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Michael Kimani @pesa_africa
, 11 tweets, 2 min read Read on Twitter
After spending time observing Kenyans on a Facebook group 52 week savings challenge with 400,000 Kenyans aged mostly between 20s and late 30s, here is what i found out about what Kenyans want of financial services/1
Kenyans want to more money in their pockets. More than they have now. This could mean

Making more money ie returns
Making the most out of the money they have
Credit to plug deficits 2/
Making more money means they're open to investment opportunities- biashara, financial products, chama investments,high risk investments eg sports betting.

More money means cashflow or return on investment over a period of time /3
Making the most of their money means financial managemet like how much do i spend, am@i spending too much, how do i limit my expenses, where can i find a bargain or discount, advice on how to control my bad money habits? fiscal discipline /4
Making most of their money also means saving - how do i save, tips on saving, how do i save more, can you help me draw up a savings plan, lets set up a chama, where should i park my money, which bank or sacco offers the best interest on savings, lets save for a trip etc /5
Credit to plug deficits is when you hv emergencies, unplanned events, events that affect business, shocks. Emergency loans come in handy. Where do i get the best interest on loans? Where can i get loans on call? How much do i get? What do they need? A chama for emergencies etc /6
Now all these discussions happen in this group and people discuss and exchange ideas and information advice and tips. Products and services are reviewed and unpacked

This is a real community of users and if your product cant stand the 2 finger smell test you're doomed! /7
Some issues that have come up on the group

Digital lenders in Kenya
Credit reference bureau
Bitcoin and Cryptocurrencies
Chamas and investment groups
Biashara ideas
Identity fraud /8
I think if you're planning to build a digital financial product

Dont do loans.

Do savings
Do wealth management
Do financial management
Do investment product
Do biashara networking product
Do chama product
Do financial planning/advice tool
Do discounts
Etc /9
Now more than ever

Especially now that Kenya's ailing economy is drying up money supply /10
If you do decide to do loans

Make sure you're the cheapest in town

Only lend for specific uses eg inventory, airtime

Leverage collateral/guarantees/chama group identity

Lend via groups/communities

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