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The internationalization of African fintech firms: marketing strategies for successful intra-Africa expansion

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posted on 2023-06-09, 20:34 authored by Zara Hammerschlag, Geoff Bick, John Da Silva LuizJohn Da Silva Luiz
Purpose The purpose of this study is to explore how African fintech firms adapt their marketing strategies for successful market expansion into new African countries. Design/methodology/approach This exploratory study is qualitative in nature and utilizes semi-structured interviews at 14 African fintech firms. Findings The study reveals that, during intra-Africa expansion, firms adapt their marketing strategies by working with local people, prioritizing customer education, creating personal relationships with customers, adapting their communication strategies and pricing strategies and using social media. The strategies that have been most effective involve including the community in the marketing process, prioritizing relationships, segmenting customers geographically, educating customers about products, using local distribution partners and having a flexible approach to strategy adaptation. Practical implications It has been argued that technological innovation in Africa in areas such as financial services is a critical driver of its future development, because of the opportunity it presents to promote financial inclusion. Through an increase in venture capital investment on the continent, technological innovations in financial services have grown exponentially, and this study contributes to the understanding of the marketing strategies employed to gain market traction. Originality/value This study proposes that African fintech firms adopt a bottom-up, value proposition-driven marketing strategy to successfully navigate the environment. The proposed framework provides a lens through which to understand the components of successful strategy adaptation in Africa, against the backdrop of the unique market challenges inherent in this emerging market continent.

History

Publication status

  • Published

File Version

  • Accepted version

Journal

International Marketing Review

ISSN

0265-1335

Publisher

Emerald

Department affiliated with

  • Strategy and Marketing Publications

Full text available

  • Yes

Peer reviewed?

  • Yes

Legacy Posted Date

2020-02-11

First Open Access (FOA) Date

2020-04-28

First Compliant Deposit (FCD) Date

2020-02-10

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