Sentiment Audit for Q1 2023 on Nigerian Banks, Insurance Companies, and Telecommunication Brands Unveiled
Despite prior naira scarcity and its impact on business, Nigeria’s commercial banking, insurance, and telecoms sectors have maintained good media engagements, marketing, and awareness since the beginning of 2023. The noteworthy information it provided the media in the first quarter of the year added to these benefits. The media analysis keeps track of more than 1.3 million online publications, including blogs, news sites, broadcasts, forums, and digital media in the local and international media space, as well as about 5,115 print publications (including daily, weekly, and monthly publications), from which various metadata are extracted, such as the opinions of reporters, editors, publishers, and opinion writers from different online and print publications, spokesperson analysis, CEOs’ performances, and other topics
P+ Measurement Services, the top media intelligence firm in Nigeria, examined the sentiment in the media in the first quarter of 2023 regarding commercial banks, significant insurance companies, and telecommunications. This analysis reveals how editors, publishers, journalists, and opinion leaders in the print and online media view the insurance, commercial banking, and telecommunications brands.
In Q1 2023, two Tier-1 banks and three Tier-2 banks made the top five with the highest favorable sentiments, while three Tier-1 banks and two Tier-2 banks made the list with the highest negative sentiments, according to a thorough analysis of the media reputation of commercial banks. The top five banks by favorable reputation are Stanbic IBTC Bank, with 28 percent, Access Bank, 22 percent, First Bank, Wema Bank, and Fidelity Bank, all with 17 percent, and Fidelity Bank, with 16 percent. The top five banks with a bad media reputation are First City Monument Bank (FCMB), with a reputation score of 45 percent, Stanbic IBTC Bank, with a reputation score of 15, First Bank, with a reputation score of 14, Zenith Bank, with a reputation score of 13, and GTCO.
According to an analysis of media sentiment toward insurance companies, Leadway Assurance, which received a 30% rating, came out on top in the first quarter’s positive reputation survey, followed by AXA Mansard Insurance, which received a 24% rating, Mutual Benefits Assurance, which received a 17% rating, Custodian Investment Plc., which received a 17% rating, and AIICO Insurance, which received a 12% rating. AXA Mansard Insurance and NEM Insurance had the highest unfavorable reputation scores in the first quarter, respectively, with 85% and 15%.
MTN had the greatest favorable reputation score (53%), followed by Airtel (19%), Globacom (16%), and 9mobile (12%) for the first quarter of 2023, according to an analysis of the Nigerian telecommunications sector. For the same period, MTN also had the highest bad reputation score (79%), followed by Airtel (18%) and 9mobile (3%).
Reputational Advantages
The research below lists the key elements that, in Q1 2023, would contribute most significantly to the good standing of Nigeria’s top commercial banks, insurance companies, and telecommunications companies.
By promoting cashless transactions and making new board appointments across the business, Stanbic IBTC Bank reinforced its position as a leader in the banking sector. Access Bank has announced the organizers of the Access Bank Lagos City Marathon, while First Bank has reaffirmed its dedication to promoting economic growth.
Leadway assurance supported AI and data-driven projects in the insurance market. In 2023, AXA Mansard will train 100 female entrepreneurs in digital marketing, and Mutual Benefits will provide N99 million in group accident insurance to media professionals.
MTN, which has partnered with PAU to train journalists in technology, is leading the telecom industry. Airtel also reaffirmed its dedication to ensuring that African students have access to top-notch education, and Globacom and Samsung unveiled the Galaxy S23 smartphone.
Drivers of a Negative Reputation
The ICPC detained Stanbic IBTC Bank officials on suspicion of hoarding the CBN’s new naira notes, and the FG charged the managing director of First Bank of Nigeria and two lawyers over forgery, according to an analysis of the negative reputational drivers in the banking sector.
AXA Mansard’s yearly profit decreased by 40% despite greater revenue, and a group discussed challenging NAICOM and other organizations for the non-payment of a claim by NEM Insurance Plc.
MTN’s Network Crash knocks over 80 million subscribers offline in the telecommunications industry, while Airtel’s stock market shares fell.
