The Human Account is led, created and developed by Dalberg with Rockefeller Philanthropy Advisors, and funded by the Bill & Melinda Gates Foundation.

 

Local partners are Lagos Business School in Nigeria, Ashoka University in India, not-for-profit development finance company, Karandaaz in Pakistan, and research and advisory firm, Busara Center for Behavioral Economics in Kenya.

Confident Optimists

14% of Nigeria | 15 million people

open-minded, tech savvy, planning-oriented

Click below to learn more:

Watch Victoria's

Short Documentary

VICTORIA'S STORY

Meet Victoria

 

"To start a business you need money and a plan for what to do. I’ve thought about starting a pedicure specialist place. There’s nothing like that in Lagos."

Victoria is a 21 year old woman living with her aunt, uncle, and two cousins in Lagos. She holds a high school degree and works at a local salon, but has big plans for the future, which she is working and saving aggressively towards. For the past three years she has been working, Victoria has changed jobs three times in search for one that meets her interests and pays enough to build her future. Though college is her primary savings priority, she is taking concrete steps towards starting a pedicure business. She also sends her extra money home to her mom. Sometimes, due to her rigorous and illiquid savings strategy, Victoria goes hungry at the end of the month. In spite of this, she remains hopeful.

How does Victoria manage the financial demands of meeting everyday expenses, investing in her education, and saving towards her future career goals?

 

SEGMENT OVERVIEW

 

Confident Optimists,

by the numbers

Like Victoria, Confident Optimists are mostly middle to upper class, well-educated, young, and urban, who own businesses or are formally employed. Approximately 15 million people (14% of the Nigerian population) fall in this segment and are mostly from urban backgrounds. 

Confident Optimists

Nigeria Average

GENDER (FEMALE)

56%

51%

AGE (18-34)

71%

62%

SOCIOECONOMIC (SES 4-5)

57%

40%

HIGH INCOME VOLATILITY

41%

54%

More than half of Confident Optimists are women, and they are better educated and more technologically savvy than Nigerians on average. They are the financially healthiest segment in Nigeria, benefitting from the second highest earnings, relatively low income volatility, and effective planning habits.

Financial Behavior & Attitudes

Confident Optimists

Nigeria Average

SAVINGS BEHAVIOR & ATTITUDES

Confident Optimists exhibit high savings deliberateness and prioritize saving frequently in banks. They also aspire to share their savings with family and friends.

SAVINGS ACCOUNTS

They save money extensively through groups and are the most frequent mobile savers in Nigeria. Their open and trusting nature, along with their embrace of technology, enables an active use of financial tools, including mobile money.

BORROWING BEHAVIOR & ATTITUDES

High levels of dependability, comfort holding debt, and trust in banks likely enable and drive Confident Optimists' slightly higher than average borrowing frequency from formal institutions.

BORROWING ACCOUNTS

They have by far the highest rates of mobile borrowing and mobile wallet usage in Nigeria. They also borrow through informal groups at rates similar to the national average.

Explore our complete set of findings:

 

DESIGN OPPORTUNITIES

How might we create products and services for Confident Optimists that...

Leverage their Wide Social Networks

Engage them as early adopters and influencers of mobile wallets through P2P payment features

Drive Deeper Use of Mobile Loans

Develop marketing messages that speak

to their long-term

hopes and beliefs

Support Long-term Business Goals

Offer customized credit options that draw upon their healthy reserves, dependability, and trust in banks

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