To meet the new capital requirements set by the Central Bank of Nigeria (CBN), several Nigerian financial institutions, including Access Bank, Guarantee Trust Holding Company (GTCO) Plc, and Fidelity Bank Plc, have adopted a strategic and extensive use of social media influencers as part of their ongoing Rights Issue and public offerings......See Full Story>>.....See Full Story>>
Utilising influencers fits with the latest technical advancements in marketing and advertising as social media grows in importance.
Access Bank Correct Issue Access Holdings made the greatest use of social media, according to an analysis of the banks’ marketing plans for each share offer.
Influencer marketing is being used by Access Holdings, the parent company of Access Bank, Nigeria’s largest bank by assets, to promote its N350 billion rights offering.
Influencers are becoming important factors in determining consumer preferences in a world where smartphones rule, according to analyst Segun Adams of Lagos.
According to him: “These banks are tapping into the social media space to attract investments from retail investors who may not be familiar with the complexities of the equities market.”
Nigerian banks have experienced eleven rounds of recapitalisation between 1952 and 2024. But social media’s increasing ubiquity has changed how people react to investment offers.
On social media site X, several finance gurus have posted regarding Access Bank’s rights issue.
It appears that there has been a paid X campaign because other prominent X celebrities have also posted about the rights issue recently. For this campaign, only accounts with more than 10,000 followers have been included.
Tweets with the hashtags “#AccessTheFuture” and “#InvestInAccess” have been used to indicate a Twitter marketing effort.
“I love the intentionality of Access Bank in the banking space,” an X user known as MzLayde, a brand influencer, stated. “Roosevelt Ogbonna, the bank’s MD at the Nigerian Exchange Limited talked about how the bank is focusing on economic power continent where the real banking profit is instead of fully dwelling in weaker places.”
In July, Nigerian musician Cobhams Asuquo published a three-minute audio track called “A Slice of Orange” for GTCO. This song discusses the benefits and offers made by the owning corporation.
The hashtags #sliceoforange, #InvestinGTCO, and #GTCOPublicoffer have been trending with the song on all of the group’s platforms since the single’s release.
36.75 million of Nigeria’s 103 million internet users accessed social media in January 2024, according to Datareportal.