What Nigeria s Retail Banking Customers Want: Customer Insights for Retail Banking

Transcription

1 What Nigeria s Retail Banking Customers Want: Customer Insights for Retail Banking Abridged Version

2 TABLE OF CONTENTS INTRODUCTION... v OBJECTIVES OF THE REPORT... v ABOUT THE REPORT...vi METHODOLOGY...vi The Evolving Needs of Nigeria s Retail Banking Customers... 1 How Retail Customers Rank Nigerian Banks... 2 Bank Ranking based on Customers Perception of Banks Customer Service... 2 Ciuci Consulting s View... 7 Perception Ranking by Tiers... 7 Tier 1 banks... 8 Tier 2 banks Tier 3 banks Tier 4 banks Customer Preference Analysis Customer Care Attributes Transaction Channel Preferences Alternative Banking Needs What Influences Choice of Bank Customers Loan Propensities Nigerians and Bank Loans Still More Questions than Answers Customers willingness to take loans by income levels The Next Banking Generation Teens Choice Where would you rather bank? Transitioning from CSM to CEM References Glossary About Ciuci Consulting II

3 LIST OF TABLES Table 1: Ranking of banks based on customer experience (interaction with banks common touch points)...3 Table 2: Ranking of banks based on customers perception of banks customer service... 4 Table 3: Banks with dissimilar customer experience and perception rankings... 5 Table 4: Description of tier categorisation... 7 Table 5: Perception ranking of tier 1 banks... 8 Table 6: Perception ranking of tier 2 banks Table 7: Perception ranking of tier 3 banks Table 8: Perception ranking of tier 4 banks Table 9: Analysis of social media status of Nigerian banks Table 10: Most liked banks by teenagers III

4 LIST OF FIGURES Figure 1: Nigeria s banking population trends... 1 Figure 2: Perception ratings of banks by unbanked respondents... 5 Figure 3: Young professionals vote for most customer-centric bank... 6 Figure 4: 45 years and above vote for most customer-centric bank... 6 Figure 5: Employment Status and preferred customer care attributes Figure 6: Preferred customer care attributes across age categories Figure 7: Preferred banking transaction channels Figure 8: Bank decision drivers across age groups Figure 9: Analysis of respondents willingness to take loans Figure 10: Loan priorities across age categories Figure 11: Analysis of respondents willingness to take loans across income levels Figure 12: Teenagers bank perception indicators Figure 13: Comparative analysis of CSM and CEM IV

5 INTRODUCTION Nigerian banks are perhaps in the midst of the most challenging times since the capitalisation reforms of 2005 and the credit risk reforms of The Apex Bank has evidently become even more customer-conscious in its implementation of regulatory policies, with the current fiscal regime characterised by new guidelines to commercial banking. For example, the gradual phase out of Commissions on Turnover (COT) charges from N5/mille (i.e. N5 per N1000) to N3/mille in 2013 and down to N2/mille in 2014, with anticipations of further reductions to N1/mille in 2015 and N0/mille by 2016; the elimination of N100 ATM fee and the most recent 50% Cash Reserve Requirements (CRR) on public sector deposits. The result being that banks are having to deal with significant strains on commissions and fee incomes. Consequently, banks are wrestling for low-cost deposits, forced to consider innovative ways to offer differentiated products and to attract retail customers. This situation is causing many bank executives to critically assess their product offerings as well as their service delivery approach. Banking operations are being re-designed, alternative channels are being explored, customer engagement initiatives are being launched and visual identities are being modified - all with a goal of attracting, engaging and retaining the customer. Furthermore, the situation has re-awakened banks to the need to effectively utilize their customer data assets. As gaining and maximising customer value becomes the key to profitability, the fundamental question of what, when, why, where and how customers want to be served must be met with creative solutions. Ciuci Consulting has chosen to take a deep dive into gathering information on customer lifestyles, behaviour and preferences with the goal of generating truly valuable insights. The overarching objective of this study is to assist banks in their quest for increased customer intelligence. OBJECTIVES OF THE STUDY The objective of this study is to draw valuable insights on customer lifestyle, preferences, perceptions and banking decision drivers across various demographic segments. The insights drawn from this study will be used by industry analysts, bank executives, product development managers and communication and brand strategists to make informed decisions in their respective functions. V

6 ABOUT THE REPORT This report presents findings from a study of retail banking customers. However, in order to understand and correctly interpret the information provided in this report, readers should be aware of the following: 1. This is a customer intelligence study The findings presented in this report are based on a study of retail customers responses to a defined questionnaire, as well as analytical deductions from the qualitative and quantitative data gathered. Hence, asides sections specifically indicated as Ciuci Consulting recommendations or comments, the report reflects the views of retail customers. Also, given that the exercise was conducted as interviews in order to draw additional insights where necessary, useful insights that may not necessarily be answers to the questionnaire have been captured. 2. The study does not present any finding as an absolute fact Although Ciuci Consulting was responsible for defining the questionnaire administered to respondents and for subsequent analytics, the findings presented are not to be regarded as absolute facts. The results of the study should be appreciated in context that is, it was based in Lagos, the sample size was limited and the respondents were distributed across age groups. 3. Perceptions are subjective Since perceptions are subjective by definition, they do not necessarily represent fair views. METHODOLOGY In carrying out the study, Ciuci Consulting designed a set of questionnaires that were used for targeted interviews and focus group discussions. VI

7 The Study Methodology Is Presented In The Illustration Below Instrument Design The questionnaire was designed with the objective of collecting both qualitative and quantitative information from the respondents Therefore, it is was composed on open and closed ended questions Data Gathering In order to gather information from different segments of the population, respondents were evenly grouped into 5 different age groups In total, 650 respondents that represent various segments and sectors were interviewed Respondents were critically interviewed in order to gain other useful insights that may not be captured by the questions Respondents were either based on Lagos mainland or Lagos island areas Focus Group Discussions & Interviews To validate some of the findings, particularly for the age group, 10 focus group discussions were conducted The teen segment was assumed to be a fast developing segment, hence the additional study on them Customer Analytics Analyses were conducted along various parameters such as, customer care attributes, loan propensities and alternative banking channels The customer sensitivity of Nigerian banks were also ranked based on retail customers perception and experience VII

8 Study Profile The Questionnaire was designed to cover three main areas: Customer Behaviour Adoption level of alternative banking channels Adoption level of PoS transactions Banking Service Priorities Preferred service delivery channel Bank choice decision drivers Customers financial know-how Customer Care Preferences Efficient operational processes Politeness of staff Responsiveness (willingness to assist) Staff knowledge of bank products 1 10 State Lagos Mainland Focus Groups (10 people per group) Generation Z 650 Banking Customer Respondents 5 Age Groups Lagos Island Generation Z Generation Y Millennial Generation X/Y Generation X 45+ Generation X Boomers VIII

9 The Evolving Needs of Nigeria s Retail Banking Customers Within the last decade, there has been a steady rise in the demand for banking services by Nigerians. This rise is related to increased urbanisation, middle class expansions, technological advancements and upswings in the level of economic activity experienced in the nation. Consequently, Nigerian banks are confronted with the challenge of addressing changes in the behaviour, preferences and level of sophistication of both old and new bank customers. To succeed, they need to develop an effective mechanism for gathering and mining relevant customer data in order to generate a significant level of intelligence. Figure 1: Nigeria s banking population trends 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Banking Population (% of Bankable Population) Linear (Banking Population (% of Bankable Population)) Source: EFInA - Access to Financial Services in Nigeria (Survey 2010 and 2012) With global advancements in Internet-based and mobile technologies, retail consumers have experienced gradual shifts in their lifestyle and behaviour. The Internet has become more accessible making information available to more individuals at the click of a button; mobile phones have become a norm for much more than voice calls and short messaging services; and social media has made significant modifications to the way people interact and share content. Regarding the impact of these advancements on the economy, technology has increased the quality and quantity of commercial activities undertaken in the country. Also, cross-border business interactions have been fostered through video conferencing, with more Nigerians becoming confident about making payments and engaging in business transactions via electronic or online channels. The effects of these lifestyle adaptations and socioeconomic changes have also been seen in the banking sector. In general, Nigeria s bank customers have become more sophisticated. Many now expect their banks to serve them through alternative channels, with the highest expectations from younger age segments. Asides being more technologically conscious, bank customers have also become more time sensitive, requiring faster turnaround time on banking processes and a greater degree of responsiveness from their banks. As a result, banks have to adapt to the changes in the needs and expectations of today s customers. 1

10 To succeed in these times, banks must employ a holistic approach to service delivery. More than ever before, Nigerian banks must strive to ensure that all product features, service components and points of contact provide services at the level of quality that meet customers expectations. Additionally, banks must cultivate and maintain an innovative culture in order to keep them adaptive and responsive to market changes. On the whole, a customer sees only one product - the bank - and the entire range of services the bank offers is viewed as a single product suite. So, banks must not only focus on developing new products, but must strive to consistently deliver great service experiences leaving no stones unturned in their quest to attract, engage and retain customers. How Retail Customers Rank Nigeria s Banks Bank Ranking based on Customers Perception of Banks Customer Service In the interviews conducted, respondents were asked to rank Nigerian banks by customer sensitivity based on first-hand experience as well as their perception. The rankings based on experiences will be referred to as experience rankings while the rankings based on perceptions that are not necessarily linked to customer experiences will be referred to as perception rankings. Therefore for each category, all 21 banks were ranked with 1 being the top ranked in each category. 2

11 Table 1: Ranking of banks based on customer experience (interaction with banks common touch points) Experience Rankings Age Income Banks Overall Experience Ranking Above 45 Below N50,000 N50,000 - N100,000 N100,000 - N500,000 Above N500,000 GTBank FBN Diamond Zenith Access Skye EcoBank Stanbic IBTC Fidelity FCMB UBA Standard Chartered Sterling Citibank Union Wema Keystone Mainstreet Enterprise Unity Heritage Supplementary data for all rankings can be made available upon request 3

12 Table 2: Ranking of banks based on customers perception of banks customer service Perception Rankings Age Income Banks Overall Perception Ranking Above 45 Below N50,000 N50,000 - N100,000 N100,000 - N500,000 Above N500,000 GTBank FBN Zenith Diamond Access EcoBank Skye Stanbic IBTC Fidelity UBA FCMB Standard Chartered Citibank Sterling Union Enterprise Keystone Wema Mainstreet Unity Heritage Supplementary data for all rankings can be made available upon request 4

13 As shown in Table 1 and 2, GTBank was ranked the most customer-centric bank based on respondents experience and perception of banks customer sensitivity, with FBN consistently ranking second. While Zenith and Diamond Bank were ranked 3rd and 4th in terms of the perception rankings, both banks positions were reversed in the experience rankings. When comparing experience and perception ranking, it was found that the first five banks remain the same. Also, slight variations were observed in the experience and perception rankings of a few banks - as presented in table 3 to the right: Banks Experience Rankings Perception Rankings Citibank Diamond Bank 3 4 Ecobank 7 6 Enterprise FCMB Mainstreet Skye 6 7 Sterling UBA Table 3: Banks with dissimilar customer experience and perception rankings Wema Zenith Bank 4 3 Figure 2: Perception of most customer-centric banks by unbanked respondents UBA GTBank Diamond Access 15% 9% 19% FBN Zenith 16% 11% 30% 5

14 Our findings also reveal that for respondents that do not have a bank account, FBN was perceived as the most customer-centric bank among the 21 banks in Nigeria. Among other things, the sample unbanked community identified the financial stability and long legacy of the bank as a key factor that influenced their perception. Figure 3: Young professionals vote for most customer-centric bank UBA Diamond Access 14% 10% 7% 26% GTBank FBN Zenith 19% 24% Figure 4: Customers 45 and above vote for most customer-centric bank. UBA Diamond 8% 16% GTBank Access 24% FBN 29% Zenith 10% 13% A further analysis of the customers perception regarding the most customer-centric bank revealed that younger customers (under 35) rated GTBank as the most customer-centric bank, while FBN came second. The results from the respondents above 45 years were different, as FBN was perceived as the most-customer focused bank ahead of Diamond Bank and GTBank, which came second and third respectively. 6

15 Ciuci Consulting s View Based on the results of the study, the following were established: Banks struggle to prioritise improving customers experience Some of the leading banks have started to improve the customer experience; however, despite their appreciation of its importance, smaller banks are struggling to make this a reality. Two of the reasons why some banks find it difficult to implement change programs that are aimed at improving customer experience are cost and capability. The cost of change programs that are geared towards customer experience improvement can be relatively high and sometimes are simply beyond financial reach, unaffordable for smaller banks. Additionally, some banks may not have the capability inhouse to address related issues. Banks are challenged in terms of how to gather and use customer intelligence Given the importance of customer intelligence in making critical decisions that relate to retail customers, banks must begin to improve their capacity in this area. Banks need to be able to gather useful data as well as be able to analyse them in useful ways. Interestingly, a number of Nigerian banks have been able to design their banking systems in a way that useful online real-time data can be obtained; unfortunately, a number of the banks are unable to analyse the data in a way that it becomes useful for strategic decision making. Perception Ranking by Tiers Table 4: Description of tier categorisation In this study, the banks were categorized into four different tiers based on asset base and market capitalization except the tier 4 banks which represent international banks with foreign headquarters. Information has been organised for the purpose of facilitating comparisons between similar banks. Tier Category Criteria Tier 1 Above N1.7 trillion asset base as of December 2012 Tier 2 Between N500bn and N1.69 trillion asset base as of December 2012 Tier 3 Tier 4 Between N200bn and N499bn asset base as of December 2012 or nationalised bank or rescued bank International bank with foreign headquarters. 7

16 Tier 1 banks Table 5: Perception ranking of Tier 1 banks TIER 1 RANKING Banks Overall Perception Ranking Age Above 45 Below N50,000 N50,000 - N100,000 Income N100,000 - N500,000 Above N500,000 1 st 2 nd 3 rd 4 th 5 th GTBank FBN Zenith Access UBA GTBank The study revealed that GTBank is perceived to be the most customer-centric bank. The bank is often credited by analysts to be a bank that has been built to last. Its brand is one of the most valuable brands in the country. The bank is currently experiencing a level of unprecedented growth; some cannot define this growth as a blessing or a curse because of the general perception that the bank is overwhelmed with excess customer demand (as can be seen in the incessant long queues that exist in many of the customer centers of the bank). Based on the survey, respondents perceive that GTBank, despite the challenge aforementioned, is the most customer-centric bank. This perception was consistent across all age groups, except the 45 and above age group. GTBank is designed to focus on continuous business improvement, therefore, it is expected that the bank will further strengthen its operations in order to meet its customers expectations. FirstBank It is not surprising to see that FirstBank was ranked first in the 45 and above age category given its history as a legacy bank that has been known to be financially stable over its 118 years of existence. The bank is also first in the unbanked category. 8

17 Some youthful energy can be observed in the FirstBank brand. This is attributed to three factors: a strong brand and communications capability, a solid strategy team and some exceptional talents in strategic leadership roles. Given the bank s ranking in the unbanked category, its heritage and its nationwide infrastructure, FirstBank is poised for growth especially as it optimizes some of its electronic based retail solutions. Zenith Bank Historically, Zenith Bank has been perceived as a bank that focuses on the corporate segment of the market. Although it is beginning to focus more on retail, customers still think that there is room for improvement. The bank ranked 4th in the age bracket. A number of the respondents were quite expressive about their perception of the bank as not being friendly to the youth; they perceived it as catering to and being designed for wealthy individuals. Zenith bank is a focused bank that has been successful in the execution of a number of strategic plans in the past. The bank is expected to remain one of the top tier banks for some time to come. Access Bank Access Bank is credited with one of the most seamless post-merger integrations in recent years. This success has gone a long way in positively influencing the perception of the bank as cutting edge and execution-focused. The bank s best performance in the perception study was recorded in the age group. Interestingly, the next age group are not as enthused about their products and services, particularly the mobile and Internet banking platforms. These findings were also noticed on social media conversations. Access Bank has an interesting opportunity to leverage the favourable result of this study to further improve its internal processes and products in order to give its customers great experiences. UBA During the study, it was found that some of the respondents who are customers at UBA have strong emotional connections with the bank. Many of them seemed somewhat enthusiastic about the bank and also gave the impression of being excited about its future; however, a number of the respondents expressed some disappointment with the quality of the services and business office infrastructure. Interestingly, the bank has identified some of its areas of improvement and has developed a change program that will address key customer experience related concerns. UBA has the size and nimble leadership to implement the required changes that it has embarked on. 9

18 Tier 2 banks Table 6: Perception ranking of Tier 2 banks TIER 2 RANKING Banks Overall Perception Ranking Age Above 45 Below N50,000 N50,000 - N100,000 Income N100,000 - N500,000 Above N500,000 1 st Diamond nd Skye rd Stanbic IBTC th Fidelity th FCMB th Sterling Diamond Bank Diamond Bank was ranked 1st in all categories in the tier 2 category. It must also be noted that when compared with some of the tier 1 banks, Diamond Bank also gives the players in that tier a run for their money. The bank s impressive re-branding exercise was widely accepted by the market and has contributed to the positive perception that customers have about the bank. Diamond Bank is well positioned to be a dominant force in the retail segment. It is expected that it will roll out a number of initiatives to further improve its place in this market segment. Skye Bank Among the tier 2 banks, Skye Bank was ranked to be performing well across the different categories. Results from the study indicate that there is a good perception of the bank across the major banking age groups. This success can be attributed to its brand promotion and communication campaigns, putting the bank in the face of the people even among non-skye Bank customers. The bank has an emotional connection with their current and prospective customers as respondents perceive that the bank s products have been uniquely designed for all age groups. However, the positive brand positioning should be harnessed to increase customer patronage as a number of respondents indicated that while they like Skye Bank, their accounts with the bank are not their primary accounts. 10

19 Stanbic IBTC Stanbic IBTC is a product of the merger between Stanbic Bank Nigeria (the Nigerian operations of the Standard Bank Group) and IBTC Chartered Bank Plc. The merger is described as the largest in Nigeria s financial history. The study reveals that Stanbic IBTC is ranked 3rd among the tier 2 banks. Across the various age groups covered, Stanbic IBTC s best ranking was in the age category, with a 2nd position. Stanbic IBTC has strong credentials as a project financier for many large-scale infrastructural projects across the country, while also providing support for SMEs and micro-enterprise owners. It is perhaps based on these that many respondents view Stanbic IBTC largely as a provider of corporate banking services rather than retail products. This perspective is also reflective in the bank s ranking by the low-income earners: the bank ranked 5th and 4th among the 6 banks in its tier, by respondents who earn below N50,000 and between N50,000 N100,000 respectively. The bank has an opportunity to improve its place in the retail market by taking advantage of its strength in SME and Microenterprise businesses to create strategic linkages to the consumer business and ultimately create the desired traction in the retail segment. Fidelity Bank Fidelity Bank s effort in developing the SME sector through its Managed SME s program seems to be having some indirect influence on the retail segment s perception of the bank. Quite a number of the respondents were familiar with Fidelity s program, even though they were not SME owners. Also, the unbanked respondents ranked Fidelity Bank first among its peers. Conversely, a number of respondents consider Fidelity Bank to be conservative and unhurried in providing innovative banking solutions, which it could potentially leverage to gain competitive edge in new and existing business areas. Fidelity Bank has an interesting opportunity to take advantage of some of the positive perception to develop products and solutions that will enable it differentiate itself from its peers. FCMB FCMB is competent in investment and corporate banking and has been known for this for years. The bank has come up with several initiatives to attract the retail segment. Interestingly, FCMB was ranked 2nd in the N50,000 and below income group. There is a strong strategic planning capability that is inherent in investment banking functions that, if well capitalised on to execute the retail plans, FCMB can make a significant impact in the industry. Sterling Bank Sterling Bank is one bank that enjoys a reasonable share of the minds of bank customers. Many respondents acknowledge that Sterling Bank is visibly noticeable 11

20 in the market, particularly through its branch presence, its visual identity and its One Customer tag line; however, these same customers provided feedback that Sterling Bank s products are not differentiated. This is reflected in their ranking across all dimensions. The bank can develop and implement a program that will enable the level of its operational excellence to match its brand promise. Tier 3 banks Table 7: Perception ranking of Tier 3 banks TIER 3 RANKING Banks Overall Perception Ranking Age Above 45 Below N50,000 N50,000 - N100,000 Income N100,000 - N500,000 Above N500,000 1 st Union nd Enterprise rd Keystone th Wema th Mainstreet th Unity th Heritage Union Bank of Nigeria From the results of this survey, it is not surprising to see that Union Bank was better ranked among the older age segment in the tier 3 category. Despite its heritage, the bank was poorly ranked among the 21 banks in Nigeria and only led in the tier 3 category. CBN's intervention in the management of the bank and AMCON's N46.93bn injection into the bank reduced customers confidence in the bank. Despite this fallout, there is something to be appreciated about its size and potential. With the right strategy and adequate funding for execution of the same plan, Union Bank could significantly improve its position in the industry. 12

21 Enterprise Bank Enterprise (formerly known as Spring Bank) is relatively popular in the and age groups. The bank also ranked well when compared to its peers in the below N50,000 income group. A slow turnaround time was one of the major comments received from many of the respondents when they were asked their perception of possible problem areas in which the bank must work to improve customer experience. The bank must adopt a tactical approach to improving its business so as to remain attractive to customers. One of these approaches is to exploit their strengths in certain areas and try to derive a strong value proposition that enables it to attract even more customers that are attracted to the proposed value Keystone Bank The customer perception survey result shows that Keystone Bank ranks 3rd among the tier 3 banks. The relatively good perception Nigerian banking customers have about Keystone Bank can be traced to some brand equity of Bank PHB the bank from which Keystone originated. The result also shows that Keystone Bank appeals to the younger segment of the market more than most of the banks in its tier. Keystone Bank is perceived to be the second most customer focused bank in tier 3 across all age segments except the 35 to 44 age segment, where it ranked first. It is therefore not surprising that Keystone Bank is more active on the social media platforms than most of the other banks in its tier. Keystone has the second highest number of tweets and followers on twitter and also has the third highest number of likes on Facebook among the tier 3 banks. Keystone has a DNA that offers opportunity for growth and also makes it an interesting target for acquisition by bigger banks. Wema Bank Wema Bank is a regional bank. Its ranking by senior citizens was not favourable. This is surprising given the history of the bank and the location of the study. Some of the respondents acknowledge that the bank has potential, especially if it can address issues that affect customer experience and perception. The youth have a favourable perception of the bank when compared to its peers. The bank must invest in a strategic business improvement program and enhance its capability in critical areas such as product development and customer experience management. Mainstreet Bank Being one of the 3 nationalised banks in Nigeria, Mainstreet Bank is found to be more popular among the older generation. This is because the bank was formed in August 2011 after the assets and liabilities of the defunct Afribank Plc were taken over. The bank is performing well in its customer care turnaround time relative to other banks in its tier category. The bank has a positive perception among the non-banking respondents and this one area which can be easily harnessed to create growth opportunities. 13

22 The bank must make some tough calls regarding defining its target customer segments as this would significantly aid its positioning; its growth plan would be effectively implemented if the target customers were clearly articulated. Despite its history, older customers are not as enthusiastic about the brand as one would expect. Unity Bank Unity Bank came into existence in 2006 after a merger of 9 banks. The bank ranks 6th in the tier 3 category. Although the bank has been recognised for its exceptional support in the northern region, its average position may be due to its limited brand recognition in other regions of the country. The bank has seen the importance of differentiation, as can be noticed in its unique product called holy trip a travel loan design for people requiring funding for religious pilgrimages. Heritage Bank Heritage Bank is perhaps the youngest of all the banks in the Nigerian banking industry. The bank was established in 2012, as a product of the acquisition of the operational license of Societe Generale Bank of Nigeria (SGBN) from the Central Bank of Nigeria (CBN) by IEI Investments Ltd. Currently, Heritage Bank is ranked as a tier 3 bank by the CBN, with a regional operating license offering banking and financial services in the country excluding the south, south-east and north. Based on the results of the survey, Heritage Bank is ranked 7th on customer perception among the banks in its tier. The bank appears to have a clear strategy; however, it must improve its communication to the public, even as it executes its plans. Tier 4 banks Table 8: Perception ranking of Tier 4 banks TIER 4 RANKING Banks Overall Perception Ranking Age Above 45 Below N50,000 N50,000 - N100,000 Income N100,000 - N500,000 Above N500,000 1 st Ecobank nd Standard Chartered rd Citibank

23 Ecobank Ecobank began operations in It operates as a universal bank providing wholesale, retail, corporate, investment and transaction banking services to its customers in the Nigerian market. According to the survey conducted, Ecobank is perceived to be the best among the young professionals and unbanked individuals in the Tier 4 category. This is likely due to its efforts to become a more customercentric bank. A service campaign instituted by the bank recently saw top managers working as branch tellers. This campaign afforded the management of the bank the opportunity to acquire first-hand knowledge of the customers experience and their perception of service delivery across the bank s key service points. Additionally, many respondents suggested that the integration of the two banks after Ecobank acquired Oceanic Bank was not seamless and is still reflected in the quality of services offered to customers today. The bank has the right ingredients for growth such as its asset size, branch network and management team. However, these elements have to be properly coordinated in order to achieve desired results. Standard Chartered Standard Chartered is a leading international bank listed on the London, Hong Kong and Mumbai stock exchanges. With an emerging market focus on Africa, particularly Nigeria, Standard Chartered is set to drive growth in the country by doubling its branch networks from 36 branches. This development perhaps is part of the bank s attempt to increase its visibility in the country. Based on the survey, the bank was ranked high on customer experience only by respondents 45 and above and with monthly income level of N500,000 and above. This shows that it is widely recognized by high net worth individuals. Given that the minimum balance for its savings account is N50,000 and most of its product offerings have been tailored to meet more of HNIs, corporate and SME needs than retail. The bank has a lot of growth potential. Although it is perceived to already cater to HNIs, there are a number of these clients that complain about turnaround time (linked to processes that require inputs from outside the country). Improving these processes can further improve their already solid position in the higher end of the retail market. Citibank Citibank has been operating in Nigeria since It formerly operated under the name Nigeria International Bank Limited, but was renamed to Citibank Nigeria Limited (Citi Nigeria) in 2008 to fully align with Citi's global brand and identity. Citibank has a strategic business focus in Nigeria, specializing mainly in corporate banking, offering a broad range of services to corporate and commercial customers, The fact that Citibank is an American bank with branches in many countries 15

24 across the world has a lot to do with the way Nigerian banking customers perceive it. Some Nigerian banking customers feel that because it is a very large foreign bank with presence in a lot of countries, it must have gotten something right in terms of customer service. Customer Preference Analysis Customer Care Attributes Customer satisfaction has never been more important or harder to sustain. Today s bank customers demand a personalized, consistent and above all complete service experience. In addition, they are more empowered with the technology they need to get what they want. This means that they can easily switch to alternatives if their expectations are not being met. Figure 5: Employment status and preferred customer care attributes 27% 30% 28% 25% 28% 28% 30% 31% Turnaround Time Responsiveness 19% 19% 18% 17% Knowledge Politeness 26% 23% 24% 27% Employed Selfemployed Student Unemployed During the study, respondents were asked to indicate the customer care attribute that mattered most to them in order of priority. Some of the customer care attributes considered included: Politeness of Staff Knowledge of Bank Products Responsiveness (willingness to assist) Turnaround Time (efficiency) 16

25 Across the different work status of the respondents, Turnaround Time was considered the most important customer care attribute. While a number of the respondents think Politeness of Staff and Knowledge of Bank Products are nice customer care attributes for a bank to have, they consider Turnaround Time and Responsiveness as choice bank decision drivers. Respondents claim they may not operate bank accounts with certain banks that fall short in these customer care attributes. Further analysis reveals that even across the different age categories, Responsiveness was considered the most important customer care attribute as shown in Figure 6 below. Figure 6: Preferred customer care attributes across age categories Age Politeness Knowledge Responsiveness Turnaround Time % 17% 31% 30% % 17% 29% 27% % 20% 29% 28% % 21% 28% 25% Above 45 26% 18% 28% 28% 17

26 Transaction Channel Preferences Analysis from the study indicates that the increased advocacy for a cashless society has begun to yield dividends as bank retail customers are adopting the use of alternate banking channels from the brick and mortar channels. When asked to indicate the most preferred service delivery channel and also rank the different channels based on frequency of use, over 50% of the respondents chose electronic banking (use of ATM) as the most preferred service delivery channel and most frequently used service delivery channel. Please see Figure 7. The widespread adoption of ATM usage across the different age segments can be attributed to the growing need for quicker turnaround times. It is however expected that as more customers use ATMs, there is the possibility that retail customers may experience longer queues. Forward thinking banks will need to strategically position themselves as being customer-centric to create more cash points to meet the increasing adoption of ATMs and also increase its reliability. Figure 7: Preferred banking transaction channels ATM Social media banking Internet banking Branch banking Mobile banking 54% 3% 16% 19% 8% Alternative Banking Needs What Influences Choice of Bank The results gathered from the survey were quite similar across the different age groups. The bank of choice for those in the age group is largely influenced by proximity and minimum balance. Quality of service and financial stability are the major decision drivers for respondents above 18. First Bank was ranked the most financially stable bank based on its history as a legacy bank. 18

27 Figure 8: Bank decision drivers across different age groups Minimum Balance Quality of Service Financial Stability Proximity 28% 28% 25% 27% 30% 28% 28% 30% 30% 31% 19% 19% 18% 18% 17% 26% 23% 24% 24% 27% Above 45 Secure vs. Vulnerable: Nigeria s Cashless Policy Scorecard With the cost of managing cash transactions projected to reach an all-time high of N192b, by year end 2012 far exceeding the cost as at the same period in 2009 (N114.5b), the CBN introduced the cashless policy into the Nigerian monetary landscape in April According to data compiled by Microfinance Information Exchange (MIX) in 2011, Nigeria and the Democratic Republic of Congo were found to have the largest population of people without access to financial services. In Nigeria, about 80 million people have been referred to as being excluded from financial services. These people are regarded as the unbanked population. The unbanked population is mainly made up of rural dwellers, micro-enterprise owners (artisans, retail traders, food vendors), SME owners, etc., who transact business predominantly with cash on a daily basis. When coupled with the banked population who also conduct a high percentage of their transactions in cash, managing cash comes at a huge cost for the CBN (N114.5 billion as at 2009, projected to rise to N192 billion by the end of Q4 2012). The high cost of cash management among other reasons (curbing corruption and curtailing crime-rate) prompted the Apex Bank to introduce a cashless policy into the nation s financial system. This policy is aimed at reducing the amount of physical cash in circulation and encouraging more electronic-based transactions. The policy initially stipulated a cash handling charge on daily cash withdrawals or deposits exceeding N150,000 for individuals and N1,000,000 for corporate bodies. The withdrawal and deposit limits were reviewed to a limit of N500,000 for individuals and N3,000,000 for corporate bodies in the first quarter of

28 Although the policy was scheduled to kick start nationwide on the 1st of April 2012, it was later rescheduled for January 1st 2013, while a test/pilot phase started in April 2012 in Lagos metropolis. Although this policy was introduced with the sole aim of reducing the cash management costs and by effect, the volume of cash movement within the country, the policy was hailed as a welcome development for the numerous bank customers in the nation. Adoption Drive With the announcement of this policy, the Apex Bank intensified its efforts to involve all relevant stakeholders for its successful implementation. The CBN and the banks have continued to seek ways of ensuring that appropriate infrastructure (communications, power, etc.) is in place for a smooth transition. Mobile network operators have also been involved to ensure a seamless integration of appropriate technology. While all this was ongoing, millions were devoted to massive public awareness campaigns via both print and electronic media. The CBN also held consultations with market women, SME owners and end users while trying to promote the assertion that Electronic Payments (E-payments) is the way forward; they stressed that it is efficient, fast, safe, quick and convenient. Amongst the various E-payment channels, the recommended mediums include: ATM, mobile banking/payments, Internet banking, Point of Sale (PoS) terminals and electronic funds transfer. Introducing Mobile Money To further encourage a wide adoption of the cashless society, the CBN approved operational licenses for the provision of mobile money services to 16 mobile money operators (comprised of banks and other dedicated mobile money service providers), mandating them to carryout full mobile money operations in cities and remote parts of the country. In issuing these licenses, telecommunication companies were denied licenses and they have since resorted to partnering with banks and other CBN licensed operators. The dedicated mobile money service providers include: Parkway Projects ReadyCash, AfriPAY UMo, e-tranzact PocketMoni, PagaTech Paga, Fortis MFB Fortis Mobile Money, Monitise, FETS my wallet, Eartholeum QikQik, Teasy Mobile, Mkudi Mimo, Zenith Bank EazyMoney, PayCom PIDO (Payment Irrespective of Distance or Obstacles), VTNetwork VTN Cellulant. Statistics from the Central Bank of Nigeria (CBN) in Q1 of 2012 revealed that about 63% of Nigeria s population is unbanked. This means that only 37% of Nigerians have bank accounts. The introduction of the mobile money application was initially expected to increase the adoption figure due to the country s large base of mobile phone users. In Q1 of 2012, Nigeria had over 96 million active mobile phone users and about 68.7% have access to mobile phones. The mobile money application is expected to cater most especially to the 39 million Nigerian adults who have no access to financial services whatsoever, but have access to mobile phones. 20

29 Recent data from countries like Kenya, who have adopted mobile payment systems, have proven it to be transformational in filling financial services access gap in a cost-effective manner. The benefits of mobile payment system for Nigeria include: Mobile money will expand and deepen formal banking in Nigeria by drawing the unbanked/under banked into the formal financial services sector. The use of mobile money will enable the economy shift to a more efficient and reliable model of financial transactions The mobile money payment system will reduce the cost of operation with a reduction in the cost of cash handling. It will also increase customer satisfaction because users can render personalized services. Adoption of Alternative Banking Channels Although mobile, internet and social media banking have been touted as the next generation of banking services, they still continue to record a minimal level of adoption by the general banking populace in Nigeria. On the customer side, it is believed that the cashless drive seeks to provide alternative banking solutions that are more efficient, flexible and adaptable than the traditional brick-and-mortar banking. The CBN s cashless policy drive encouraged banks to promote the use of various service delivery channels/alternatives Electronic banking (ATM, PoS), Internet banking, mobile banking and most recently social media banking while also placing sanctions to serve as a deterrent to non-complying customers. The success of these policy drives is dependent on the level of adoption by customers. This is also hinged on the development enabling infrastructure, systems and frameworks to support a seamless implementation and positive customer experience. Social Media Adoption by Nigerian Banks In general, there is a low level of adoption of social media platforms by Nigerian banks. Results from the study reveal that 4 out of the 22 banks do not have presence on social media. While some banks are actively engaging customers on social media, other banks merely exist on social media. Interestingly, a number of the respondents were delighted that some of the banks actively engage on Twitter and wish other banks would do the same. Table 9 below shows a snapshot of banks level of involvement on social media. Currently, activities carried out by most of these banks on their social media platforms range from brand promotional activities and product announcements to Q&A sessions. GTBank has set the pace in this area through the offering of transactional services through Facebook. The bank s social banking product enables social account holders to transfer money, purchase airtime, pay bills and confirm the account balance on Facebook. 21

30 Bank Table 9: Analysis of social media status of Nigerian banks Followers Twitter No. of Tweets Likes Access 6,981 6,716 45,285 Citi Bank Facebook Activities Carried out Customer care services Information dissemination Diamond 3,612 1, ,187 Brand promotion Ecobank 2, ,387 Enterprise ,920 Fidelity 6,986 3, ,220 FirstBank 23,277 5, ,098 FCMB 2,078 1, ,857 GTBank 67,865 15,282 1,434,522 Heritage Keystone 656 1,080 6,076 Mainstreet Skye ,039 Stanbic IBTC 2,704 3,072 58,614 Standard Chattered Sterling 3,486 4, ,309 Union UBA 2,952 3, ,863 Unity ,274 Wema 6,438 3,238 39,831 Zenith - - 4,442 Brand promotion Advertisement of products and services Customer care services Information dissemination Question and answer sessions Freebies distribution Brand promotions Information dissemination Question and answer sessions Information dissemination Question and answer sessions Customer care services Brand promotion Advertisement of products and services Transaction services Customer care services Information dissemination Question and answer session Brand promotions Customer interactions Customer care services Brand promotions Brand promotions Advertisement of products and services Customer care services Information dissemination 22

31 Customers Loan Propensities Nigerians and Bank Loans Still More Questions than Answers The survey reveals that while respondents admitted to requiring loans to finance various projects and start up business enterprises, only about 44% of them are willing to take a loan citing stringent fees, conditions and processes as a key deterrent. Further analysis revealed that although respondents with lower income levels are the most desirous for financial buffers, they are the most unwilling to take loan. A number of the respondents in the low income category shared their failed attempts at securing loans and have however considered independent microcredit institutions for loan. Figure 9: Analysis of respondents willingness to take loans Willingness to take a loan 56% 44% Willing to take loan Not willing to take loan With the Federal Government s plan to reduce the interest rate in the next eighteen months, it is hoped that this action will influence banks decision to further revise their interest rates so as to increase access to loan especially for low income earners. Through the qualitative responses received during the study, Fig 2.5 shows some of the loan needs of the respondents across age segments. 23

32 Figure 10: Loan priorities across different age categories above Education Education Business Business Mortgage Business Vehicle Vehicle Vehicle Education Education Home Appliance Home Appliance Customers willingness to take loans by income levels Across income levels, the willingness to take loans for any purpose is relatively low. Over 50% of respondents across all income groups indicated that they would not be willing to take loans. For the low-income class (earning below N25,000 monthly), the unwillingness is attributable to an inability to meet loan obligations. The majority of upper middle class and high net-worth individuals (earning above N500,000 monthly) indicated their willingness to take a loan to fund a new business venture. Across all income classes, financing a micro business was the major reason for collecting loans, while only the middle income earners included vehicle purchase and mortgages as their major loan needs. Higher income earners have a higher propensity to take loans, when compared to other classes mostly because of their increased purchasing power and revenue rates which can be traced to increased business ventures operated by this class 24

33 Figure 11: Analysis of respondents willingness to take loans across income levels % Less than 25K 25K - 50K 50K - 100K 100K - 500K 500K - Above Not willing to take a Loan Willing to take a Loan The Next Banking Generation Teen Focus Group Discussion Insights Figure 12: Teenagers bank perception indicators Are you on social media? Do you own a bank account? Where would you like to see your bank s advertisements/ promotions? Neither Facebook 20% 56% 40% 40% Twitter Own accounts Don t own accounts 44% No response Television 18% 9% 44% 29% Twitter Facebook 25

34 To understand the peculiar banking needs of teenagers, focus group discussions were conducted in selected secondary schools in Lagos. When asked to indicate their preferred media channel for receiving banking information, the majority of teens chose Facebook and Twitter as their most preferred media channel. They further indicated that they spend more time on their phones than watching television. What this portends is that a continued reduction in Internet rates may see a further reduction in time spent by teenagers watching television. It is therefore imperative that banks wishing to achieve an increased market share in this category must begin to strategically position as an online/social media compliant bank. Teens Choice Where would you rather bank? When asked about their preferred bank, the majority of participants chose GTBank - with their main reason being the bank s targeted product - Smart Kid Save and the engaging customer interaction platform provided by the bank. They also revealed that the zero account balance offering is another important reason for their preference. Furthermore, participants who owned GTBank accounts also said that they will maintain their accounts even after they gain admission into higher institutions. A significant percentage of the teenagers also mentioned that they like FirstBank. Although parental influence was a major reason for their choice (their parents often mentioned to their children that FirstBank is a very stable bank), products such as FirstMonie, the customized ATM cards and the Hi-Fi account were additional reasons for their preference. The banks with the greatest mind share among teenagers are banks with specialized products for children/ teens and banks that make extra effort to reach out to them. They mentioned that these banks have visited their schools at different times to educate them on financial literacy and also to tell them about their products. Other banks such as Diamond Bank, United Bank for Africa (UBA) and Access Bank were mentioned as additional banks they like. Diamond Bank was selected because of their recent rebranding exercise which has a more colourful and appealing look. UBA, as a result of their popularity which can be interpreted as strong marketing presence, and Access Bank appealed to the teens because of its Early Savers Account. 26

35 The majority of the kids mentioned that they do not like Zenith Bank because they were not aware of whether or not the bank has any specialized product for them. Also, they viewed the bank as one with service offerings which they could not afford. This indicates that for banks to effectively capture the teens segment there may be a need to develop specialised products for them. Also, it is important to develop and implement an effective advertisement plan. For example, it was discovered from the discussion that though Access Bank has a specialized product for the teen segment, the bank hasn t gained as much mind share as GTBank and FirstBank. When asked about how they heard about GTBank s Kid Smart Save Account, participants said the product was directly advertised to them in their school. In addition to direct advertisement, social media campaigns and catchy animated commercials on their favourite TV shows should also be considered. Most liked Bank by Teenagers 1 Guaranty Trust Bank 2 FirstBank 3 United Bank of Africa 4 Access Bank 5 Diamond Bank 6 Fidelity Bank 7 First City Monument Bank 8 Union Bank 9 Zenith Bank 10 Skye Bank Table 10 Transitioning from CSM to CEM Amidst growing competition and strains on income opportunities, the value of the bank customer has become all the more important. To ensure that they attract, engage and retain their customers, banks must transit from Customer Service Management (CSM) into a more inclusive Customer Experience Management (CEM) approach. Essentially, CEM provides a 360-degree view of the customer. Through CEM, banks can consciously source and retain more extensive data assets that can be used to deliver superior service experience to customers. Customer data will spread across the social, economic, financial, religious and health situations of customers. When implemented, it provides a structured process for retaining, incorporating, improving, handling, and evaluating customer information. Although CEM is generally regarded as being more demanding on a bank s resources than CSM, (as it often has strategic linkages with other organisational functions such as strategy development, branding and technology reviews) banks who put it at the heart of their business eventually outperform others with higher customer loyalty and increased revenues. One of the respondents put it aptly, saying...products and services are no longer enough; what customers want today are experiences memorable events that engage them in an inherently personal way. 27

36 Figure 13: Comparative analysis of CSM and CEM Customer Service Management (CSM) Customer Experience Management (CEM) Often Reactive Service actions are based on the prevailing customer feedback, resulting in unstructured reviews and changes in operational processes More Proactive Service actions are geared towards addressing anticipated customer needs and expectations with more structured reviews that result in superior service delivery Analytics are more product -focused Data gathering and mining often focuses on customers interaction with bank products and services to determine level of satisfaction Analytics are more customerfocused Data gathering and mining focuses on understanding customers lifestyle and expectations to determine how best to serve them Quite Impersonal Service delivery is often based on generic operational standards preset for all customer segments, the goal being to achieve product and service acceptance More Personalized Service delivery is based on a good understanding of the lifestyle and preferences of individual customer segments, the goal being to consistently provide an endearing and fulfilling experience Narrow focuses on delivering the bank s products and services to customers. Broad focuses on consistently providing a complete and superior service experience Lower Customer Retention Often results in higher-cost savings but lower customer retention Higher Customer Retention Often results in lower-cost savings but higher customer retention Source: Ciuci Consulting Analysis 28

37 References Access bank (2013) About us at (accessed: 24 October 2013) All Africa (2012) Access Bank Completes Acquisition of Former Intercontinental Bank PLC at (accessed: 24 October 2013) Bangudu O. (2012), 56m Nigerian adults have never had bank accounts, transactions Survey, Premium Times, viewed on 31st October 2013, from premiumtimesng.com/business/ m-nigerian-adults-have-never-had-bankaccounts-transactions-survey.html Central Bank of Nigeria Further Clarifications on Cash-less Lagos Project at (accessed 10th October 2013) Diamond Bank, MTN Partner to Offer New Retail Service available at Creating a 360-Degree View of the Customer Will Improve the Retail Experience available at (accessed 18/10/13) EFInA (2010), EFInA Access to Financial Services in Nigeria 2010 Survey, viewed on 31st October 2013, from CWvBxPNpx0z2BcKe8h2UcHJI%2CXb EFInA (2012), EFInA Access to Financial Services in Nigeria 2012 Survey Qualitative Phase viewed on 31st October 2013, from Documents/EFInA-A2F-2012-surveyFGDKey-Findings.pdf Enterprise Bank Limited online, About Us, at (accessed on 24th October 2013) Enterprise Bank Limited online, Retail, at EnterprisePages.aspx?Value=32 (accessed on 24 October 2013) 29

38 Jim, Davis (2011), What do retail banking customers want, at com/content/corneroffice/2011/10/25/what-do-retail-banking-customers-want/ ( accessed 14th October 2013) Mobile Money Africa (2013) CBN unveils Revised E-Payment System (accessed:2nd October 2013) Nwachukwu O. (2012), Banking the unbanked, still the CBN s major hurdle, Business Day, viewed on 31st October 2013, from ng/ banking the unbanked, still the CBN s major hurdle PocketMoni (2013) etranzact receives final approval to operate Mobile Money in Nigeria at (accessed 7th October 2013) for_retail_banking_global.pdf (accessed 24/10/13) TeliatSuleandPeterOlowa (2013), UBA,FCMB,ACCESS,SKYEandFIDELITYtopwinnersat BusinessDay Awards available at (accessed 28/10/13) Tribune Online (2013) 2.2% of Nigerians subscribe to news2013/index.php/en/news/item/ of-nigerians-subscribe-to-mobile-money- %E2%80%94airtel-nigeria.html (accessed 15th October 2013) Union Bank of Nigeria online, About Us, at about-us (accessed on 24th October 2013) Union Bank of Nigeria online, E-Business, at (accessed on 24 October 2013) Vanguard online (2013) NSSF gets Sterling Bank s N35m support for festival at vanguardngr.com/2013/10/nssf-gets-sterling-banks-n35m-support-for-festival/ (accessed: 24 October 2013) Ventures Africa (2013) Mobile Money Adoption Rate Low in Nigeria at (accessed: 8th October 2013) 30

39 Glossary Term Description 360 degree view of customer A component of Customer Experience Management that treat customers throughout the business cycle based on their lifetime profitability Alternative banking channels All mediums of conducting banking transactions apart from traditional over-the-counter banking Apex Bank ATM Brick and mortar banking Cashless policy Commercial banking Commission on turn-over (COT) Cost per mille Customer centric Electronic banking Fiscal regime Central Bank of Nigeria (CBN) Automated Teller Machines The physical presence of a building or other structures A policy by the Central Bank of Nigeria to reduce the over-dependence of cash for monetary transactions by the Nigerian populace A type of bank that mostly deals with deposits and loans from corporations or large businesses, as opposed to individual members of the public A charge levied on customers withdrawals by their banks. Cost per thousand Focused on the customers needs All banking activities involving customers use of electronic gadgets/access points. A representation of a fiscal system governed by law and/or specific contracts such as Production Sharing Contracts (PSC) 31

40 Glossary Term Description Focus group discussions Merger Mindshare Mobile money Nationalised bank Public sector deposits Regional bank SME A research tool that gathers together people from similar backgrounds or experiences to discuss a specific topic of interest The combination of two or more firms of about the same size to form a single company A controlling or predominant hold of one s attention that is gained especially by marketing ploys Payment services operated under financial regulation and performed from a mobile device A bank that is owned by the state/government, by outright purchase of the bank of controlling shares bought in it. Any profits a nationalised bank makes goes to the government Deposits of ministries, departments and agencies of federal, state and local governments with banks A bank that operates in one region of a country, such as a state or within a group of states Small and Medium-scale Enterprises Social media banking Turnaround time Unbanked Universal bank The provision of banking services, through social media channels The time it takes to process various customer requests Adults who do not have their own bank accounts A bank offering a wide array of banking products and services to their customers 32

41 About Ciuci Consulting Ciuci (pronounced see-u-see) Consulting is a strategy and consumer intelligence company. It has strong technical expertise in research consulting, strategy formulation and human capital development. We have conducted research on a wide range of subjects across different industries. Our reports have been referenced by both local and international media houses and research companies because they give in-depth insights on different sectors in Nigeria. We have developed significant research and analytical capabilities which we leverage to address topical issues in key industries. Our proprietary research enables us to stay at the cutting edge of the changes in the local business environment. Our industry reports are constantly referenced and relied upon by business leaders as well as international organisations interested in the Nigerian market. Our research is driven by a team of consultants with backgrounds and experiences in several industries. Our past research has covered a range of industries including health, education, agriculture, FMCG, energy, finance, infrastructure, telecommunication, ICT, and strategy. 33

42 List of publications available online at The Unemployable Nigerian: Education in Nigeria How it Impacts Employment and Productivity What Nigerian Banks should Become What the Nigerian Mobile Telecom Users Want Business and Leadership Optimising Organisations Human Capital Buying Decision Drivers Basel 0.01: Getting the Basics Right in Risk Management for Banks in Developing Countries Improving Business Process The Winning Formula for Nigerian Fast Food Players Possibilities of Mobile Banking in Nigeria Maximising Profitability through Effective Customer Service Doing Business in the Petroleum Sector Online Passengers in The Offline World Crashing Cost: Is Downsizing the Solution to High Operating Costs in the Nigerian Banking Sector? E-Governance: Bridging the Communication Gap in Governance Are Low Cost Models the Way forward for the Nigerian Mobile Operators? Operating in a Risk-free Bank Declined but now Inclining Innovation-Driven Strategy: A Recipe for Business Success after Recession Developmental imperatives for a nation Nigeria s Petroleum Industry: Striving to Rise Above Challenges Striking a Balance in Employee Motivation Winning in Africa: An Investor s Guide to the Nigerian FMCG Market 34

43 List of publications available online at The Glowing Black Star: A Review of Ghana s Economy Flights or Plights: Reviewing the Performance of the Nigerian Aviation Industry Outbound Medical Tourism: Result of a Poor Healthcare System Harnessing the Potential of Nigeria s N86 billion Sesame Seed Market Possible $111m Opportunity in Mobile Virtual Network Operations (MVNO) in Nigeria Overview: Privatisation of the Power Sector in Nigeria Nigeria s Health Care Delivery: The Missing Links Healthcare Funding in Nigeria Nigeria Aerotropolis: The Way Forward Or Not Growth Enhancement Support Scheme (GES) Creating An Effective Organisation Through Employee Leadership Approach 7 Steps to Reducing Voluntary Employee Turnover The Missing Middle; Providing Innovative Solutions to Financing SME s in Nigeria The Emerging Middle Class and its Effect on the Nigerian Economy Guidelines for Performance Management in Hospitals Exploiting the Win-Win Opportunity in Public Private Partnerships Maximising The Potential Of E-Learning in Nigeria Zero Waste Concept: Harnessing the Power of Bio-Waste in Nigeria Making Mobile Money Move: Keys to Accelerating the Growth/Development of the Mobile Money Industry in Nigeria Prospects and Challenges of the Online Retail Market in Nigeria The Effect of Personal Income Tax on Consumers 35

44 Some of our Senior Consultants that have contributed to this report include: Chukwuka Monye, Nigeria Eelco Fiole PhD, Switzerland Roland Alden, USA Chukwurah Ejidoh, Nigeria Clamor Gieske, UK 36

45 Nigeria 114B Norman Williams Street South-West Ikoyi Lagos United Kingdom Suite Montpelier Street Knightsbridge London SW7 1EE United States 303 Park Ave South Suite 1258 New York NY, USA 37