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FITC Launches Banking Survey Report on Financial Habits of Millenials
Financial Institutions Training Center, FITC, the innovation-led and technology-driven knowledge institution, has launched a first of its kind Millennial and Gen Z Banking Survey Report.
In a statement, FITC said the publication aligns with its commitment to continuously provide cutting-edge knowledge solutions to the financial services sector and provides vital consumer data on a demographic that is fast becoming a significant consumer segment globally.
The publication, the statement added, was designed to provide crucial data on the Millennials and Gen Z market segment and support decision making by key stakeholders within the financial services sector.
Addressing the relevance of the report, Chizor Malize, the Managing Director/CEO, FITC, said the survey was conducted and published by the Insights and Policy Advocacy unit of the FITC.
She disclosed that the unit provides support to businesses through industry analysis, to enable them to strengthen their customer relationships and make better business decisions, driven by accurate data.
In addition to the Millennials and Gen-Z report, the Insights and Policy Advocacy unit consistently publishes reports that provide actionable insights to the financial services sector.
Malize described the publication as a vital tool for innovators and disruptors planning to design products and services for the Millennials and Gen Z demography.
“Millennials and Gen Zs are set to become the most important customer group for most banks, neo banks and the financial technology (FinTech) companies. Combined, they currently form the largest adult generation globally with the largest economic impact. Their wealth more than doubled to over $9 trillion since the pandemic began.
“They are over two billion strong with spending power in excess of $1 trillion. However, “banks” have largely left cutting-edge research on millennial banking habits out of the design processes for product design and marketing strategies development. Financial institutions can no longer afford to neglect this huge group’’ Malize said.
“FITC is committed to equipping and supporting the financial services sector and indeed, players and stakeholders across all sectors of the Nigerian economy with the requisite skills and knowledge to succeed. One of several ways by which we accomplish this, is through research-backed insights and accurate data, to aid sound decision making.”
Speaking further, Malize noted that the Millennials and Gen Zs are the most digitally savvy market segment within the financial services sector.
Mr Ademola Adebise, the MD/CEO, Wema Bank, who delivered the keynote address noted that of the interesting highlights in the report, is the discovery that millennials generally prefer digital platforms, while the Gen Z preference skews towards physical branches.
Represented by the Chief Digital Officer, Mr. Segun Adeniyi. Adeniyi, he said this emphasizes the need for banks and financial institutions to create user-centered product experiences, tailored to the unique preferences of this market segment.
Adeniyi attested that insights, driven by behavioral data such as this report, are necessary tools for designing new products, and improving existing ones within the financial services sector.
Mrs. Aishah Ahmad, the Deputy Governor, Financial Systems Stability, Central Bank of Nigeria (CBN) and Chairman, FITC Board, who unveiled the report, said the financial services sector needs it for effective decision making on new product development.
“Recent changes in the business environment, and more particularly the banking industry across the globe, makes it imperative for periodic research to be conducted on emerging trends and developments.
“This provides data for better understanding of issues, as well as informed decision making for organizational success and business sustainability. The Millennials and Gen Z Survey Report is therefore very apt and highly commendable.” She stated.
Ogba Ogbaga, an Abuja-based lawyer, has said that he has been instructed to institute legal proceedings against MTN Nigeria, Airtel Nigeria, Globacom, 9mobile and MultiChoice Nigeria, operators of DStv, over what he described as unfair consumer practices relating to expiring data bundles and television subscriptions.
In a statement posted on Facebook, Ogbaga said his law firm, GIMBG Legals, received instructions from its client, KAA, also known as KaaTruths, to challenge the companies’ subscription policies in court.
According to him, the proposed suit will question whether telecom operators and DStv’s subscription models comply with provisions of the Federal Competition and Consumer Protection Act (FCCPA) 2018 and other applicable laws.
Ogbaga alleged that telecom providers operate internet data services that are unfair to consumers, claiming subscribers sometimes do not receive the services they paid for but still lose their subscriptions once the validity period expires.
He also criticised DStv’s subscription model, arguing that consumers lose paid viewing time due to factors such as power outages, adverse weather conditions and service interruptions, while subscriptions continue to count down regardless.
“Our clients have complained that MTN data services are unduly one-sided,” Ogbaga said, adding that the legal action would also extend to other telecommunications providers and DStv.
He said the court action would seek judicial determination on whether the companies’ subscription practices comply with consumer protection laws.
The lawyer also invited interested legal practitioners to collaborate on the case, saying his firm would provide updates as the matter progresses.
In a separate Facebook post on Wednesday, Ogbaga said previous policy discussions, town hall meetings and debates at the National Assembly had failed to address the concerns raised by consumers.
He argued that telecom operators regularly carry out maintenance and network upgrades that temporarily disrupt services without extending customers’ subscription periods, while DStv subscribers also lose viewing time because of electricity outages and weather-related disruptions.
The National Insurance Commission (NAICOM) has commenced the issuance of new licence certificates to insurance companies that successfully met the industry’s new minimum capital requirements, marking the formal beginning of a new regulatory era aimed at strengthening the financial capacity, governance and global competitiveness of Nigeria’s insurance sector.
At a ceremony held at the Commission’s headquarters in Abuja, the Commissioner for Insurance, Olusegun Ayo Omosehin, presented the new licence certificates to compliant operators, describing the exercise as a major milestone in the industry’s recapitalisation programme.
According to the Commission, a total of 43 insurance companies declared compliant with the new capital requirements are expected to receive the new licence certificates in phases.
Omosehin congratulated the successful companies, saying the issuance of the new licences signals the beginning of a stronger regulatory framework anchored on improved capitalisation, sound corporate governance, innovation and sustainable growth.
He urged operators to leverage their enhanced capital base to develop innovative insurance products, improve operational efficiency and deepen insurance penetration across the country.
The Commissioner said the Commission expects the recapitalised companies to deliver stronger financial performance while maintaining high standards of professionalism and customer service.
He also announced that NAICOM’s next major regulatory initiative would be the implementation of the Risk-Based Capital (RBC) framework, under which insurers’ capital levels would be aligned with the risks inherent in their respective business portfolios.
According to him, the new framework will further strengthen the industry’s resilience by ensuring that insurers maintain capital commensurate with the risks they underwrite, thereby enhancing policyholder protection and boosting market confidence.
Omosehin reaffirmed the Commission’s commitment to removing regulatory impediments where necessary while maintaining effective oversight to safeguard policyholders and strengthen confidence in the insurance market.
The issuance of the new licence certificates marks the commencement of a phased transition to higher capital standards aimed at improving the financial capacity, solvency and claims-paying ability of insurance companies operating in Nigeria.
Management of Nigeria CommunicationsWeek Media has withdrawn its publication titled “Adefolarin Ogunsanya and the Allegations of Shareholder Interference and Self-Dealing at Pan African Towers,” which was published on its platform.
The decision to retract the story follows an editorial review to ensure that the platform maintains the highest standards of accuracy, fairness and responsible journalism in reporting matters that are the subject of ongoing judicial proceedings.
Nigeria CommunicationsWeek acknowledges that the issues raised in the publication remain before the courts and have not been finally determined.
Accordingly, the organisation has decided to remove the article from its platforms pending the conclusion of the legal processes or the availability of additional verified information.
The publication regrets any inconvenience or misunderstanding the report may have caused to readers or any individuals or organisations mentioned in the story.
Nigeria CommunicationsWeek remains committed to the principles of balanced, factual and ethical journalism and will continue to uphold professional standards in its coverage of judicial and corporate governance matters.
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