Companies need to develop products that are customer centric which require improved market research, according to Chief Executive at Top Image Africa, Jennifer Barassa.
She made these remarks imploring the region to improve investments in the financial space especially for those with low literacy levels.
According to the World Bank, about 34 percent of adults in Sub-Saharan Africa had an account as of 2014, up from 24 percent in 2011. Barassa believes more could be done.
According to reports, around 80 percent of the Africa’s population is not connected to formal financial services.
Barassa says most companies, whether banks or mobile networks are product driven and not market driven, calling for a change in approach.
“When you are product driven, you are more inclined to put emphasis on revenue, but how do you generate revenue without being customer centric,” she questioned.
Speaking to CNBC Africa on the side-lines of the financial inclusion conference, she added that there was need to find what consumers were looking for and satisfying that need.
“Most of consumers who are being targeted especially on financial inclusion have very low levels of literacy. Hence, knowing the character of the target market requires much research,” said Barassa.
“Some of the people are afraid of technology and even going to the bank, so they need to have a friendly customer experience. There is need to those illiterate through the language they understand.”