The Sustainable and Inclusive Digital Financial Services (SIDFS) Initiative of Lagos Business School (LBS) on Thursday, August 16, 2018, launched its 3rd annual digital financial inclusion report titled, “The Consumer Segmentation Framework.” The launch held at LBS and was organised by SIDFS in partnership with Dalberg Advisors and Business Day. SIDFS was founded at LBS in 2015 to function as a university-based research and advocacy initiative with the aim of creating an inclusive ecosystem for financial services.
The Customer Segmentation Framework report was launched using an art exhibition specially curated to portray the personas of the financially excluded Nigerians identified in the report.
Delivering the opening remarks at the launch, Academic Director, LBS and Team Lead, SIDFS, Dr Yinka David-West reiterated that the Initiative is special to LBS, as it provides social impact and contributes to promoting sustainable business practices, which is the School’s mission. David-West said, “This study is to compare the number of unbanked people across the globe; the size of the unbanked and underbanked is growing every day, and this initiative is to ensure we can build products for these people. About the exhibition, she said, “We use art (audio and visual) to bring these financially excluded people to life, to understand their hopes and aspirations, to immerse ourselves in their world, and ensure we can deliver better products and services to them.”
Nneka Eze of Dalberg Advisory who shared insight into the content of the global report said, “A total of 1.86 billion people, 35 segments across different markets, 11,500 surveys with 650 variables measured and analysed was used for this report”. Some of the segment-wide insights into consumer behaviour in Nigeria include the following: that Nigerians who talk to more people on the phone are financially healthier, those with tertiary education are far more likely to have a mobile money account, knowing daily income in advance is linked to improved planning.
According to the report, an understanding of the psychological and behavioral dimensions of financial decision-making of consumers helps providers improve the needs of the BoP (Base of the Pyramid) and marketing efforts.
Following the successful launch, attendees explored the artworks at the exhibition and used the audio services to listen to real stories told by financially excluded Nigerians, which were curated to improve the experience.
The exhibition remains open at LBS and will run till August 30, 2018.