Segmentation of Women Clients: Lessons from Access Bank Nigeria and KIT Royal Tropical Institute
Join us for our next 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, which is part of our series of conversations with providers, 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.
Bimpe Gisanrin is a seasoned Finance Professional with over 17 years experience in the Banking Industry. She is also a Women’s Economic Empowerment Champion who is passionate about connecting the dots for women entrepreneurs and professionals to attain global relevance. Currently managing Access Bank’s women’s market program- the W Initiative, Bimpe oversees the team.She also supports women sub-segments in Nigeria and key African markets (Ghana, Rwanda, Zambia, Gambia and Sierra Leone) through the women’s market program.The initiative won several local and international awards including a three-year consecutive Central Bank’s award for Excellence in Women’s Economic Empowerment.
As an astute relationship management professional, IFC certified trainer and strategist with a record of sustaining and building impactful relationships and partnerships, Bimpe has worked with private and public sector organizations to develop their social position and identify opportunities for women to scale up in their chosen business and career path.
Sandra Orgu is currently a gender specialist with Access Bank under the W Initiative program designed to inspire, connect, and empower women in Africa.Her over 6 years’ professional experience, in the private services sector, spans development communications, strategic partnerships management and financial inclusion.As part of her contribution to bridge gender gaps in access to finance for WSMEs in Nigeria, Sandra was instrumental in over 5,000 Women SMEs supported in accessing loans and several thousands benefiting from the non-financial services offerings of the program at Access Bank– one of which is a mini-MBA developed in partnership with the IFC. In the course of her work, she has also worked with local and international companies who were clients of Access Bank, to advocate for gender policies.Her professional development includes a Communications degree with professional certifications in integrated communications and marketing.
Fiona is a financial inclusion and women’s economic empowerment specialist. She is based in Amsterdam and leads the KIT Royal Tropical Institute research and advisory work with financial service providers and development banks in Africa, Asia and Europe, in collaboration with funders and partners. Her thematic expertise includes financial solutions for low-income or underserved market segments including female entrepreneurs, youth and migrants, and gender lens investing. Fiona was the project lead for the 2019 – 2020 partnership with FMO Dutch Development Bank, Access Bank and Palladium to strengthen Access Bank’s W Initiative in Nigeria, Ghana, Rwanda and Zambia, and led the market research in Ghana. Prior to KIT, Fiona was CARE International UK’s global advisor for financial inclusion policy and advocacy.