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FinTech Marketers Invested $3B Globally on User Acquisition in 2020 – AppsFlyer

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AppsFlyer, the global marketing measurement leader, yesterday released its 2021 edition of The State of Finance App Marketing report. The COVID-19 pandemic directly impacted how consumers interact with financial institutions and how the institutions themselves operate.

According to the report, Financial Technology (FinTech) apps are in high demand, experiencing a 132% leap globally in downloads in the last two years. Sub-Saharan Africa saw impressive growth, with installs in Nigeria climbing 160%, up 100% in Kenya and rising by 52% in South Africa.

Commenting on the growth of finance apps across Africa, Daniel Junowicz, RVP EMEA & Strategic Projects, AppsFlyer said: “The COVID-19 pandemic rapidly accelerated the adoption of financial technology globally and in emerging markets especially, finance apps helped millions of consumers and businesses remain connected. This trend is likely to continue and understanding how to best market their apps will be key to African businesses standing out from the crowd and growing their customer base.”

“With this year heading for a record with total spend globally, reaching no less than $1.2 billion in Q1 alone, we believe that combining different types of marketing activities in addition to improving the registration funnel by optimizing and shortening the time from install to registration will give marketers the edge to utilize their 2021 budget to the fullest.”

Key African Insights

      . Demand for Finance apps is at an all time high

.Downloads of finance apps have shot up over the last year. With 56% of the population in .Nigeria ‘unbanked’, many are turning to apps to access key financial solutions including:

.Loans: 43.3%

.Financial Services: 35.6%

.Investments: 20.3%

– Nigeria’s Cost Per Install*  is up 70% since Q2, leading to a spike in spend, especially in Q1 2021 when budgets almost tripled.

– While each of the three key regions have experienced growth in marketing activity in the last year, Kenya’s overall growth in the last two years has fallen.

Key Global Insights

– Digital banking installs up 45%, while traditional banks gain 22% in 2021. Finance app installs increased 20% overall, but financial services and traditional banking app installs saw only a 15% increase between Q1 2020 and Q1 2021. However, only in the first quarter of 2021, traditional banks picked up speed with a 22% rise in installs.

– 3.3x growth in the number of remarketing conversions between Q1 2020 and Q1 2021. Following a 32% drop in spend in Q2 of 2020, efforts rebounded in Q3 and with rising user acquisition costs, marketers increased activity in remarketing, which soared 3x by Q1 2021. Overall, the growth path of non-organic installs continued upward, hitting 172% growth between 2019 and now.

– Demand for Finance apps is rising across the globe. 29 of the top 40 finance markets (by app installs) enjoyed a growth of at least 20% YoY, however it was the developing markets that dominated the number of installs.

The average number of downloads in developing markets was 70% higher than the average in developed markets, with India, Brazil and Indonesia making up almost half of the global number of downloads.

“FinTech experienced rapid digital transformation over the last year, with the pandemic leading to a shift in mindset even for those that have been slow to adapt,” said Shani Rosenfelder, Head of Content & Mobile Insight, AppsFlyer.

“Marketers should strive for efficiency with their spend by following the rising Cost Per Install trend and focusing on user acquisition to meet new demand. Marketers should also explore more affordable remarketing campaigns to keep their brand top of mind amid rising market competition.”

Methodology

The State of Finance App Marketing from AppsFlyer is an anonymous aggregate of proprietary global data collected from 4.7 billion finance app installs.


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E-Business

Firm Reveals a 37% Increase in Malicious Packages Compromising Software Supply Chains

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According to Kaspersky telemetry, almost 19,500 malicious packages were found in open-source projects by the end of 2025, representing a 37% increase compared to the end of 2024.

Modern software development is inseparable from open-source components. However, open-source software may contain intentionally hidden threats which can leave the products that use malicious packages vulnerable to manipulation, including supply chain attacks. According to a new Kaspersky global study, supply chain attacks have emerged as the most common cyberthreat facing businesses over the past year.

Kaspersky reminds about high‑profile supply chain attacks that have emerged recently: In April 2026, the official website for CPU-Z and HWMonitor, free tools used by hardware enthusiasts, IT administrators and system builders worldwide to monitor hardware performance was compromised, silently replacing legitimate software downloads with malware-laced installers.

Analysis from Kaspersky GReAT showed that the compromise window was approximately 19 hours. Kaspersky telemetry detected that more than 150 victims across multiple countries faced this attack. The majority were individual users, which is consistent with the consumer-facing nature of the compromised software. Affected organisations spanned retail, manufacturing, consulting, telecommunications and agriculture.

  • In March 2026, Axios, one of the most widely used JavaScript HTTP clients, was compromised. The attackers hijacked a maintainer’s account and published poisoned versions of the package (1.14.1 and 0.30.4). The malicious releases contained no harmful code in Axios itself but introduced a phantom dependency that deployed a cross-platform RAT, contacted a C&C server, and then erased traces of itself for macOS, Windows and Linux. Both versions were removed within hours, and the dependency was quickly put under a security hold. Kaspersky GReAT confirmed that the attack was not standalone – it shared tactics, techniques and procedures with Bluenoroff’s GhostCall and GhostHire campaigns, presented at the Security Analyst Summit in 2025.
  • In February 2026, the developers of Notepad++, a widely used open-source text and code editor, disclosed that their infrastructure had been compromised due to a hosting provider incident. Kaspersky GReAT researchers discovered that attackers behind the Notepad++ supply chain compromise had used at least three distinct infection chains and targeted a government organisation in the Philippines, a financial institution in El Salvador, an IT service provider in Vietnam and individuals across several countries.

 “According to our survey, 31% of enterprise businesses have been impacted by a supply chain attack in the past 12 months. Nevertheless, the security level of open‑source projects is not necessarily lower than that of proprietary-vendor solutions. In some cases, an active open‑source community can quickly discover and remediate vulnerabilities, whereas proprietary systems often rely on internal teams for audits.

The open‑source community strives to monitor emerging risks, cybersecurity specialists conduct researches to find vulnerabilities and malicious code in open‑source software, promptly notifying their users and the community. Completely eliminating the potential risks is impossible, but they can be minimised also with the help of security solutions and automated code‑analysis tools,” comments Dmitry Galov, Head of Kaspersky GReAT Russia and CIS.


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Data Privacy Ignorance Threatens National Security –  DKIPPI 

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Data Knowledge and Information Privacy Protection Initiative (DKIPPI) has warned that widespread ignorance of data privacy practices is exposing Nigeria to serious national security and economic risks amid a rise in ransomware attacks.

Data Privacy Ignorance Threatens National Security -  DKIPPI 

Tokunbo Smith, president of DKIPPI, warned on Tuesday in Lagos, that  the increasing frequency of ransomware incidents underscores the dangers of weak data protection systems across organisations and institutions.

He described ransomware attacks as a growing threat in which hackers infiltrate systems, demand payments and threaten to leak sensitive data.

Mr Smith said, “The cost of ignorance in data privacy is not just what you lose. It is what you expose. Data privacy has evolved beyond a technical concern to a critical governance and national development issue requiring urgent attention. Ransomware is no longer just cybercrime; it is economic warfare and a governance issue.”

Mr Smith urged both public and private sector leaders to adopt proactive and comprehensive data protection frameworks to safeguard sensitive information and strengthen institutional resilience.

He also called on government at all levels to go beyond punitive responses and implement stronger regulations, enforcement mechanisms, and national cyber resilience strategies.

According to him, DKIPPI will soon release a policy advocacy paper outlining the key risks associated with poor data protection practices.

He said the paper would highlight financial losses, institutional inefficiencies, and threats to national security, while recommending urgent reforms to procurement processes, compliance systems, and governance structures.

Mr Smith added that addressing data privacy gaps was critical to protecting Nigeria’s digital economy and restoring trust in its institutions.

 

 


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Angst as FG Drops $32.8m Fine on Meta for Data Breach

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Decision to cancel the $32.8 million fine previously imposed on Meta for alleged data privacy violations was taken as far back as October 30, 2025.

Angst as FG Drops $32.8m Fine on Meta for Data Breach

The development has raised concerns over the country’s approach to data protection enforcement and regulatory transparency.

This followed a confidential, out-of-court settlement singed by Nigerian Data Protection Commission (NDPC) with Meta, effectively waiving the fine imposed earlier that year.

This deal, sanctioned by a Federal High Court, resolved disputes over behavioural advertising and user data transfers without Meta paying the penalty.

Recall that the NDPC claimed that it launched investigation in September 2023 that examined Meta’s handling of personal data from more than 60 million Nigerian users.

The NDPC had accused Meta of several breaches, including the absence of explicit consent for behavioural advertising, unauthorised cross-border data transfers, the collection of data from non-users, and the deployment of algorithms that could expose users to financial and health risks.

At the time, the regulator described the penalty as part of efforts to strengthen digital rights protections in Africa’s most populous country, aligning Nigeria with global enforcement trends in the United States, United Kingdom, and European Union, where Meta and other major technology firms have faced multibillion-dollar fines for similar violations.

However, documents from a subsequent settlement indicate that Nigeria reversed its position in October 2025.

Under the agreement, Meta was absolved of the $32.8 million penalty and required only to cover legal fees incurred by the government during court proceedings challenging the NDPC’s final orders.

The settlement was signed on 30 October 2025 and later validated by the Federal High Court in Abuja on 3 November 2025.

Despite this judicial confirmation, the terms of the agreement were not made public at the time, and only recently emerged through disclosed documentation.

The development has triggered questions about transparency in regulatory enforcement, particularly given the scale of the initial allegations and the number of affected users.

Iliya-Ezekiel Ndatse, data protection lawyer, said the outcome weakens regulatory deterrence.

“Removing penalties after such findings reduces the effectiveness of enforcement actions and weakens the credibility of compliance obligations,” he noted.

The case has also drawn comparisons with Nigeria’s previous dispute involving Twitter, now rebranded as X, which was banned in 2021 before the two parties reached a negotiated resolution.

 


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