Lagos Business School (LBS) is set to release its 3rd annual digital financial inclusion report titled ‘The Consumer Segmentation Framework’ during a two-week art exhibition from August 16, 2018.
The Sustainable and Inclusive Digital Financial Services (SIDFS) initiative of the LBS in partnership with Dalberg and the Bill & Melinda Gates Foundation, conducted a survey on the unserved and underbanked consumer segments in Nigeria to uncover insights useful for decision making.
The SIDFS intends to present the research report during an art exhibition portraying the characteristics of individual customer segments which is in a drive towards developing a sustainable framework to bring all Nigerian adults into the financial fold. The insights in the report is expected to aid regulations and decision making for key stakeholders in understanding the segments they seek to serve.
Immanuel Umukoro, research fellow, SIDFS opines that “this exhibition will help key stakeholders better appreciate and come to terms with the reality of the audience that they seek to serve.”
“Our evidence-based approach employs scientific and analytical methods to acquire and explore consumer and operator data, from which we uncover insights which drive innovative product development. These are not just economic in nature but consumer-centric, and will also spur reforms that are able to catalyze the digital financial services ecosystem in Nigeria.”
The essence of launching the report during the art exhibition is to help stakeholders understand the target market as art and culture reflects the true nature of people.
“Art has been described as helping to hold a mirror up to society, reflecting its interests and concerns while at the same time challenging its ideologies and preconceptions.” Oyinda Fakeye, co-founder & director, Video Art Network Lagos (VAN Lagos) and curator of the art exhibition, said.
“The power of using audio-visual realism to portray the customer segmentation profile is such that will allow stakeholders connect deeply with the personas that they seek to engage, in a bid to create fit-for-purpose interventions.” Oyinda commented.
The institution has released three reports under a study titled “Sustainable Business Models for Delivering Digital Financial Services to Lower Income Unbanked Citizens of Nigeria”. The study focused on an in-depth analysis of mobile money consumers and operators (MMOs), identifying sustainable business models and other market interventions which would enhance financial inclusion.
The institution has also published the first report titled “Digital Financial Services in Nigeria: State of the Market Report 2016” that provides an overview of the current state of financial inclusion and digital financial services adoption in Nigeria. It also focused on understanding consumer profiles as well as the supply-side assets, resources and capabilities (ARCs) needed to effectively deliver mobile money services in Nigeria.
In the second year, the focus was two-pronged: consumer gender segmentation and the regulatory landscape. The gender segmentation provided insights into the gender differences in financial inclusion across Nigeria’s adult population. On the regulatory side, regulatory and legislative documents were mined to identify market-enabling policies for sustainable Digital Financial Services. The results were consolidated and presented in a second report titled “Digital Financial Services in Nigeria: State of the Market Report 2017”.
This year, the focus is on the economics of financial inclusion and customer segmentation. The economics of financial inclusion is a six-paper series’ study that looked at the nexus between financial inclusion and key macro-economic variables and how financial inclusion contributes to economic growth and development.
The Customer Segmentation Framework (CSF), an artistic presentation of the findings of the study introduces the different customer personas of the unserved & underbanked to aid intervention efforts. The launch and exhibition will provide an opportunity for stakeholders of the financial service industry to experience and learn more about the different personas of Nigerians who live day to day without financial services.
SIDFS is an initiative of Lagos Business School developing a comprehensive financial ecosystem with the support of the Bill and Melinda Gates Foundation.
