International records / OpenAlex research

Behavioural Economics in Nigeria: Insights for Consumer Protection in African Markets

Behavioural economics has emerged as a critical field for understanding consumer behaviour in financial markets, particularly within African contexts characterized by diverse socio-economic conditions and limited formal financial services. A mixed-methods approach was employed, combining qualitative interviews with quantitative surveys focusing on a diverse sample of Nigerian insurance customers across urban and rural settings. During the study, it was observed that over 60% of respondents exhibited cognitive biases such as loss aversion and confirmation bias when making insurance purchase dec…