Tapping the Markets of Un/derbanked Women and Youth: Diamond Bank, Nigeria. August 14, 2013 Durban, South Africa

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1 Tapping the Markets of Un/derbanked Women and Youth: Diamond Bank, Nigeria August 14, 2013 Durban, South Africa

2 Women s World Banking s Global Footprint + 30 years being the largest network in microfinance 19 million active clients 73% women 39 institutions $6.9 billion in outstanding loan portfolio $4.4 billion in deposits 5 Women s World Banking s is also working outside of the network in Malawi, Nigeria and the Pacific 2

3 Women s World Banking s Approach Research Incubate & Pilot Scale Prove Solutions based on listening to clients Design and test innovations, while providing appropriate financial education Maximize outreach to women Demonstrate the business case for investing in women Strengthening Internal Systems Staff Training Expanding Marketing Capability Leadership Build capacity to support innovation Dissemination of Knowledge Share lessons learned and best practices with network and facilitate peer learning Gender Performance Initiative Expand and improve the collection of gender-based financial and social performance indicators 3

4 Framework for Product Design (Savings example) Product Design Marke2ng Opera2ng Model Barriers to opening Opening requirements: ID, proof of address, proof of income Accessibility Monthly fees Minimum balance requirements Cost of cards or checkbook Incentives Rewards, prizes or interest paid Emotional distance This is for me Simple communications in local language Campaign development Benefits that meet her needs Media and communication channels that reach her Financial Education Raise awareness and increase confidence Practical approaches aimed at specific gaps Agency and mobile banking Increase convenience and reduce costs Especially for women who face security risks, are time-poor Tailored procedures Fast account opening procedures to reduce cost of acquisition Reduce impact of barriers like literacy or familiarity with banking procedures Partnerships Delivery models and financial capability Staff development and training Profile, incentives and performance indicators for sales teams Branch staff training Detailed, targeted and insightful assessment of women as target group Comprehensive, qualified and efficient assessment of institution

5 Financial Inclusion Opportunity in Nigeria Over 50m adults are not reached by formal financial institutions Gender gap - 73% of women vs. 63% of men are unbanked Youth market is large and growing with 91m (0-24 yrs), of which less than 2m currently served Sources: EFInA Access to Finance, 2012; National Institute of Statistics

6 Diamond Bank Un/der Banked Women and Youth BACKGROUND Commercial bank with a fast-growing retail division (client base of 2.2m) Sees financial inclusion as market development for growth with the right model Expertise in technology, channels, managing outsourced sales team National network of 240 branches - potential for impact at scale is significant SCOPE Savings and youth entry products to gain footprint Introducing agency banking, to expand to national network including rural areas Diversify value proposition to include credit and other products Target to reach over 1 million clients within 5 years Diamond Bank investment projected at over USD 20m (set-up and running costs over 5 years) Current collaboration on product design through financial support from EFInA, Visa and Credit Suisse 6

7 Omobolanle, Market Trader Established business and built it up through savings. Now saves to grow business, educate kids, and put aside some savings for the house/land. Saves $3 a day through informal savings collector. I have an account, but I have not gone there in 6 months. It is not the kind of business that it makes sense that you put the money into the bank after each day. When I see some extra, then I put it in the bank but I have to go to the market very often. Source: Women s World Banking, Market Research, 2012

8 Developing a Proposition for Un/der Banked Women KEY CONSUMER INSIGHTS Target segments are women (and men) market traders She is familiar with banks but does not think they are relevant to her Even if she has a bank she prefers the agility of informal mechanisms like savings collectors, ROSCAs Comfortable leaving her business for at most 15 minutes to transact PROPOSITION BETA Savings ( better in Pidgin) is a simple savings account tailored for market women, that offers maximum convenience to customers by delivering a low cost banking service to their shops. No forms, no signature, no ID required, no account references, no minimum balance No monthly fee, no deposit fee, no withdrawal fee (ATM/branch) Free starter pack with ATM card Interest paid on balances (3.6% p.a.), rewards scheme with weekly cash prizes 8

9 BETA Operating Model MULTI-CHANNEL ACCESS BETA Friend promotes, opens accounts, handles deposits (and withdrawals) in field. Access to withdrawals at ANY bank s ATM, free of charge. Can visit branch for transactions or assistance. FAST ACCOUNT OPENING Opening account takes less than five minutes, can be done from anywhere. BETA Friend enters personal data on mobile app, and takes a photo. Customer receives account number and mobile PIN via SMS. Account is instantly activated. Receives starter pack with debit card, PIN mailer and info guide. EDUCATIONAL MARKETING BETA Talks info sessions through NGO partnership; practical educational messages integrated in sales tool for BETA Friends, and in info guide in starter pack. 9

10 BETA Pilot Results Making the Business Case PILOT RESULTS 20 branches, 115 BETA Friends 35,000 accounts opened in five months High rates of account activity 86% have more than one transaction per month Over 50% transact weekly or daily Average balance USD 30 (all accounts), USD 65 (accounts opened > 3 months) Previously unbanked % of account holders Women 40.4% of account holders CUSTOMER FEEDBACK BETA receives high rating from customers it combines the convenience of informal systems with the security of saving with a bank. It is lower cost, pays interest, and offers 24/7 access to your money through the ATM. They re collecting every day. I love it. It s not every time [that] we ll have time to go to the bank. (FG 1, Frequent Users, Women, Balogun Oke-Arin) BUSINESS CASE CONSIDERATIONS BETA offers little fee revenue - business case based on maximizing growth of low-cost retail deposits for on-lending; in future cross-selling opportunities for other products. Full financial model developed for the product and channels projected break-even is in third year. 10

11 What does it take to reach women? BETA Savings aimed to attract women without alienating men, and set a pilot target to reach 55% women; yet women make up just 40% of the customer base. Why? Women are risk averse and it is more difficult to convince them to try BETA compared to men. Once convinced, women are strong and active savers within 3 months average balances for women over 20% higher compared to men Participation of Women % of Women, Weekly Accounts Opened FOCUS ON WOMEN INTRODUCED RESPONSE Focus on Women incentive introduced; women s participation rises to 50%. Signals commitment to serving women s market with sales bonus and higher portfolio incentive for women s accounts. Compensation for extra effort required to win women as customers. 11

12 Developing a Youth Proposition at Diamond Bank KEY CONSUMER INSIGHTS Lead segments are: Parents, who want to save lump sums for their children s education Teens (13-18), to learn to manage their own money Differentiated approach for each segment [Account Name] PROPOSITION AND KEY BENEFITS Parents account: Long-term savings plan with incentives for achieving savings goals, up to 18 years Incentives to include annual pay-out of 13 th instalment Teens account: Transactional savings account with option for savings plan Tools for calculating savings goals Incentives to include free movie passes, music 12

13 Partnerships BETA and Youth Propositions BETA SAVINGS Initially conceived as a partnership strategy, however Diamond Bank chose to invest in its own approach during the first phase of development. Challenges: Mobile money incipient in Nigeria challenges with quality control and availability of agents Complementarity of business vision with partners Ownership of customers Channels working together Sharing of risks and rewards Partnership is a key component of BETA s roll-out and expansion phase which Diamond Bank is actively exploring. YOUTH PROPOSITION Initially focused on a private school banking proposition, now evolved to include a wide range of partners. Partnership is key to: Support financial capability approach for youth which is a critical component To reach more youth, through the most effective channels Partners to include public and private schools as well as vocational schools 13

14 Thank you for your attention 14

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