Segmentation of Women Clients: Lessons from Access Bank Nigeria and KIT Royal Tropical Institute

Tuesday, September 28, 2021

September 28, 2021 at 9:00 am ET

Join for the conversation to hear from Access Bank and KIT Royal Tropical Institute . Access Bank is one of the largest commercial banks in Africa. Access Bank recognized the potential growth opportunity of the women’s market fifteen years ago and in 2014 formalized this focus through their signature W- Initiative. Using rigorous market research across Nigeria, Access Bank identified three distinct priority segments of women and created specialized customer value propositions that included adapting existing products along with tailored non-financial services. By adopting a strategy that allowed multiple business units within the bank to offer products and services to the target segments of women. Access Bank has brought in 15.4 million new women clients and women now represents 34 % of the bank’s portfolio. The bank intends to increase that number to at least 45 % by 2022.

In 2019, Access Bank PLC and FMO – the Dutch Entrepreneurial Development Bank – commissioned the KIT Royal Tropical Institute (KIT) and Palladium to deliver a bundle of services to strengthen the W-Initiative in four countries: Nigeria, Ghana, Rwanda and Zambia. A market research was conducted by KIT to identify the needs and preferences of the three W-Initiative female market segments.

This conversation will be an opportunity to pull back the curtain on why Access Bank choose to focus on the women’s market and how they developed and rolled out the W initiative in their quest for becoming the bank of choice for women in the markets they serve.