How Young Africans Spend, Save and Invest their Money?

Tuesday, May 5, 2020

This webinar is based on a study by Geopoll released in November 2019 and entitled “The State of Financial Services in Sub-Saharan Africa – How Youth in six African Nations Spend, Save and Invest”.

Geopoll is a mobile-based services provider offering surveying solutions to financial sector stakeholders in order to gather data about the financial needs of their (target) consumers. For the aforementioned study, Geopoll’s experts conducted surveys through mobile web in 6 countries, including East African countries (Kenya, Uganda and Tanzania) and West African economies (Nigeria, Ghana and Côte d’Ivoire).

The study questionnaire explored various thematic including:

– Income stream and source;
– Use of money;
– Payment methods (cash – mobile money – debit and credit cards) and uses;
– Bank deposits and uses;
– Saving culture, purposes and channels, and;
– Areas and rates of investment.

This study, which focuses on the demand side for financial services in Africa, is of interest for African financial services providers and could help them to better understand their (target) customer’s habits in these countries, or internally conduct such a research to explore potential new markets and/or financial products.

Furthermore, the session is also an opportunity to explore and discuss how financial habits in the African region are impacted by the social distancing measures associated to the Covid-19 crisis management.