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.

Resilient Savers

21% of Nigeria | 22 million people

respectful, sociable, prepared

Click below to learn more:

Watch Yomi's

Short Documentary

YOMI'S STORY

Meet Yomi

 

"Things will change when I start working. I want to go to acting school, I want to build a house in my village."

Yomi, 19 years old, lives in Lagos with his aunt and five cousins. Due to a series of unfortunate incidents that put his family in a tough financial situation, he left home several years ago to attend secondary school and later find work. He dreams of one day attending Nollywood school and pursuing a career as an actor. In the meantime he has worked various odd jobs to grow his savings for his future education. Though he is digitally literate, Yomi is skeptical about using his smartphone for financial transactions and believes that banks should just be used to accumulate savings.

What are some of Yomi’s long-term financial strategies that he hopes will propel him towards his career ambitions?

 
 

SEGMENT OVERVIEW

Resilient Savers,

by the numbers

Like Yomi, Resilient Savers are mostly young to middle aged, rural, religious, married men who are formally or self-employed. Approximately 22 million (21% of the Nigerian population) fall in this segment.

Resilient Savers

Nigeria Average

GENDER (MALE)

74%

49%

AGE (18-34)

61%

62%

SOCIOECONOMIC (SES 4-5)

40%

40%

HIGH INCOME VOLATILITY

48%

54%

Relative to other segments, Resilient Savers are more evenly distributed across socioeconomic groups, measuring just below average SES in Nigeria. Most identify as head of household and have completed at least secondary school. Though rural, only a fifth rely on farming as their primary source of income, though most likely farm in addition doing other work. They are the financially healthiest of the rural segments and have relatively low income volatility.

Financial Behavior & Attitudes

SAVINGS BEHAVIOR & ATTITUDES

While most don’t believe they earn enough to save, Resilient Savers are the most frequent savers of any segment. This is aided by their effective planning skills and their tendency to view savings as being unsafe from the claims of others.

SAVINGS ACCOUNTS

They tend to view their savings as unsafe from others, which may drive their use of formal accounts, such as mobile savings, and group savings with family.

BORROWING BEHAVIOR & ATTITUDES

They also borrow with more frequency than average across all channels, perhaps in part because of high comfort holding debt, trust in banks, and respect for authority.

BORROWING ACCOUNTS

However, the exception for Resilient Savers is formal group borrowing (e.g. ROSCAs) and mobile borrowing, which they do not frequently resort to.

Resilient Savers

Nigeria Average

Explore our complete set of findings:

 

DESIGN OPPORTUNITIES

How might we create products and services

for Resilient Savers that...

Leverage their Proficiency with Technology

Create digital and mobile platforms to provide easy access, control, and privacy of their accounts

Simplify the

Complexity of

Services

Explain financial service features using plain simple messaging language

Capture Financial Behavior Exhibited in Social Channels

Develop credit scoring techniques that account for a greater variety of financial management behaviors

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