Presentation given at a stakeholder workshop on 2 June 2014
Retailers in South Africa provide a range of financial products and services that span the financial services spectrum, including credit, insurance, money transfer, and savings products. FinMark Trust, in collaboration with Cenfri, has recently conducted a number of studies to explore the supply-side considerations for offering financial services in this market, yet a key question still remains: what motivates the consumer market to access financial services through a retailer?
FinMark Trust commissioned Eighty20 Consulting to conduct a study to understand the user case for financial services offered by retailers in South Africa. The study seeks to understand the nature of this demand through an exploration of why and how people use retailers to access financial services. By identifying the key factors that influence the decision to take up financial services at retailers the study aims to position the current and potential role of retailers in servicing the financial needs of lower income individuals. The study explored these concepts through extensive qualitative and quantitative research across a range of retailer and product types.
The workshop will provided the opportunity to delve into the questions posed above with the authors of the study and fellow stakeholders through an interactive session format.