1. By Onyinyechi Ukaire
YELLOWOODS
Market Research Project
June-August 2013

2. The consumer context
Consumer’s use of financial
products
Consumers’ need for financial
products and services
Perceptions, attitudes & needs
regarding lending products
and savings/investment
products
Objectives
To Understand and
Explore

3. Sample
Ten (10) respondents
 7 Consumers
3 Employed
4 Self Employed
 3 Suppliers
2 Employed
1 Self Employed
Age Bracket: 29 – 60
Totalling: 7 Males 3 Females

4. Target Market
Low Income Earners
ArchitectTeachers and Semi-Literates
High Income Earners
Accountant
Doctor Lawyer
Policeman
Jobs

5. Suppliers products vs. Consumers use
Accessing funds through alternative channels
e.g. E-banking Products
0
1
2
3
4
5
6
Financial Products and Services

6. Insurance
People want this service but
‘Thinking of a better way to sensitize the public’
“Over 90% of Nigeria’s population runs vehicle insurance because it is
compulsory”.
 Policy processing is tedious
 Companies have stringent requirements when it
comes to paying back claims
 Payment for policies are high

7. Why Informal Channel?
Bank closures
&
Low Income
Alternative Channel
Benefits
Low Interest Rate
Ease of Access
Trust

8. Why Formal Channel?
Benefits
Fund Security
Reliability
Convenience

9. Creating the Ideal Customer Environment
 Personal Touch
 Security of
Funds
 Loans with Low
interest & faster
processing rate
 Less time spent
at financial
institution

10. Decision Making
 Capital Base
 Track Record
 Management
 Access Structure
 Staff Structure
 Annual Returns

11. Opportunities
Loans and lending Products
 IPSA
Savings and Investment Products
 Nairawise
 Retirement Policy
“There’s Virtually Everything Offered by financial Companies”
 Direct Debit Loan

12. Media Usage
Phone SMS
Internet
TV advert
Newspaper
People also use make use of Radio and Satellite Stations

13. My Experience
“Saving is a waste of
time. I spend my
money as soon as I
get it”
“Bank Loan=
Working for a
bank”
“Investment is the life
style of every right
thinking business
man…”

14. Insight
I got to know More from the written than oral

15. Thank You