Mobile Money. Report. Current trends in mobile money in Nigeria. September, Mobile Money Report I Sept 2013

Transcription

1 September, 2013 Mobile Money Current trends in mobile money in Nigeria Report 1

2 TABLE OF CONTENTS Executive Summary...4 Introduction and Background...5 Aim and Objectives 7 Research Methodology..7 Findings.. 8 Part 1 How many people know about Mobile Money?. 8 Part 2 What is the Rate of Adoption of the Service?...11 Part 3 Who is Using Mobile Money and What is it Used for?...14 Other findings...19 Demographics...21 Discussion and Conclusion

3 LIST OF GRAPHS Graph 1: Knowledge of mobile money...8 Graph 2: Knowledge of mobile money by age distribution...9 Graph 3: Knowledge of mobile money by monthly income range 9 Graph 3a: A proportionate representation of knowledge of mobile money by monthly income range 10 Graph 4: Sources of information on mobile money.10 Graph 5: Registration status of respondents who are aware of mobile money..11 Graph 5a: Registration status by age distribution Graph 6: Distribution of registered respondents by mobile money operators 12 Graph 7: Year of registration with mobile money operators...13 Graph 8: Factors representing reasons for non-subscription to MMOs..13 Graph 9: Frequency of use of mobile money and its services.14 Graph 10: Reasons for non-usage of mobile money services by subscribers 15 Graph 11: Uses of mobile money and its services..15 Graph 12: Average amount of money involved per financial transaction..16 Graph 13: Location of recipients of funds transfer...16 Graph 14: Relationship between uses of mobile money and frequency of use.17 Graph 15: Relationship between uses of mobile money and amount of per transaction..18 Graph 16: Distribution of respondents by active bank account..19 Graph 17: Distribution of respondents by possession of a mobile phone.19 Graph 18: Respondents current mode of carrying out financial transactions 20 Graph 19: Respondents preferred mode of carrying out financial transactions 20 Graph 20: Distribution of respondents by States..21 Graph 20a: Relationship between location and knowledge of mobile money...22 Graph 20b: Relationship between location and registration status.22 Graph 21: Distribution of respondents by age.23 Graph 22: Distribution of respondents by employment status 23 Graph 23: Distribution of respondents by monthly salary 24 Graph 24: Response to recommendation of mobile money services.24 Graph 24a: Response to recommendation of mobile money services by registration status.25 3

4 EXECUTIVE SUMMARY Mobile money is a regulated payment service performed from a mobile device which enables users have access to their money anywhere and at anytime without need for a bank account. More Nigerians have been found to own mobile phones than bank accounts, thereby demonstrating the great potential of mobile money in Nigeria. However, since its inception, mobile money has been reported to make very little impact in the country. This study therefore seeks to determine the use and level of adoption of mobile money in Nigeria and to understand why more people have not started using the platform as a means of exchange. This study was quantitative in nature and was administered manually and electronically using survey questionnaires. A total of 1987 responses were received. The major findings of this study are as follows: 29% of respondents are registered with a mobile money operator Knowledge of the Service Of the total number of respondents, 37% do not know what mobile money is which means the majority (63%) know about the service. This knowledge is strongest in people aged years (31%) and those who earn more than N1 million monthly (89%). The major source of information on mobile money is obtained from their banks (32%). Other important sources include telecommunication providers (14%), Newspapers (14%) and friends (14%). On the other hand, those who know the least about mobile money are younger than 18 years (67%), and earn less than N50,000 monthly (47%). There appears to be a direct link between the level of earnings and knowledge of mobile money i.e. those who earn more seem to know more about the service. Registration Status Of the total number of respondents who know about mobile money, only 29% are registered with any of the mobile money operators (MMOs) in Nigeria, the leading MMO among registered respondents being GTBank mobile money (41%). Registration is highest in those between years (16%). Again, the number of people registered with MMOs seems to be increasing every year since its inception. According to responses from this survey, 40% of respondents registered in 2012 compared to the 6% that registered in The majority of respondents (71%) are thus not registered with any MMO. Lack of information on mobile money services (29%) is the main reason for nonregistration by respondents. Only 17% are not registered because they do not think they need mobile money services. 63% of respondents were aware of mobile money 4

5 31% of registered respondents have never used the service Usage Of the total number of respondents who are registered with an MMO 31% have never used the service. Only 9% use it daily, 24% weekly, 26% monthly and 10% use it once every quarter in a year. Those who have never used the service indicate inadequate understanding of the service (31%) as their main reason for non-usage. Technical issues in processing transactions (19%) and concerns about fraud (18%) are also significant reasons for non-usage. Problems with mobile money agents (11%) appeared to be the least important reason given for non-usage of mobile money services. The most common usage for the service is for funds transfer (30%) to recipients who mostly reside in cities (75%). These money transferers constitute the majority of respondents who use mobile money weekly and monthly, and who spend above N5,000 per transaction. 25% of respondents also use mobile money to purchase airtime for their phones. This accounts for most of those who use the service daily and spend less than N5,000 per transaction. Only 2% use mobile money to pay for goods and services. Other findings More of the respondents had mobile phones than bank accounts, implying a high potential of adoption of mobile money in Nigeria. Also, although more people performed financial transactions in person, and less through laptop devices and/or mobile devices, a significantly higher percentage of people preferred to use mobile devices for financial transactions. Conclusion Knowledge of mobile money among respondents appears to be strong but adoption is low as shown by the significantly low percentage of those who are registered and actively using the service. The major reason for this weak adoption is information deficiency on mobile money services. This implies a need for more efficient mobile money educative initiatives in the country. 5

6 INTRODUCTION AND BACKGROUND Mobile money is a regulated payment service performed from a mobile device which enables users have access to their money anywhere and at anytime without need for a bank account. Real money is converted into electronic money (e-money) and put into mobile devices so that financial transactions such as the transfer of funds from one mobile subscriber to another can be carried out through a mobile phone. The concept of mobile money was established to ensure financial services are made available to the unbanked population. By enabling digital payments, mobile money reduces dependency on cash whilst providing a platform for customers to access a much broader range of financial services. In Nigeria, the primary aim of mobile money is to promote a cashless society by providing financial inclusion for the over 80 million Nigerians who do not own bank accounts. 77% of adults in Nigeria are unbanked while there is well over 54% mobile penetration rate. This is especially significant because of the fact that 57% of Nigerians live in the rural areas where financial institutions find it commercially unviable to operate; thus emphasizing the immense potential of mobile money services in Nigeria. The Central Bank of Nigeria (CBN) granted operating licenses to over ten financial institutions and companies to provide mobile money services in the country. Some of these mobile money operators (MMOs) include: Guaranty Trust Bank (GTBank), United Bank of Africa (UBA/Afripay), Stanbic IBTC, Ecobank, Fortis MFB, Pagatech, Paycom, etranzact, FETS (Funds and Electronic Transfer Solutions), Eartholeum, M- Kudi and Virtual Terminal Network (VTN). Although the specific services and their modes of operation vary among the different MMOs, the general functions of mobile money in Nigeria include: Transfer and receipt of money Payment of bills e.g. utility bills, shopping bills, cable TV bills etc Purchase of airtime Cash deposits and withdrawals Balance inquiries Despite the huge potential of mobile money in Nigeria and the wide range of functionalities, it is clear that MMOs are struggling to make an impact in the country in terms of investments in agency network, technology and marketing. This report therefore aims to determine the use and level of adoption of mobile money in Nigeria and to understand more why other individuals are not currently using the platform as a means of exchange. 1 (Central Bank of Nigeria, 2009) 2 (Castri, 2013) 3 (Egbuta, 2013) 4 (The Economy) 6

7 AIM AND OBJECTIVES Aim The aim of this study is to determine the use and adoption level of mobile money in Nigeria and to understand why more people are not using the platform as a means of exchange. Objectives: The objectives of this study are to: 1. Determine the level of knowledge about mobile money among Nigerians 2. Identify those who are registered with an MMO 3. Establish the reasons of non-subscription to MMOs among those who know about it 4. Establish reasons for non-usage of mobile money and its services amongst those who are registered with MMOs 5. Ascertain what mobile money is most used for and the average amount of money involved in transactions RESEARCH METHODOLOGY This quantitative study was conducted using survey questionnaires administered manually and electronically, which received a total of 1,987 responses. I. Manually (On the field) The survey was conducted over 5 days across the six geo-political zones of Nigeria. The states surveyed were Lagos, Oyo (Ibadan), Rivers (Port Harcourt), Abia (Aba), Delta (Warri), Katsina and Taraba states. To maximize reach and ensure adequate representativeness of the sample, each state was divided into administrative divisions or local governments where the survey was to be administered. Questionnaires were evenly distributed in both the formal and informal sectors of each identified administrative division. II. Electronically An online version of the survey was administered for 2 weeks on the company s website. 1,987 -number of responses received from the survey 7

8 FINDINGS PART 1 - HOW MANY PEOPLE KNOW ABOUT MOBILE MONEY? Key findings: The majority of survey respondents (over 60%) know about mobile money. Most of these people are in the years age group and earn more than N1 million monthly. On the other hand, those who do not know about mobile money are also mostly in the years age group and earn less than N50,000 monthly. Of the total number of respondents, 63% say they know about mobile money while the remaining 37% do not (Graph 1). Do you know what mobile money is? 63% 37% No Yes Graph 1: Knowledge of mobile money Of the 63% of respondents who know about mobile money, 31% are between the ages of and constitute the majority. 15% are between years, 10% between years, 5% between years and 1% each for the under 18 and over 55 years age group (Graph 2). 5 Key findings are reported using figures/results generated from proportionate calculations and analyses of the total number of responses per question 8

9 Knowledge of mobile money by age group Yes 1% 10% 31% 15% 5% 1% Younger than 18 years years years No 2% 11% 13% 7% 4% 1% years years More than 55 years Graph 2: Knowledge of mobile money by age distribution Again, of the 63% who know about mobile money, 25% earn less than N50,000 monthly while 14% earn between N50,001 N100,000 and another 14% between N100,001 N300,000. 5% earn between N300,001 N500,000, 3% between N500,001 N1million and 2% earn more than 1 million (Graph 3). Although it appears that knowledge of mobile money decreases as income increases as described above, a relative assessment however shows that a high percentage of high earners tend to know about mobile money (Graph 3a). Knowledge of mobile money by monthly income range Yes 25% 14% 14% 5% 3% 2% Less than N50,000 N50,001 - N100,000 No 22% 8% 1% 4% 1% 0% N100,001 - N300,000 N300,001 - N500,000 N500,001 - N1million More than N1million Graph 3: Knowledge of mobile money by monthly income range 9

10 Less than N50,000 47% 53% N50,001 - N100,000 36% 64% N100,001 - N300,000 23% 77% No N300,001 - N500,000 21% 79% Yes N500,001 - N1 million 21% 79% More than N1 million 11% 89% Graph 3a: A proportionate representation of knowledge of mobile money by monthly income range Banks are the primary sources of information about mobile money (32%). Other important sources include telecommunication providers (14%), Newspapers (14%) and friends (14%). See Graph 4. How did you learn about mobile money? Bank 32% Newspaper Telecommunication provider Friends TV Radio 14% 14% 14% 12% 9% Family Other 3% 3% Graph 4: Sources of information about mobile money 10

11 PART 2 WHAT IS THE RATE OF ADOPTION OF THE SERVICE? Key findings: Majority of the respondents (over 70%) were not registered with a mobile money operator. The main reason given for this was a lack of information on mobile money services and the least cited reason was a lack of need for the service. Majority of respondents who were registered indicated GTBank mobile money as their MMO. Of the total number of respondents who know about mobile money, only 29% are registered with any of the mobile money operators (MMOs) while the remaining 71% are not (Graph 5). Are you registered with any of the Mobile Money Operators in Nigeria? 29% 71% No Yes Graph 5: Registration status of respondents who are aware of mobile money Of the 29% who are registered with an MMO, the majority (16%) is between years of age. Similarly, the majority of the 71% who are not registered are also within the years age group (34%). See Graph 5a 11

12 Registration status by age distribution Younger than 18 years Yes 4% 16% 7% 1% 0% years years years years More than 55 years No 12% 34% 17% 7% 1% Graph 5a: Registration status by age distribution The leading MMO to which 41% of respondents are registered is GTBank mobile money (Graph 6). The other category includes MMOs like Wema Bank and FCMB mobile money. Which mobile money operator are you registered with? GTBank mobile money 41% FirstMonie Stanbic IBTC mobile money etranzact PocketMoni Ecobank mobile money U-Mo mobile money (Afripay) Fortis MFB/MTN Pagatech Zenith bank easy money Other 15% 11% 7% 6% 5% 4% 3% 2% 7% Graph 6: Distribution of registered respondents by MMOs 12

13 Again, the number of people registered with MMOs seems to have undergone a year on year growth since the service was introduced. In 2010, 6% of the survey respondents registered with an MMO. This increased to 14% in 2011, 40% in 2012 and another 40% as at August 2013 (Graph 7). In what year did you register with your Mobile Money Operator? % % % % Graph: 7: Year of registration with mobile money operators For respondents who are not registered with any MMO, lack of information (29%), safety issues/concern with security of account information (27%), reliability issues/concern with effective transaction processing (23%) and a lack of interest/need for the service (17%) were cited as the reasons for non-registration. See Graph 8. Reasons for non-registration Lack of information on mobile money services 29% Safety issues 27% Reliability issues 23% Lack of need for mobile money services 17% Other 5% Graph 8: Factors representing reasons for non-subscription to MMOs 13

14 Responses in the other category included satisfaction with internet banking on their laptops, network service issues, cumbersome registration process and a general lack of interest in mobile money. PART 3 WHO IS USING MOBILE MONEY & WHAT IS IT USED FOR? Key findings: Respondents who have never used mobile money indicated inadequate understanding of the service as their most important reason for not doing so and the least important being problems with mobile money agents. Those who use the service use it mostly to transfer funds to other people, majority of who live in the cities, and least to pay for goods and services. Also, those who use mobile money most frequently i.e. once a day, use it to buy airtime while those who use it less frequently i.e. once a week and at least once a month, use it to transfer funds. 31% of respondents who are registered with an MMO have never used the service. Only 9% use it daily, 24% weekly, 26% monthly and 10% use it not more than 3 times in a year (Graph 9). How often do you use your mobile money service? I have never used it 31% At least once a month 26% At least once a week 24% Not more than 3 times in a year 10% At least once a day 9% Graph 9: Frequency of use of mobile money and its services Those who have never used the service indicate an inadequate understanding of mobile money services as the main reason why (31%). Additional reasons given include technical issues in processing transactions (19%), concerns about fraud (18%) and problems with mobile money agents (11%). Other reasons given for non-usage of mobile money include Problems with network service providers and Insufficient funds to warrant use (Graph 10). 14

15 If you have never used mobile money services, please indicate why Inadequate understanding of mobile money services 31% Other Technical issues in processing transactions Concerns about fraud 20% 19% 18% Problems with mobile money agents 11% Graph 10: Reasons for non-usage of mobile money services by subscribers In terms of usage, the most common uses of the service are for: funds transfer (31%) and airtime/credit purchase (25%). Only 2% use mobile money to pay for goods and services (2%). See Graph 11. What do you most use mobile money for? Transfer of funds 30% Airtime/Credit purchase 25% FUNDS TRANSFER the most common use of mobile money Balance inquiries Payment of utility bills Cash withdrawals Cash deposits Receipt of funds Payment for goods and services 13% 9% 8% 7% 6% 2% Graph 11: Uses of mobile money and its services When carrying out financial transactions with mobile money, most of the respondents (38%) typically spend between N5,001 N20,000 per transaction and those who spend above N150,000 per transaction represent only 4% of the respondents who use the service (Graph 12). 15

16 What is the average amount of money involved in each financial transaction? Less than N5,000 35% N5,001 - N20,000 38% N20,001 - N50,000 16% N50,001 - N150,000 7% Above N150,000 4% Graph 12: Average amount of money involved per financial transaction. Those who use mobile money to transfer funds, do so to recipients who mostly reside in cities (75%) as opposed to the villages or rural areas (1%) (Graph 13). If you use mobile money to transfer funds, where do the recipients typically reside? City 75% Town 24% Village 1% Graph 13: Location of recipients of funds transfer 1% of those who receive funds via mobile money reside in rural areas The frequency of use of mobile money services was cross analysed with the major uses of mobile money. The majority of respondents who use mobile money at least once a week and at least once a month, use it mostly to transfer funds. However, those who use mobile money more frequently i.e. at least once a day, use it mostly to buy airtime for their mobile phones (Graph 14). 16

17 Uses of mobile money: Typical transactions Cash deposits Cash withdrawals Transfer of funds Receipt of funds Airtime/Credit purchase Balance inquiries Payment of utility bills At least once a day At least once a month At least once a week Not more than 3 times in a year Payment for goods and services Graph 14: Relationship between uses of mobile money and frequency of use As expected, respondents who spend between N5,001 N20,000, N20,001 N50,000 and N50,001 N150,000 per financial transaction, use it mostly to transfer funds. However, those who spend less than N5,000 use the service mostly to purchase airtime. Respondents who spend above N150,000 per transaction use mobile money to transfer funds, pay for goods and services and deposit cash (Graph 15). 17

18 Uses of mobile money: spend per transaction Cash deposits Cash withdrawals Transfer of funds Receipt of funds Airtime/Credit purchase Balance inquiries Payment of utility bills Less than N5,000 N5,001 - N20,000 N20,001 - N50,000 N50,001 - N150,000 Above N150,000 Payment for goods and services Graph 15: Relationship between uses of mobile money and amount per transaction 18

19 OTHER FINDINGS 99% of respondents own mobile phones Key findings: There are more people with mobile phones than active bank accounts in the country. This hints at the potential for mobile money in Nigeria. Also, although the majority of respondents are currently carrying out financial transactions in person, more people would prefer to do so using their mobile phones Respondents with an active bank account constitute 94% of total responses (Graph 16) while those with a mobile phone constitute 99% of total responses (Graph 17), which means there are more people with mobile phones than bank accounts in the survey sample. This is consistent with the national trend and suggests that. Do you have an active bank account in Nigeria? Do you have a mobile phone? 1% 6% No Yes No Yes 94% 99% Graph 16: Distribution of respondents by active bank account Graph 17: Distribution of respondents by possession of a mobile phone 14% Although more people currently carry out financial transactions in person or at a bank (75% of respondents) and only 12% of respondents currently use mobile phones for the same purpose (Graph 18), a high number of respondents (26%) will prefer to carry out financial transactions on their mobile phones through either mobile money or internet banking (Graph 19). potential increase in those who prefer to use mobile phones for financial transactions 19

20 What is your current mode of carrying out financial transactions? 13% Laptop or tablet devices (e.g. internet banking) 12% Mobile phone (e.g. mobile money or internet banking) 75% Person -to - person (e.g. cash or cheque transactions made in person to another, or at a bank) Graph 18: Respondents current mode of carrying out financial transactions What is your preferred mode of carrying out financial transactions? 16% Laptop or tablet devices (e.g. internet banking) Mobile phone (e.g. mobile money or internet banking) 58% 26% Person -to - person (e.g. cash or cheque transactions made in person to another, or at a bank) Graph 19: Respondents preferred mode of carrying out financial transactions 20

21 DEMOGRAPHICS Distribution of respondents by States: The survey responses were received from 33 states, with the most responses obtained from 8 states including Lagos, Abuja (FCT), Oyo, Taraba, Delta, Katsina, Rivers and Abia state. Graph 20 shows the distribution of respondents by state. What State in Nigeria do you live in? Taraba 10% Rivers 6% Oyo 11% Other 11% Abia 5% Abuja 9% Delta 11% Katsina 7% Lagos 30% Graph 20: Distribution of respondents by State From the 8 states, majority of the respondents who know what mobile money is live in Lagos (40%) while most of those who do not know about the service live in Katsina state (16%). See Graph 20a for the distribution. Again, regarding registration status with mobile money operators, the highest percentage of those who are not registered reside in Abia state (88%) while the highest percentage of those who are registered reside in Oyo state (39%). See Graph 20b. 21

22 Awareness of mobile money by location Abia 7% 5% Abuja 9% 10% Delta 13% 9% Oyo Katsina Lagos 14% 14% 16% 40% 9% 2% No Yes Rivers 6% 6% Taraba 13% 7% Other 8% 12% Graph 20a: Relationship between location and awareness of mobile money Registration status by location Abia 88% 12% Abuja 72% 28% Delta 82% 18% Katsina Lagos Oyo 67% 70% 61% 33% 30% 39% No Yes Rivers 73% 27% Taraba 77% 23% Other 66% 34% Graph 20b: Relationship between location and registration status Key findings: Awareness of the service was highest in Lagos while respondents in Katsina were the least aware. Also, most of the respondents registered with mobile money live in Oyo state (Ibadan) while the registered minority lives in Abia state 22

23 Distribution by age: The age distribution of the survey respondents was as follows: those who were younger than 18 years (3%); years (21%); years (46%); years (23%); years (9%) and more than 55 years (2%) (Graph 21). What age group do you belong to? 9% 2% 3% 21% Younger than 18 years 23% years years years years More than 55 years 46% Graph 21: Distribution of respondents by age Distribution by employment status: Of our survey respondents, 19% are self-employed, 44% are employed and working full-time, 11% are employed and working part-time, 19% are searching for a job while 1% are retired (Graph 22). What is your employment status? 6% 1% 19% Self-employed Employed, working full-time 19% Employed, working part-time 11% 44% Not employed, but searching for a job Not employed, NOT searching for a job Retired Graph 22: Distribution of respondents by Employment status 23

24 Distribution by Monthly Salary: A majority of respondents (47%) earn less than N50, % earn between N50,001 N100,000; 18% between N100,001 N300,000; 7% earn between N300,001 N500,000; 4% between N500,001 N1 million and 2% earn more than N1 million (Graph 23). How much do you earn monthly on average? 7% 4% 2% Less than N50,000 18% 22% 47% N50,001 - N100,000 N100,001 - N300,000 N300,001 - N500,000 N500,001 - N1million More than N1million Graph 23: Distribution of respondents by monthly salary 75% of respondents say they would recommend mobile money to others while 25% say they will not (Graph 24). Of those who would recommend the service, 66% are currently unregistered. Almost all those who would not recommend the service to others (91%) are unregistered. (Graph 24a). Would you recommend mobile money to others? 25% No Yes 75% Graph 24: Response to recommendation of mobile money services 24

25 Recommendation of mobile money services by registration status Would recommend 66% 34% Not registered Registered Would not recommend 91% 9% Graph 24a: Response to recommendation of mobile money services by registration status 25

26 DISCUSSION AND CONCLUSION The result of this survey demonstrates that although most of the respondents know about mobile money, adoption of its services is low because many of them are not registered and thus do not use the service. The major reason given for this is insufficient information on mobile money services. A minority (17%) of the respondents indicated that they are aware but unregistered because they do not need the service; therefore, it is fair to conclude that 83% of those who know about mobile money would use the service if the problem of lack of information was resolved. Improved awareness would also help counter customer s fears over security of their account information and ineffective transaction processing. Although the rate of adoption of mobile money appears to be quite low, the potential for the service is high. In addition to the fact that more people have mobile phones than bank accounts in Nigeria, an increasing number of people are choosing to carry out financial transactions on their mobile phones, instead of at the bank or on their computers/laptops. In our survey, this figure increased from 12% to 26%, representing an increase of over 100%. The significant potential for mobile money in Nigeria can also be observed in the yearly growth experienced by the service since its inception 40% in 2012 compared with just 6% in 2010 implying an increasing number of registrations per year. This is further supported by the percentage of registrations as at August 2013 which stood at 40% with hope for projected improvement by the end of the year. While the potential for mobile money in Nigeria is huge, there is much room for improvement if it is to really drive ongoing efforts to integrate the millions of Nigerians in rural areas with a stable, secure and structured means of carrying out financial transactions. Currently, only 1% of those who receive funds via transfer on the mobile money platform are rural dwellers. It is encouraging to note that even though a majority of respondents are currently unregistered, most of them stated that they would recommend the service to other people. While this may appear to be a paradox, it also hints at growing acceptance of mobile money concept - especially if the obstacles in its way (e.g. lack of information) are removed quickly via increased and sustained awareness campaigns, as well as the provision of a secure platform for transactions in both urban and rural areas. 26

27 Bibliography Castri, S. d. (2013). Mobile Money: Enabling Regulatory Solutions. GSMA Mobile Money for the Unbanked. Central Bank of Nigeria. (2009). Regulatory Framework for Mobile Payment Services in Nigeria. Egbuta, O. C. (2013). Mobile Money Technology and the Quest for a Cashless Nigeria. Asian Transactions on Science & Technology, 1-5. The Economy. Nigeria's mobile money providers struggling to make impact. 27

28 Disclaimer The information contained in this survey is for general information purposes only and represents only the views and opinions of respondents and not essentially that of Phillips Consulting Limited. In no event will Phillips Consulting Limited be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of or in connection with the use of the information contained in the survey PCL Business Advisory Services Division is focused on assisting investors in start-ups and project management, conducting diagnostic studies, applying scenario based planning, facilitating board retreats and business policy alignment, driving performance improvement initiatives, supervising business turnarounds and sustaining total quality management. Our work is practical, with a strong emphasis on implementation. The division's engagements are with major public and private organizations across various sectors of the economy. 28