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Developing youth-focused savings products for Equity Bank in Kenya
MSC collaborated with Equity Bank to increase the youth’s interest and access to savings products in Kenya. The project involved market research to understand the financial needs of clients and the development of financial products for the potential youth clientele.
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Equity Bank intended to increase youth interest and access to savings products in Kenya. MSC worked with Equity Bank to conduct a market research study to understand the financial needs of clients and developed a set of financial products for the potential youth clientele. Since the launch of these products, the bank expanded its youth customer base from 13% (end of 2012) to 47% (end of 2019). Over five years, 83% of youth continued with the bank, 27% used additional products, and the loan sizes borrowed by youth quadrupled from USD 250 to USD 860.