app purchase revenue trend (normalized) [Source: AppFlyer]](https://ocdn.eu/pulscms/MDA_/e94df2953dd01f6674760b44ee1de3e0.png)
Taking Q1 to Q3 of 2024 as a whole, there was a strong 28% increase in IAP revenue 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 major markets
The following companies have had the highest amount of rising* finance-related search terms for Nigeria, as seen in the report.
- “Moniepoint”
- “O-Pay”
- “UBA internet Banking”
- “Wema Bank” and
- “Eco Bank”
Below are the top 5 for South Africa
- “Nedbank”
- “Discovery Bank”
- “TransUnion”
- “Wonga”
- ABSA
![App install ad spend trend by platform (normalized) [Source:AppFlyer]](https://ocdn.eu/pulscms/MDA_/5cb90f3ac543e97e02290c745a85f455.png)
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.
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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.
