26/04/2021
Sales in a rural market requires a different outlook than in urban locations.
In the mid-1990s, Kenya’s Equity Bank found itself in the unenviable position of being technically insolvent.
However, over the following two decades,
It transformed into a leading financial institution with over 10 million customers
By predominantly targeting the low-income and marginalised mass market.
It has also gone beyond the comfort of the cities to provide loans and banking services to those living in rural areas – a segment neglected by many of its competitors.
How did it do it?
Equity bank embraced a model called ‘agency banking’,
Which comprises partnering with existing retail outlets – usually informal kiosks – to offer selected products and services on behalf of the bank.
Initially, Kenyans living in remote areas often have to travel long distances to visit a bank branch,
But with the agency banking model,
Equity bank brought financial services closer to where people live.
Today the group has over 27,000 agents, compared to not more than 180 traditional branches.
Talk to to give you ideas that will drive your product deeper into the hearts of the rural consumers.
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