Leveraging Storytelling for Financial Education Among The Underserved – Yinka Dada
In the world of financial inclusion, one of the most effective yet often underutilized tools is storytelling. The underserved communities, particularly those in informal sectors, usually perceive financial products as complex and intimidating. This perception stems from a lack of education and the absence of relatable narratives that resonate with their daily lives.
Storytelling bridges this gap by translating financial concepts into familiar, engaging stories that reflect the realities of these communities.
Nigeria’s financial service providers have developed strong capabilities in corporate brand positioning, yet they often lack the skills to communicate effectively with the underserved. Given the significant potential within this segment, mastering the art of communication is crucial for accessing and engaging this market.
Through storytelling, financial service providers can craft narratives demonstrating the tangible benefits of savings, insurance, or credit products. When a farmer hears a story about another farmer who secured his family’s future through a microinsurance product, the concept becomes more relatable and less abstract.
Similarly, stories that highlight how a market vendor grew her business with a microloan can inspire others to explore similar financial tools.
However, the power of storytelling lies not just in its ability to educate but in its capacity to build trust. In many underserved communities, trust in financial institutions is low.
Using stories featuring relatable characters and situations, financial institutions can position themselves as partners rather than distant, impersonal entities. This trust-building is crucial for encouraging the uptake and sustained usage of financial products.
In essence, storytelling is more than just a communication tool—it’s a strategy for empowerment.
In conclusion, for FSPs to scale their Minimum Viable Product, they need to look into telling appropriate stories to drive product uptake and sustainability.
Written by Yinka Dada (Advisor Financial Inclusion)
