The Lagos Business School (LBS) Sustainable and Digital
Financial Services Initiative in collaboration with Dalberg, a consulting firm
recently released a Customer Segmentation Report on financial inclusion.
The report was gathered across several geo-political zones
in the country over the second half of last year.
The six segments of the sample population for the report
include:
Vulnerable Believers
Vulnerable believers are the lower middle-class to poor,
religious, predominantly rural, with limited education. They use financial
services infrequently and struggle to pay their bills. They have the lowest
aspirations for the future, and are less open and consider themselves less dependable.
Resilient Savers
Resilient savers are primarily men and are responsible for
household financial decisions. They are frequent savers through family,
friends, and groups. Savings are largely for emergencies. They are more
impulsive than average.
Dependent
Individualists
Dependent Individualists are the lower middle class and
mostly female. They have the lowest level of education among all segments. They
are the least impulsive and rely on others to make financial decisions for
them. They have a lower than average trust in both banks and social networks.
Digital Youth
Digital youth are the wealthiest segment but have
high-income volatility. They are young, well-educated and frequent users of
digital technology. They are most likely to perceive their community as unequal
and believe they can trust their community but not rely on the community to
invest in their business.
Confident Optimists
They are the middle to upper class, young, well-educated and
urban with high self-esteem and a positive view of the past and future. They
are the largest users of mobile money and have a strong belief and trust in
their community.
Skeptical Cultivators
Lower-middle class, rural, and older than average- They
distrust banks and their broader community and are most likely to trust only
those they’ve known long. They have the lowest self-esteem but
high-self-confidence and sense of control. They struggle with planning but
excel at savings.
Common
characteristics across all segments
The following characteristics were prevalent across the six
segments:
49% of the sample population had a bank account.
8% of the population has a mobile money account.
36% of the population made use of informal financial tools.
Nigerians who talked more on the phone were more likely to
be financially healthy.
Those with tertiary education are more likely to have a
mobile money account. 28% of those with tertiary education were more likely to
use a mobile money account compared to the 4% of those without tertiary
education.
Those in rural areas have a lower likelihood of borrowing
compared to urban residents.
Spouses are more likely than others to save with groups and
borrow from family.
Singles have a lower likelihood of borrowing from groups,
and allocate more of a windfall to spending on pleasure, than married
Nigerians.
A large majority of informal group members do not borrow
through them. 43% of Nigerians who participate in Informal groups do not
participate in them.
Dalberg Group was founded in 2001 by Henrik Skovby. The
company provides advisory and research services.
The Lagos Business School was established in 1992 as the
Centre for Professional Communications (CPC)
