Financial inclusion: Banks need information on consumer behaviour — LBS
Banks and other financial institutions need information on the behavioural pattern of the unbanked so as to develop appropriate products that will attract them and increase financial inclusion in the country.
Research Associate, Sustainable and Inclusive Digital Financial Services, Lagos Business School, LBS, Immanuel Umukoro stated this while speaking at a press briefing on the 3rd annual Digital Financial Inclusion report to be presented this week.
Umukoro stated that the report titled, ‘The Consumer Segmentation Framework,’ was prompted by the need to conduct a deep study of the under-banked and un-served consumer segments to uncover insights and present data which can aid the achievement of the National Financial Inclusion Strategy (NFIS) goal of 80 percent financial inclusion by 2020.”
He said that the report is being launched by the Sustainable and Inclusive Digital Financial Services initiative of the LBS, in partnership with Dalberg and with the support of the Bill & Melinda Gates Foundation.