Marketing financial services in Africa: exploring the heterogeneous middle-class consumer across nine countries

Our paper investigates how the heterogeneous structure of the middle class in sub-Saharan Africa influences its consumption of financial services, identifying drivers for their selection of these services. Implications for marketing practice are outlined. This research is an across-country city-based exploratory study in ten cities where structured questionnaires were used in interviews to obtain information from respondents over a period of 2 years. Our findings identify the importance of the financial realities of the three middle-class groups of the Accomplished, Comfortable and Vulnerable on their consumption of financial services and answer the question of what drives demand for these services. The three groups have varied spending and saving habits, perceptions of financial services and financial aspirations. We identify six key drivers for selecting services, namely availability, accessibility, affordability, status, security and trust. Technology is a key mediating variable of the marketing mix considerations. Marketing practice implications indicated a need for marketers to recognise the importance of the heterogeneity of the middle class and its influence on segmentation strategies. Opportunities for new approaches to new product development and marketing communication strategies that leverage the heterogeneity of the middle class are outlined. Marketers should also consider the varied influence of the drivers for the choice of financial services among the three groups. Our findings reinforce the need and potential that exist for financial services providers to improve the financial inclusion of previously marginalised consumers.