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Non-Interest Loan Product Discovery Plan

Business Objective

The business objective is to cater to the financial needs of our Muslim customers/ businesses. There is a growing demand for a loan product(s) similar to Islamic financing that caters to our Muslim business owners while also being profitable for Moniepoint. 

Research Goal

This 2-week discovery plan aims to identify the pain points, needs, and desires of our Muslim customers and businesses to create loan products that cater to their business needs while validating the product idea for our markup loans, similar to Mudarabah. 


Metrics

  • Customer Retention Rate: Measure the percentage of Muslim customers who consistently take ethical financing over a specific period, as an increase in retention rate will be an indicator of customer satisfaction and the value of our products to them  

  • Adoption Rate: We will track the rate at which new customers choose our non-interest financing option, as the adoption rate will indicate the acceptance and alignment of our products to their needs. 

  • Market Share: Monitor the growth of our non-interest financing within the financial sector, as this will indicate a successful penetration and customer adoption.

  • Customer Satisfaction Score (CSAT): Regularly survey customers to evaluate their product satisfaction, focusing on ease of use and financial benefits.



Interest-Free Loan Product Merchants and Actors

This is for all Muslim business owners, either wholesalers or retailers. 

The actors include:

  • Compliance team 

  • Legal team 

  • CBN staff 

  • Relationship Manager (RM)

  • Bank staff - Product/customer support team, Credit Bureau/Risk team, Compliance team, legal team. 

  • Bank’s vendors 

  • Business Owners Preferred Vendors 

  • Business Owners (BO)

  • Guarantor 1

  • Guarantor 2

  • Insurance company - Takaful 

  • ACE - Advisory Committee of Expert 

  • Clericals

  • External Recovery Agents

Research Team

  • Bukola (Product Manager)

  • Shamsudeen (Product Designer)

  • Abhisheikh (Technical PM)

  • Field Credit Officer 

  • Business Relationship Manager 

Research Plan

Methods

  • Users Interviews 

  • Feedback Survey


Prep Work

  • Schedule interviews with Jaiz Bank or Taj Bank users

  • Schedule interviews with defined actors

Interview Questions

Click here to view the interview questions.


Interview Schedule 

Click here to view our interview schedule.


Week 1 Goal  (22nd - 26th April 2024)

  • Conduct interviews with current and old customers of the Islamic bank “Jaiz Bank or Alt Bank” to understand their current financing or interest-free offerings.  

  • Create an experience map. 

  • Draw up the actors (personas) 

  • Create Opportunity Solutions Tree

  • Share the report with the team  

Week 2 Goals (29th - 3rd May 2024)

  • Update existing prototype for testing assumptions. 

  • Create Story Maps

  • Update the Opportunity Solutions Tree 

  • Test some assumptions

  • Conduct a usability test with the selected prototype

  • Update Opportunity Solutions Tree and Story Maps based on the assumption test. 

  • Share the report with the team.