‘Naira to dollar’, ‘loans’ are the most-searched financial terms in Nigeria as finance apps continue to grow popular

Ejike Kanife
The increased search from naira to dollar and loans shows Nigerians are worried about their economic situation
Forex

Amid dwindling economic fortunes, ‘naira to dollar’ and ‘loans’ have emerged as the most searched financial terms between January 2023 to August 2024. This was disclosed in the 2024 State of App Marketing in Sub-Saharan Africa report released by AppsFlyer in conjunction with Google.

According to the report, these search results, which hit a peak between February and April 2024, reflect a growing apprehension among Nigerians as their stock continues to plummet amid depreciating purchasing power.

In Nigeria, Google Searches point to an overall growth in financial services interest between January 2023 to August 2024, with ‘Naira’ ‘dollar’ ‘naira to dollar’ and ‘loans’ as the most searched terms, indicating a growing apprehension about the country’s currency devaluation. Financial searches also reached a high between February and April, in line with the Naira falling to a record low in February,” the report noted.

Loans, naira to dollar are the most-searched financial terms in Nigeria
Loan

According to the trends report from Google, Financial Services has seen overall growth from January 2023 to August 2024, with March being a seasonal peak for search terms in Nigeria. Of the rising search topics related to finance, Moniepoint, Opay, UBA Internet Banking, Wema Bank and Eco Bank are the financial institutions that have shown the largest volume in search.

Nigerians have continued to grapple under the weight of deploring socio-economic conditions fueled by an escalating inflation rate that hit a 28-year high back in June 2024. As of December 2024, the country’s inflation rate stood at 34.8 per cent, marking a 41.4 increase from the 24.6 per cent one year earlier.

The untold economic hardship had led to a drastic reduction in purchasing power, loss of jobs and job cuts, and other economic hardships. It is not surprising then that Nigerians are seeking alternative sources of finance to meet their needs and loans are some of the surest ways to get much-needed instant money.

Analysing Tinubu's plan to curb inflation as Nigeria hits 18-year high of 24.08%
President Bola Ahmed Tinubu

Similarly, in June 2023, the government of President Bola Ahmed Tinubu floated the Nigerian currency, the naira. That policy quickly led to a slump in the value of the currency by almost 250 per cent, with the naira to dollar value falling to nearly N2,000 naira to the dollar. This too led to a downturn in economic fortunes and a drastic reduction in purchasing power as the prices of goods and services quickly skyrocketed in response to the change.

 To this end, many Nigerians considered saving in dollars, or at the least, wished the local currency they hold would regain its value. This led to searches surrounding the dollar, the naira, and their naira to dollar exchange rates.

Finance apps witness impressive growth

Finance apps have continued to witness impressive growth across various metrics in the Sub-Saharan African region and across both iOS and Android stores. Per the report, overall installs grew significantly in sub-Saharan Africa through the first half of 2024, rising by 23 per cent year-on-year. That steady upward trend continued for Android into Q3 of 2024 – up by 20% on the same quarter of 2023 – but iOS took a step back, dipping by 14%.

The report noted that the dip in iOS installs is attributed to the fact that Google commands a much greater user base in the region. Thus, comparing the first three quarters of 2024 to the same period of 2023 reveals a sizeable 21% growth in overall installs.

Similarly, in-app purchase revenue grew by 24 per cent in 2024 to date compared to the previous year with iOS revenue witnessing an impressive 39 per cent growth in what the report described as the biggest indicator of the region’s mobile and economic growth. In Nigeria specifically, iOS saw a 51% jump in IAP revenue from finance apps compared to Q1 – Q3 of the previous year

Top 5 online loan apps in Nigeria
The popularity of finance apps continues to grow

Commenting on findings gathered from the report, Managing Director EMEA SANI at AppsFlyer, Netta Lev Sadeh, said the partnership with Google has allowed the analytics company to gain valuable insights into the dynamic financial services landscape.

As one of the most exciting sectors in the region, the findings of this report underscore the crucial role of mobile phones and apps in continuing the advancement of financial inclusion, helping to bridge a critical gap across Sub-Saharan Africa. We are excited to see the steadily growing trend in IAP revenue from finance apps, which signals a promising and optimistic outlook for the region’s economic future,” Sadeh said.

See also: Equity funding constitutes 58% of $1.03 bn invested in African fintech startups in 2024


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