Youth-focused savings product development for Equity Bank, Kenya

• Jul 29, 2025
• 1 min

Equity Bank, one of the largest banks in Kenya, sought to expand financial access for the country’s growing youth population. The goal was to develop savings products tailored to the unique behaviors, aspirations, and financial needs of young people. Recognizing the importance of capturing this demographic early, the bank intended to foster long-term saving habits and build a new generation of loyal customers.

MSC partnered with Equity Bank to provide technical assistance in designing youth-centric savings products. Using its Market Insights for Innovation and Design (MI4ID) methodology, MSC led a detailed market research process that included qualitative research, focus group discussions, and participatory rural appraisals. The insights helped identify key motivators and constraints in youth financial behavior. Based on these findings, MSC guided the development of product concepts, supported prototype refinement, and assisted in pilot preparation.

The engagement resulted in five new youth-focused savings products:

• Equity jijenge – A customer-defined contractual savings plan
• Equity education program – A savings product for school fees
• Equity super junior – A savings account for children
• Equity student achievers’ account – A savings account for students
• Equity youth – A restricted withdrawal savings account

These innovations had a significant impact. Youth clients increased from 13% in 2012 to 47% by 2019. The average customer age dropped to 24 years. Additionally, over 97% of transactions now occur digitally, reflecting the successful integration of youth and digital strategies.

The Equity Bank of Kenya commissioned the project.