The Customer Segmentation Framework presents a new way of thinking about financial services consumers, particularly those who have been marginalised or excluded by the ecosystem i.e. the underserved, under-banked and unbanked. The Nigeria segmentation is part of a larger study across 6 countries.
The Nigeria Customer Segmentation Framework contains six customer archetypes / personas.
These profiles provide illustrative descriptions of Nigerians within the marginalized segment, using their dominant gender, location, occupation and income sources. The profiles also highlight their current state of financial health (and behaviors) as well as other attitudes like disposition to financial services products like savings and credits. Readers will understand each persona’s coping mechanisms during periods of financial shocks and crises — the strength of their social networks and who they turn to for support, counsel and intervention.
The personas also illustrate psychometric attitudes like locus of control and self-efficacy and their level of importance. Furthermore, the digital prowess of the segments also provide insights into appropriate service delivery channels and mechanisms.
The report presentation is also unique in providing rich detail about customers and their life’s “journey”. This feature offers a peek behind the curtain into their daily lives, by chronicling their major struggles and challenges, hopes, aspirations and desires.
The segmentation presents a typical use case which proffers ways to leverage each of the consumer persona insights to aid financial service delivery, education and support. These design principles are the input of the product design and development process.
The SIDFS team has established a Product Development and Prototyping Lab with the mandate of supporting financial service providers (FSPs) to bring innovative products and services to currently underserved segments. Through the lab, we hope to expand our role by supporting FSPs to design, test, and launch new solutions to the market for previously untapped customer segments.
This Customer-centred design toolkit is part of the lab, and introduces a customer-centric design process that will support FSPs to design innovative and commercially viable products and services that satisfies the needs, motivations, and aspirations of their customers.
The gender toolkit is intended to help financial service institutions design and implement products and services that will enhance women’s financial inclusion. It shows how financial inclusion programs can be effectively designed, implemented, and monitored.
There is an urgent need for womenfolk to be viewed as a separate market segment with unique financial services requirements, without masking products as gender-neutral. To enable this change, in-depth knowledge of the social and behavioral barriers impacting women is required to enable the effective design of financial products and service offerings.
This toolkit is mainly intended to help financial organizations design products/services seeking to use financial inclusion as a way to improve women’s economic status in society. The toolkit will also be of interest to financial service providers, donor agencies, NGOs working on programs seeking broader empowerment outcomes for women.
Savings Mobilization Toolkit
Women are natural savers, managing their households’ finances while planning for the future. However, many low-income women still lack access to formal financial services, resorting to unreliable informal methods of saving.
To bridge this gap, we partnered with Women’s World Banking to develop the Savings Mobilization Toolkit.
The Savings Mobilization toolkit is an open-source blueprint, designed to help deposit-taking institutions replicate and implement the Women’s World Banking Savings Mobilization Solution for low-income women customers.
This toolkit was developed using the Women’s World Banking, Women-Centered Design (WCD) approach.l accounts, harnessing the benefits of saving at a bank.
This toolkit will be of interest to financial service providers, donor agencies, and Non-Governmental Organisations (NGOs) working on programs seeking broader empowerment outcomes for women.