Top 5 Commercial, Digital Banks and Insurance Companies by Media Sentiment Q3 2022 – TechEconomy Nigeria

Since the start of 2022, the Nigerian banking (commercial and digital) and insurance sectors have seen an increase in media interactions, campaigns and outreach.

These were further reinforced by the fantastic figures reported to the media in the third quarter of the year.

The post analysis includes more than 1.2 million online posts from blogs, news sites, shows, forums and digital media in the local and international media space, as well as approximately 4 776 print publications (including daily, weekly and monthly publications), which are monitored to extract various metadata, including the sentiments of journalists, editors, editors and opinion writers from various online and print publications, l analysis of spokespersons, performance of CEOs and other topics.

In the third quarter of 2022, P+ Measurement Services, Nigeria’s leading media intelligence organization, surveyed the media mood around commercial banks, major insurers and leading digital banks in Nigeria.

This analysis shows the perceptions of writers, editors, journalists and thought leaders of insurance and banking brands (digital and commercial) in print and online media.

A quick look at the media reputation of commercial banks shows that three Tier 1 banks and two Tier 2 banks made it into the top five with the highest positive and negative sentiments in Q3 2022.

Analysis by P+ Measurement

The top five positive reputation banks include First Bank with 24% emerging at the top of the grid, closely followed by Access Bank with 23%, with Stanbic IBTC Bank, United Bank for Africa (UBA) and Fidelity Bank having 21%, 17 %, and 15% respectively, while the top five banks by negative media reputation include GTCO with 37%, First City Monument Bank (FCMB) with 28%, Zenith Bank with 15%, United Bank for Africa (UBA) with 11% and Fidelity Bank with 9 percent.

Insurance company media sentiment analysis revealed that AXA Mansard Insurance ranked first with 32%, followed by Leadway Insurance with 30%, Coronation Insurance with 14%, Consolidated Hallmark Insurance with 13% and AIICO Insurance rounded out the top five by its positive reputation. with 11%, while the negative reputation saw Coronation Insurance collect 42%, with Leadway Assurance and Mutual Benefits Assurance with 17% each, NEM Insurance with 15% and AXA Mansard Insurance with 9% in the third quarter.

According to an analysis of leading digital banks in Nigeria in Q3, Kuda Bank had a favorable reputation score of 37%, followed by Vbank (27%), Wema Bank’s ALAT (18%), Eyowo (16%) and Mintyn ( 2%), Kuda Bank receiving a bad reputation score of 100% for the quarter in question in 2022.

Positive PR Drivers

The analysis below outlines the most significant factors contributing to the positive reputation of leading commercial banks, insurers and digital banks in Nigeria in Q3 2022.

In the banking sector, First Bank’s leadership was reinforced as it commended its FirstMonie agents for completing over 1 billion transactions and reaffirmed its leadership position in promoting financial inclusion in Nigeria.

Access Bank announced that it had rewarded its customers with millions in cash and prizes during its mega #AccessMore campaign, and Stanbic IBTC Bank echoed the fact that it had distributed more cash prizes to Nigerians during monthly draws for its Reward4Savings promotion.

The insurance industry saw AXA Mansard emerge as the most innovative insurer of the year to cement its position on favorable reputation, Leadway Assurance signs a memorandum of understanding with FedCooP to cover 300,000 civil servants under its flagship, and Coronation Insurance reported revenue growth of 32.90% as its combined ratio also improved.

Kuda Bank is leading the digital banking industry as it has confirmed that it will charge its customers N50 for deposits of N10,000 and above, with Vbank partnering with Autochek to guarantee the underwriting process of the process. customer loan application to provide required financing to customers within 48 hours. process of lending and ALAT by Wema Bank indicating that it has introduced the NQR to boost financial transactions in Nigeria.

Negative PR Drivers

Analysis of negative reputational factors in the banking sector revealed that GTCO, which led this segment, was suspended by Nigerian Customs from collecting import duties, followed by FCMB, one of his customers had cried out as more than 7 million naira disappeared from his account, along with Zenith. Bank which was silent as the sum of N221,000 mysteriously left its client’s account.

Coronation Insurance and others have paid the sum of NGX 78.6 million to NGX Regulation Limited as penalty for failure to file financial statements, Leadway Assurance Company client accused brand of fraud on claims of several million naira on a damaged vehicle, and also declared Mutual Benefits Assurance. that its loss rose to N5.425 billion in its 2021 financial result.

In the digital banking sector, Kuda Bank reportedly suffered a loss of N6 billion in 2021, leading to its poor reputation in Q3 2022.

Download the September/Q3 2022 Media Performance Audit Report here.

Kristan F. Talley