Staying Resilient
Elevating customer experiences amid changing realities
The macroeconomic landscape in Ghana and Nigeria has shown little improvement over the past year, continuing to impact both individual and business customers, with eroding purchasing power and struggling businesses characterising the operating environment. Our research highlights that customers remain highly value-driven, carefully weighing price and peer reviews before committing to purchases.
This report marks the second edition of KPMG in West Africa’s comprehensive customer research publication — our 18th consecutive edition in Nigeria and the fifth in Ghana. While we draw parallels between the two markets, we also spotlight the unique dynamics shaping each country, such as Ghana’s high mobile money penetration and Nigeria’s increasing fintech influence. The report explores how customer behaviours and preferences interact with their banking experiences.
In Nigeria, heightened inflation and persistent currency instability have intensified the demand for efficient and reliable digital banking solutions. Following last year’s cash shortages and ATM withdrawal limits, customers are turning to digital channels more frequently, with a corresponding rise in airtime and data expenditures. Industry performance against the Six Pillars of Experience Excellence shows that Nigeria’s retail banking sector scored highest in Expectations but continues to face challenges with Resolution - proactively addressing customer issues. In SME and corporate banking, Personalisation — understanding customers’ specific circumstances and adapting the experience accordingly — remains the weakest pillar.
In Ghana, the second year of the ongoing debt restructuring programme continues to influence economic stability and customer behaviours. In a continuing trend from last year, macroeconomic pressures have constrained real income and spending patterns, keeping the focus on savings and investments. Positively, the banking industry recorded an improvement in the Empathy pillar, demonstrating a better understanding of customer needs compared to last year.
As artificial intelligence integrates deeper into daily life, customers’ expectations are rising, increasingly shaping their banking experiences. This report examines how leading global brands, including financial services providers, are leveraging AI to enhance customer experiences by focusing on human behaviour and creating seamless customer journeys.
This year’s research demonstrates that customers are learning to adapt and strive for resilience amid challenging contexts. For individuals, this often means taking on extra jobs, starting new businesses, or even relocating to other climes. For businesses, resilience translates to forging mutually beneficial partnerships, strategically managing costs, and pursuing opportunities for growth.
Banks must recognise that while customers are finding ways to adapt, their expectations are also evolving. Loyalty is no longer a given but a tradable commodity. Therefore, understanding these shifting expectations — especially for business customers — requires banks to listen actively and collaborate meaningfully to address their unique needs.
We hope you find the insights relevant and look forward to discussing it.
