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This is a result of a lack of knowledge on how research in the area of digital finance is impacted. In this article, I share four aspects that digital finance founders and stakeholders should consider when assessing the impact of a digital finance product.
Digital Finance Is Multi-Dimensional
Product Designs And Product Deliveries Differ
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Furthermore, differences in outcome can be a result of (1) the way they enlisted consumers, (2) the training content, (3) the price of the SMS, or (4) some mixture of these elements. However, stakeholders should note that design and delivery choices typically become a single data point in a study where they can understand the sum of the whole rather than the sum of the parts.
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It is very natural in the digital finance world to test the same product in the same country with a diverse customer community and generate different results. This is why the product developer must understand the peculiarities of a population segment before designing and delivering products. For instance, most communities in Southern Nigeria are more inclined to adopt digital financing than most in the northern part of the country. Hence, it is counterproductive to generalize when designing and delivering digital products. However, this is not a bad thing per se. But it is expedient that we put client demography at the centre of product development.
Final WordsTo digital impact in an emerging market like Nigeria, digital finance stakeholders and founders must put a certain amount of consideration into diverse factors. In this article, we reviewed four factors that determine digital impacts. They include understanding how to create a divergence between various niches of digital finance and understanding the theories that govern them. Secondly, stakeholders must understand that product development and deliveries differ, and must learn to give heed to the innovations and tools they employ in getting desired outcomes. Thirdly, markets differ. Finally, customers differ and must be treated uniquely. Featured Image Source: ESI Africa
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