How to Attract the Unbanked Branding and Marketing Toolkits to Improve Revenue for Microfinance Institutions

The unbanked persona typically illustrates a group of people in certain places with limited access to traditional banking services. Banks are often too far away, or the services they offer are too costly or difficult to navigate.Â
This includes low-income individuals, rural populations, small business owners, and women entrepreneurs, all facing challenges that traditional banks still need to address. These individuals often rely on informal financial systems such as savings clubs and local moneylenders, primarily because of limited access to formal banking infrastructure.
Key Characteristics of the Unbanked
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- Lack of trust in financial institutions: Many individuals avoid banks because they fear high fees, perceived risks, rigorous processes, or a lack of transparency.
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- Inadequate access to banking infrastructure: Rural areas or underserved urban regions may not have accessible bank branches, leaving people with few alternatives.
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- Financial literacy barriers: Understanding complex financial products or banking systems can be intimidating for many individuals in the unbanked population. These significant characteristics give insight into how to attract them.
What Role Does Brand Messaging Play in attracting unbanked?
Trust and communication are essential in marketing, especially when engaging the unbanked. As part of the strategy pie, MFIs must speak directly to their target audience’s pain points and interests. The chart below gives insight into brand messaging for different personas in the microfinance sector.
Persona | Brand Messaging | Why it fits in microfinance |
The Aspiring Entrepreneur | Empowering your entrepreneurial dreams with easy access to financing. | Entrepreneurs need access to capital with minimal barriers. This message aligns with their need for simple, accessible financing to start or scale a business. |
The Rural Farmer | Helping you grow your farm and build a secure future through affordable loans. | Farmers often lack traditional bank access. The message speaks to their need for specialized, affordable loans to grow their agricultural ventures. |
The Young Professional | Start building your future today with simple, flexible financial solutions. | Young professionals are increasingly looking for ways to invest in their future. Offering simple, easy-to-understand financial products attracts this audience. |
The Single Parent | Balancing work and family? Let us help with flexible, affordable loans. | Single parents often juggle multiple responsibilities and need financial solutions that are flexible and easy to manage. This message resonates with their balancing |
The Small Business Owner | Fuel your business growth with the right financial solutions at the right time. | Small business owners face challenges in securing capital from traditional banks. This message speaks directly to their need for tailored loans to expand their businesses. |
The importance of brand messaging is that it allows you to put together the interest of the audience in your communication channels.
How to Write a Trustworthy Messaging

- Simplify financial jargon:Â
Use clear, accessible language that demystifies financial products and makes them easier to understand.
- Highlight financial empowerment:Â
Position your brand as an enabler of financial independence and security, helping individuals take control of their financial futures.
- Transparency and honesty:Â
Communicate loan terms, interest rates, and repayment schedules openly. This transparency helps reduce fear and builds trust.
For instance, MFIs can emphasize that they don’t charge hidden fees, making their services more accessible and attractive than traditional banking options.
Marketing Toolkits to Reach the Unbanked
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Once your MFI has a clear, trustworthy brand message, it’s time to implement targeted marketing toolkits to reach the unbanked effectively. Here are a few processes you should adopt.
- Community Outreach Programs
The easiest way to reach your audience will be through community and local units and organizations. For example, to reach farmers in the far east of the country and access them all at once, partnering with the governing association of that locality will be required.
Partner with community leaders, NGOs, and local businesses to build awareness and trust. Organize financial literacy workshops to educate the unbanked on the benefits of formal financial services and how to access them. The type of outreach you will do rests predominantly on the community’s needs.
Example: An MFI could hold free financial literacy seminars at local markets or community centres, teaching people about savings, loans, and credit.
- Simplified Digital Tools
Mobile Banking Apps: Mobile phones offer a unique opportunity for MFIs to reach the unbanked through mobile-based banking services. An easy-to-use mobile app that allows users to apply for loans, check balances, and receive financial advice can be a game-changer.
Example: An MFI offering a text-message loan application system could appeal to clients without smartphones but with access to basic mobile phones.
Some of these underserved communities may lack the know-how to use these digital software. If this is the case, MFIs can organize community training sessions.
- Local Influencer Marketing
Every city, locality, or community has its own influencers. They may not be called influencers everywhere, but finding these people will help you gain the required access to these localities.
Local influencers, such as community leaders or respected entrepreneurs, can play a pivotal role in promoting microfinance services. Their endorsement helps create trust among the unbanked and positions your MFI as a reliable service provider.
Example: A local farmer who has benefited from an agricultural loan could share his success story via radio or community events, influencing others in the same community to engage with your services.
- Targeted Content Marketing
Create simple, easy-to-understand financial resources (videos, blogs, pamphlets) that explain economic concepts and services in local languages. Content should be relevant to their lifestyle and needs.
Example: Share success stories through social media, showcasing how your loans have helped people in similar communities start small businesses or improve their living standards.
Case Studies: Success Stories of MFIs Targeting the Unbanked
Many MFIs have already adopted successful strategies to target the unbanked. Case studies can provide valuable insights into how effective branding and marketing toolkits can increase client acquisition and revenue generation.
Case Study 1: Grameen Bank’s Microloans for Women Entrepreneurs
Grameen Bank’s focus on women entrepreneurs in rural areas offers a valuable lesson. By providing small, affordable loans without collateral, Grameen Bank has successfully targeted the unbanked women in Bangladesh, offering them financial services and opportunities to create their businesses. Their trust-building approach and community-based lending model created a ripple effect, with over 9 million members benefiting from financial inclusion.Â
Measuring Success and Continuously Improving Marketing Efforts
To ensure that your marketing strategies are working, it’s essential to track key performance indicators (KPIs) such as:
- Customer acquisition rates: How many unbanked individuals have you successfully brought into your client base?
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- Engagement metrics: Are your community events, social media campaigns, and outreach programs driving awareness and interest in your services?
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- Retention rates: How many of your unbanked clients return for subsequent loans or services? By continuously gathering data and adapting based on customer feedback, MFIs can refine their strategies and improve their marketing ROI. Attracting the unbanked is both a challenge and an opportunity for microfinance institutions. By crafting a trustworthy brand message, leveraging targeted marketing toolkits, and continuously improving customer engagement, MFIs can tap into this underserved market. In doing so, they drive revenue growth and contribute to a more inclusive financial system. To get your brand communication to a game, contact us. At intense, we help create marketing solutions for financial institutions.