Brands/Products
Financial Inclusion and Branding – What is the Synergy?
By Fiona Hitchcock
Financial inclusion is one of the most amplified ideologies in many geographical areas. This has led to the implementation of noteworthy efforts to build institutions and systems for the inclusion of diverse socio-economic classes.
According to financial analysts, the past two decades have seen a rapid increase in the interest in financial inclusion, both from policymakers and researchers.
It is evident that structural, as well as policy-related factors, such as encouraging banking competition or channelling government payments through bank accounts, play an important role in achieving financial inclusion.
In Nigeria, the Central Bank of Nigeria (CBN) had set a financial inclusion target of reaching 80 per cent of the total adult population by 2020, but presently, the country is not on track to meet this target which was set out in the National Financial Inclusion Strategy (NFIS) of 2012.
The NFIS had set two financial inclusion targets for the year 2020: an overall financial inclusion rate of 80 per cent of the adult population and a formal financial inclusion rate of 70 per cent of the adult population.
As of 2016, just 58.4 per cent of Nigeria’s 96.4 million adults were financially served and only 48.6 per cent of all adults used formal financial services.
How do we make financial inclusion exciting? How do we encourage consumer consumption? The answer is well thought out through executed branding for financial institutions.
Various financial institutions and societies have taken steps toward financial inclusion, but to be successful, they need to understand how to accurately target and market to their potential customers.
Conventionally, most financial institutions are known to be conservative in their marketing and branding approaches towards this market. As a result of this, customers approach these institutions with a perception of distrust and apprehension.
To address this disengagement between financial solutions and their consumers, financial institutions should ensure that great attention is paid to branding techniques. This is also very important in building a distinctive brand.
Most consumers become less apprehensive to consume a financial product or service when the repetitiveness and recognizability of the branding elements become part of the familiarity of their community environment.
From logos to taglines, tone of voice, advertising styles, these elements present a powerful conviction to customer acquisition. Without these, financial institutions will not connect in a relevant way with their target market and financial inclusion remains unprogressive.
Brands are expected to have a life outside management functions, have a personality and opinion that consumers can relate to. Financial institutions not excluded.
It is, therefore, critical that financial institutions communicate constantly to their target audience to enable a more progressive leap towards financial inclusion. The more people see you, the more they become comfortable, the more they are convinced to try you and (upon successful customer experience) the more they trust you.
Some brands run one successful campaign and then go quiet after that. Out of sight, out of mind. Whatever the case, there must always be something you are saying to your customers.
At Hitchcock Michalski, we believe that the more consumers can rely on an implicit reaction to a brand, the more likely they are to buy that brand – this is a key essence of our outstanding branding practices. Having worked for big financial brands like Access Bank who are making giant strides towards achieving CBN’s 2020 goal, we are even more convinced that distinctive branding plays an important role in aiding financial inclusion.
The year 2020 has taught us that to achieve financial inclusion, institutions in the finance and fintech sector must work towards winning the trust of consumers.
This can only be earned through the non-exhaustive implementation of marketing and branding strategies. For financial inclusion to work, institutions must win the conviction of the end-user.
Conviction is only earned through constant engagement. It is critical to understand the pain points of your customers, to truly understand their needs and what they find difficult when dealing with a financial institution.
We have to develop a well thought out strategy towards bridging the gap between financial solutions and the consumers, always with solving the customers’ needs and challenges in mind, failing which all efforts geared at inclusion for the unbanked and underbanked will remain ineffectual.
Fiona Hitchcock is the Managing Partner for leading brand strategy, design and communication agency, Hitchcock Michalski and has worked with multiple financial brands across Africa.
By Modupe Gbadeyanka
A new Public Relations (PR) agency, FreshSight Communications, has promised to offer tailored services to its clients, as it joins the highly competitive industry.
According to the co-founder of the company, Mr Justice Mmadubugwu, FreshSight Communications will provide top-notch PR services tailored to meet the unique needs of businesses, organisations, and individuals seeking to amplify their brand presence and reputation.
He also expressed confidence in working with media partners to share compelling stories, promote innovative ideas, and spark important discussions that affect society.
“We are excited to introduce FreshSight Communications to the Nigerian market.
“Our goal is to become the leading PR agency for businesses seeking to establish strong relationships with their target audiences and stakeholders,” Mr Mmadubugwu stated.
FreshSight Communications said its services include media relations and crisis communications; brand management and reputation enhancement; digital PR and social media management; event management and planning; content creation and copywriting; and artist/influencers management.
By Philip Odiakose
Welcome to my first LinkedIn Newsletter in 2025, where I share insights as a public relations measurement professional with more than a decade of experience shaping conversations in Nigeria and globally.
As we step into 2025, the world of PR monitoring and measurement is undergoing a significant transformation. This year, we anticipate trends that will reshape how brands, PR agencies, and independent measurement consultancies collaborate, ensuring transparency, unbiased analyses, and actionable insights.
In this newsletter, I will provide a dual perspective: the Nigerian PR monitoring landscape and the global outlook for 2025.
Local PR Monitoring and Measurement Outlook: Nigeria in 2025
- Increased Demand for Transparency: Nigerian brands are recognizing the importance of transparency in PR outcomes. There will be heightened demand for agencies to provide detailed, unbiased performance audits.
- Adoption of Independent Measurement Consultancies: The era of self-evaluation by PR agencies is waning. In 2025, more Nigerian brands will partner with independent consultancies like P+ Measurement Services to ensure objective insights that foster accountability.
- Integration of Technology with Local Expertise: As AI tools and platforms gain traction, Nigerian PR professionals must strike a balance between technology-driven insights and localized expertise to cater to the unique dynamics of our market.
- Shift from ROI to ROO (Return on Objectives): In 2025, Nigerian PR practitioners will move beyond traditional ROI (Return on Investment) metrics that focus solely on financial outcomes. Instead, there will be a focus on ROO (Return on Objectives), emphasizing how PR efforts meet broader organizational goals such as brand awareness, reputation enhancement, stakeholder engagement, and social impact. This shift aligns with the evolving Nigerian economic landscape, where businesses prioritize long-term value creation and sustainability over short-term financial gains.
- Education as a Driver for Adoption: The need for education on measurement standards will grow. Initiatives like AMEC’s Measurement Month and local workshops like EvaluatePR event by P+ Measurement Services, Spin Sucks led by Gini Dietrich, and Measurement Base Camp by Paine Publishing led by Katie Delahaye Paine will play a pivotal role in driving adoption and bridging the knowledge gap among PR professionals.
Global PR Monitoring and Measurement Outlook: 2025
- Increased Collaboration Between PR Agencies and Measurement Experts: Globally, we will see stronger partnerships between PR professionals and measurement consultants to deliver credible, data-backed reports that influence boardroom decisions.
- Standardization Through Education: AMEC Measurement and Evaluation (International Association for the Measurement and Evaluation of Communication) and its members will continue leading the charge in educating PR professionals on best practices, ensuring global alignment on measurement standards like the Barcelona Principles, Measurement Maturity Mapper and Measurement Framework.
- Rising Demand for Unbiased Audits: Brands across the globe will increasingly seek independent PR measurement audits, avoiding conflicts of interest and ensuring that insights are impartial and actionable.
- Adoption of Technology and Real-Time Analytics: The rise of real-time monitoring and advanced analytics tools will enable PR professionals to adjust strategies dynamically, making campaigns more impactful.
- Focus on ESG and Social Impact Metrics: Environmental, Social, and Governance (ESG) metrics will take center stage in global PR measurement. Organizations will prioritize measuring how their communications align with sustainability and societal goals.
The Way Forward
2025 marks a year of audacious transformation in PR monitoring and measurement, both in Nigeria and globally. At P+ Measurement Services, we are committed to driving this change by partnering with brands, agencies, and global stakeholders to deliver transparent, unbiased, and impactful insights.
The success of PR measurement lies in the collaboration between PR professionals and measurement experts, coupled with continuous education and adherence to global standards. As a founding member of AMEC Member Lab Initiative, I am optimistic about the role we will play in shaping the future of this industry.
Let us redefine PR measurement together, one campaign at a time.
Philip Odiakose is a leader and advocate of PR monitoring, measurement, and evaluation in Nigeria. He is also the Chief Media Analyst at P+ Measurement Services, a member of AMEC Lab Initiative, NIPR and AMCRON
By Dipo Olowookere
The world’s largest mobile virtual network operator (MVNO), Lyca Group, has taken a bold move to reorganise its certain business units and operations.
A statement from the firm explained that the action is to position it for sustainable growth in a competitive and challenging global market through digital capabilities.
This will result in faster delivery of innovative products and services, reduce overlaps, automate processes, and achieve substantial cost savings, which will be reinvested in market expansion and customer-focused initiatives.
It was stated that the proposed transformation forms part of Lyca’s long-term strategy to expand its global business services and support operations into its established service centres as well as new service hubs to be located in territories that have strategic importance while transforming country-specific operations into leaner, sales-focused organisations.
The company continues to focus on the growth of its mobile virtual network operations base and investing in new Mobile Network Operator (MNO) opportunities and markets in Africa, where it currently operates the Lyca MNO in Uganda—and elsewhere.
The organisation plans to announce expansion to new countries as soon as Q1 2025, including the launch of new digital brands in Spain and the USA.
Lyca expressed confidence that this transformation would deliver significant operational efficiencies, boost speed to market, improve customer experience, and ensure it continues to provide exceptional value to its customers worldwide.
“Lyca’s strategic reorganisation is a bold step forward, ensuring we remain a leader in delivering affordable, high-quality telecom solutions to our customers globally.
“This paradigm change not only enhances our efficiency but also strengthens our ability to adapt to a rapidly changing industry, ultimately benefiting our customers, partners, and employees globally,” the Deputy Chairman of Lyca Group, Premananthan Sivasamy, stated.
Lyca says it remains committed to supporting its employees during this transformation, noting that a smaller and more specialised team will remain in London to manage certain limited advisory, compliance, and financial functions that require a UK presence.
It disclosed that other roles will be handled either from our existing service centres or at hubs to be established in order to leverage cost efficiencies and expertise, enabling the business to reinvest resources in innovation and strengthen our business.
Already, it is engaging in a thorough consultation process with employees and will work closely with partners to ensure a smooth transition with minimal disruption to the high standards of service and collaboration they have come to expect from Lyca.
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