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Marketing bank services to financially vulnerable customers: evidence from an emerging economy

Emmanuel Mogaji (Department of Marketing, Events and Tourism, University of Greenwich, London, UK) (Department of Research Administration and International Relations, University of Economics Ho Chi Minh City, Ho Chi Minh City, Vietnam)
Ogechi Adeola (Lagos Business School, Lagos, Nigeria)
Robert Ebo Hinson (Department of Marketing and Entrepreneurship, University of Ghana, Accra, Ghana)
Nguyen Phong Nguyen (School of Accounting, University of Economics Ho Chi Minh City, Ho Chi Minh City, Vietnam)
Arinze Christian Nwoba (Department of Marketing, Events and Tourism, University of Greenwich, London, UK)
Taiwo O. Soetan (School of Business, IT and Applied Arts, Red River College, Winnipeg, Canada)

International Journal of Bank Marketing

ISSN: 0265-2323

Article publication date: 9 March 2021

Issue publication date: 8 June 2021

618

Abstract

Purpose

This study aims to explore how banks in Nigeria are marketing financial services to financially vulnerable customers.

Design/methodology/approach

A multiple case study research strategy was used to analyse three commercial banks and two microfinance banks. Data were collected using semi-structured interviews with the banks' directors as well as from banks' published annual reports and archival images.

Findings

The study reveals that Nigerian banks develop different product development portfolios, adopt innovative traditional marketing schemes and apply inclusive technologies to reach and extend services to the unbanked and financially vulnerable customers in the society.

Research limitations/implications

Banks should focus on consumer engagement through the proactive development of technologies and employ innovative marketing methods. Customers' banking experiences can be enhanced if banks communicate with and educate customers about technological modes of engagement. In addition, financial service transaction support and financial literacy education can assist banks in marketing their services to financially vulnerable customers, in mutually beneficial ways.

Originality/value

This study shows how financial service operators' market and extend their services to financially vulnerable customers in emerging markets. It empirically establishes the importance of financial services to financially excluded customers.

Keywords

Citation

Mogaji, E., Adeola, O., Hinson, R.E., Nguyen, N.P., Nwoba, A.C. and Soetan, T.O. (2021), "Marketing bank services to financially vulnerable customers: evidence from an emerging economy", International Journal of Bank Marketing, Vol. 39 No. 3, pp. 402-428. https://doi.org/10.1108/IJBM-07-2020-0379

Publisher

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Emerald Publishing Limited

Copyright © 2021, Emerald Publishing Limited

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