KPMG

Internet-loving Nigerians slow to adopt web banking

By Bode Abifarin

With so many Nigerians happily surfing the net, why have local banks not converted more of these sophisticated web users into internet banking customers? That question is posed in the 2014 Nigeria Banking Industry Customer Satisfaction Survey, which may give bankers in many developing markets reason to reflect.

As KPMG in Nigeria observed in its eighth annual report on banking trends, Nigerians are fast adopters of web-enabled gadgets. They are also increasingly sophisticated banking customers, with rising expectations for speedy, efficient service and technology.

Ironically, however, the report also describes how some Nigerians happily text, chat and shop on smartphones while they stand in long queues to use ATMs and branches. This picture is reinforced by survey data that show eight in 10 Nigerian banking customers aged under 30 never use internet banking. Equally surprising, while 70 per cent of Nigerians use social media at least weekly for personal purposes, 71 per cent never interact with their bank by social media…

Click on the link below to read the rest of the KPMG briefing.

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