SSA Banking

This report provides an overview of the retail financial services landscape in Ghana, Kenya, Nigeria and South Africa based on data collected from consumer interviews

The report is built around two themes:

    • Retail banking landscape
    • Consumer attitudes towards retail banking

Methodology

This report is based on 1,000 in-home face-to-face interviews conducted in each city

    • Fieldwork dates: Late 2017 and early 2018
    • Coverage: all urban and peri-urban areas in Accra, Lagos, Johannesburg and Nairobi
    • Sampling: Random selection of Primary Sampling Units (PSUs) by means of probability proportional to size (based on population of each administrative units within the city). Random selection of household within each PSU, and random selection of interviewee within the household (among those above 18 years old)

Collected data collected is post-weighted on the age and gender dimensions, according to each country’s demographics

Which country has the highest retail financial services penetration?

Do Kenyans own more financial products than South Africans?

Which country has the highest loan penetration?

In which country people use mobile payments the most?

These questions all find their answers in this report about consumer financial services in Sub-Saharan Africa. The report provides insights on retail banking landscapes and on consumer attitudes towards retail banking in Ghana, Kenya, Nigeria and South Africa, and allows comparative analysis across countries.

The report is based on data collected through more than 1,000 face-to-face interviews for each country, conducted in late 2017 and early 2018.

Table of contents

  1. Introduction and methodology
    1. Executive summary    
    2. Retail banking landscape
      1. Countries competitive situation, based on retail financial products penetration and product diversity.
      2. Financial products penetration across the 4 countries: population with at least one product
      3. Types of financial products owned per person, across the 4 countries
      4. Number of financial products owned per person, across the 4 countries
      5. Mobile payments penetration: percentage of users within total population and among smartphone owners (Ghana, Kenya and Nigeria only)
      6. Unprompted brand awareness of major banks across the 4 countries (name of banks sanitized, available in the specific country records)
    3. Consumer attitudes towards retail banking
      1. Comparative analysis across countries, based on level of trust in local banks, perception on access to credit and personal financial education (budgeting habits).
      2. Consumer perception on access to credit, across the 4 countries
      3. Credit penetration: percentage of loan holders in the population across the 4 countries
      4. Sources of credit: percentage of loans by type of lender across the 4 countries
      5. Consumer attitudes in relation to monthly budgeting of personal finances across the 4 countries
      6. Consumer opinions on trustworthiness of local banks across the 4 countries

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Retail financial services in Sub-Saharan Africa Retail financial services in Ghana, Kenya, Nigeria and South Africa: A comparative analysis - March 2018 (Full report – Pdf)

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Key info

Research team