AI Insights · Timothy · April 2022
Top 5 Finance Apps on Unified Platform in Africa in Q1 2022
Top 5 finance apps in Africa showed varied performance in Q1 2022. EaseMoni, M-PESA, Capitec Bank, FairMoney, and Kuda experienced diverse trends in downloads and active users.
In Q1 2022, the top 5 finance apps in Africa saw notable performance variations in both downloads and active users, according to Sensor Tower data.
EaseMoni—Instant loan online from Blue Ridge Microfinance Bank Limited saw a peak in weekly downloads at around 205.5K in mid-January, with a steady decline thereafter, reaching approximately 19.2K by the end of March. Active users started at 328K in late December, peaking at around 469.8K in early January, but experienced a downward trend, ending the quarter at roughly 214.8K.
M-PESA by Safaricom Limited had an impressive start, with downloads peaking at 206.8K in early February. Active users showed a consistent upward trend, starting at 2.5M and reaching a high of 3.3M by early February, maintaining a strong presence throughout the quarter.
Capitec Bank experienced a significant surge in downloads, especially notable in mid-March with a peak of approximately 144.4K. Active users grew steadily from 2.4M in late December to about 2.9M by the end of March, indicating a robust user engagement.
FairMoney—Instant loans & more from a digital bank maintained a relatively stable download rate around 80K per week throughout the quarter. Active users showed minor fluctuations but remained around 600K, ending the quarter at approximately 562.9K.
Kuda - Transfers and payments saw consistent weekly downloads, peaking at around 75.1K in late January. Active users increased steadily from 564.2K in late December to 659.1K by the end of March.
Overall, these apps demonstrated varied trends in user engagement and downloads, highlighting the dynamic nature of the finance app market in Africa. For more insights, visit Sensor Tower.
