Improving User Retention on a Payday Loan App for low income earners
About
Borome is a payday loan app that offers instant loans to low income earners working and living in Nigeria.
Challenge
Customers were relying on loans to cover essential utility bills, often juggling multiple applications to manage these payments.
Impact
The addition of bill payment functionality to Borome resulted in a 43% increase in product usage among existing users.
Team
Me as Product Designer
2 Product Managers
1 Frontend Engineer
1 Backend Engineer
My Role
UX/UI Design, Prototyping
Bill Payment Experience
Customers were relying on loans to cover essential utility bills, often juggling multiple applications to manage these payments
Based on this finding we sought to introduce a bill payment feature on the app. By integrating bill payments directly into the Borome app, we aimed to reduce the friction associated with managing multiple financial services and increase user loyalty.
Users frequently mentioned the inconvenience of managing multiple apps for loans and bill payments.
Major areas of friction that needed improvement
Electricity
Data/Internet
Airtime
TV Subscription
Introducing a Bill Payment feature to the existing Information Architecture
To further increase user retention we also improved the User Interface of the home screen
I split the flow into Simple Product and Variable Product. This helped vendors to upload based on the nature of their goods
Jobs To Be Done: Integrating Bill Payments Features
I want to purchase airtime from mobile telecoms companies
I want to purchase Data/Internet from mobile telecoms companies
I want to renew my TV subscriptions
I want to pay for my electricity bills
Impact in a Nutshell
Integrating the bill payment feature to Borome led to increased product usage by existing users by 40.5%
The integration of the bill payment feature resulted in a 20% reduction in negative app store reviews within the first month of launch
Offering bill payments led to a 21% increase in loan applications and increase in loan disbursements
Concluding Thoughts
I joined the product team at a point when the company decided to add the payment feature, and it was interesting to see how adding the bill payment feature had such a huge impact on product usage and user retention as a whole. We tracked analytics using Hotjar and customer calls from the support team.
