How do Millennials in Kenya handle their money?

 

Any provider of banking and financial services in Kenya needs to be aware of this. A recent study of Millennial banking customers done by RedBrick Africa uncovered critical insights on the state of this demographics banking and money management practices. Using proprietary research and analysis methodology, RedBrick Africa, through our QualServ service have been able to gain greater insight into the mind of the Millennial banking customer. Among other things. we discovered that:

  • Millennials are loyal to value, not brands – They want to see what you have to offer and if they like it they engage. They dont really care about banking brands, just value offered
  • Convenience is critical – Having a variety of options with regard to depositing and accessing cash is utmost. Millennials want to feel in charge when it comes to accessing and using their hard earned money
  • Digital is the way to go – Banking halls are obsolete, they will not be visited. Most respondents last visited the banking hall when they opened the account, in some cases decades ago.
  • Discipline is a challenge – Mobile money is too easy to access, cash and card is easier to manage. Millennials realise that the temptation to spend is high, and mobile money makes it so easy to access (and abuse) funds
  • Money management skill is needed – Respondents expressed a sense of regret at not having money management skills given to them before being entrusted with money

 

You have to show the value you create for Millennial clients, they don’t care about your brand.

  • You need to provide as many channels as possible to make the experience as frictionless as possible
  • Its critical to create products that allow customers to have money on mobile by limit their use of it somehow
  • Ensure you introduce customers to your company early – Money management classes/forums from high-school/university students

You can check out the detailed report here: https://www.slideshare.net/mmutiga/how-do-millennials-in-kenya-handle-their-money

And there you have it. For further details on this study and what else we can do for you,

contact us at +254 722727808 or mmutiga@redbrickafrica.com