Reports
September 6, 2015
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Overview
The "Mobile Banking Consumer Habits Study" by Kasi Insight delves into the consumer behavior and attitudes towards mobile banking services in Ghana and Kenya. Focused on the banking and telecom industries, this study, conducted through an online survey, explores the prevalence of mobile money services, the convergence of digital and conventional banking, and consumer perceptions of financial products. With a target audience of CEOs and Marketing Executives in banking and telecoms, the report provides valuable insights into the evolving landscape of mobile banking in Africa.
Key Takeaways
Mobile Money Penetration: The study reveals that mobile phone ownership is widespread across households in both Kenya and Ghana. M-Pesa dominates in Kenya, while Airtel Money is a prominent service in Ghana. Mobile money is considered mainstream, with a majority of respondents having at least two people in their households using these services.
Convergence of Banking and Mobile Money: Kenya emerges as a leader in the convergence between conventional and digital banking. Consumers in both Ghana and Kenya exhibit a deep usage of their bank or mobile accounts, with most utilizing more than three features. Financial products, even from relatively new mobile banking offerings, are perceived as easy to understand by most consumers.
Mobile Banking Usage Depth: The study indicates that the depth of mobile money usage is higher in Kenya compared to Ghana. Conversely, the usage depth of bank accounts is higher in Ghana compared to Kenya.
Perceptions of Financial Products: Respondents find financial products offered by telecoms to be affordable and convenient. Security concerns related to mobile banking are more significant in Ghana. In both countries, respondents find financial products offered by banks to be convenient, with Ghanaians expressing that their financial needs are met.
Telecom-Bank Convergence: In areas where mobile banking is widespread, the convergence between telecoms and banks is evident. Notably, in Kenya, consumers acknowledge that telecoms, through their mobile banking offerings, are the best channel for financial products and services.
Methodology
The study employed an 8-minute online survey conducted by Kasi Insight between August 10th and September 1st, 2015, targeting urban dwellers aged 18-55 in Nairobi (Kenya) and Accra (Ghana). The survey sampled 1010 respondents in Kenya and 808 in Ghana through an internet-based network.
The report concludes that mobile banking has become a significant part of the financial landscape in both Ghana and Kenya. The widespread adoption of mobile money services, the convergence between traditional banking and digital platforms, and the positive perceptions of financial products offered by both telecoms and banks indicate a dynamic and evolving market. The findings provide valuable insights for CEOs and Marketing Executives in the banking and telecom industries, offering strategic guidance for navigating the mobile banking landscape in these African countries. Kasi Insight aims to empower businesses with actionable insights to succeed in the fast-growing consumer market in Africa.
