We do not have the population.
Let us roll out the figures. Bank apps and top fintech apps together have less than 100 million monthly active users. Place this number against the registered users you have about 190 million. Dissect this number further, and you will get 89.6 million monthly active users. This number includes heavy overlaps. It means many bank and fintech customers have multiple mobile apps.
On the one hand
The Google Play Store data shows that most of the banking apps on the store have over 1 million downloads. This does not translate to 1 million users. You can download a mobile app and delete it afterwards if it does not serve you right. Download numbers and registered numbers can be deceptive. Many fintechs have a humongous number of registered users, but the number drops dramatically in the daily and monthly users’ quadrant.
On the other hand
What is paramount here are the monthly active users. This is what counts. On this road, we do not have the numbers. When we do not have the users’ energy, how can we possibly grow a super mobile app? It is impossible. The banks cannot build a super. What the industry will get is an app-wagon. Then, after a while, the banks will cool off. The app-wagon will cease to move. Do you know why? The figures will not tally. If the figures do not tally, the bank is uninterested.
In the long term
We cannot have two super mobile apps. It cannot happen. We do not have the numbers. However, if one fintech – forget banks, they are opportunistic – can attract 200 million customers to wine and dine from its app altar, the users will worship the app forever. Because payments, transactions, investments, loans, food delivery, cab hailing, and savings are frequent daily activities on most of the apps I have studied.
Sleek apps are good. If it does not attract users, it is useless. Embedded finance is good. If it is not what the users need, it is useless. What I have noticed is that banks and fintech have tilted their apps. They are offering payments only. Yes, payment is good as an anchor service. After that, what is next? Let us create a balance. Let us find the attraction.
For instance, Edikang Ikong soup is nutritious. It contains a generous quantity of pumpkin leaves. Water leaves. Palm oil. Beef. Stockfish. Ponmo. Crayfish. Periwinkles. This soup is nourishing. Our would-be super app should be delicious too with diverse attraction. Investment. Stock market. Tours. Travel. Games. Education. Health. Food. Ecommerce. Dating. Etc.
The journey is far. Whoever goes the extra mile wins. The winner app will layer more functions. Sign more partnerships. Create more collaboration. Fashion accessories. Female things. Wellness. It is a massive task. We can start somewhere. One layer at a time. We have conquered payment, transactions, savings, and loan. Can we layer another must-have? Health insurance, perhaps?
In the short term
I detest downloading a new app for a new task. A super app will force me to delete my 10 apps and join the number of users on the super app’s monthly data.
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