Stanbic IBTC Bank, MTN, Leadway Assurance Score High in Positive Reputation

By Dipo Olowookere

A leading media intelligence consultancy in Nigeria, P+ Measurement Services, has revealed that the trio of Stanbic IBTC Bank, MTN Nigeria, and Leadway Assurance have emerged on the top in their respective sectors for positive reputation in the first quarter of 2023.

The firm disclosed that it arrived at the ranking after tracking more than 1.3 million online publications from blogs, news sites, broadcasts, forums, and digital media in the local and global media space, as well as about 5,115 print publications (including daily, weekly, and monthly publications).

P+ Measurement said it extracted different metadata from various online and print publications, spokesperson analysis, CEOs performances, and other topics to gauge the sentiments of reporters, editors, publishers, and opinion writers on organisations in Nigeria’s commercial banking, insurance and telecommunications sectors.

A thorough review of the commercial banks’ media reputation showed that two tier-1 banks and three tier-2 banks made the top five with the highest positive feelings in Q1 2023, while three tier-1 banks and two tier-2 banks made the list with the highest negative attitudes.

It listed the top five banks by positive reputation as Stanbic IBTC Bank with 28 per cent, Access Bank with 22 per cent, First Bank and Wema Bank with 17 per cent each and Fidelity Bank with 16 per cent.

However, the top five banks with negative media reputations were First City Monument Bank (FCMB) with 45 per cent, Stanbic IBTC Bank with 15 per cent, First Bank with 14 per cent, and Zenith Bank and GTCO with 13 per cent each.

In the insurance industry, Leadway Assurance led the positive reputation survey with 30 per cent, AXA Mansard Insurance had 24 per cent, Mutual Benefits Assurance had 17 per cent, Custodian Investment Plc also had 17 per cent, and AIICO Insurance had 12 per cent.

Conversely, AXA Mansard Insurance topped the negative reputation chart with 85 per cent, while NEM Insurance had 15 per cent.

As for the telecommunication sector, MTN Nigeria received the highest positive reputation score of 53 per cent, Airtel recorded 19 per cent, Globacom had 16 per cent, and 9mobile posted 12 per cent.

On the flip side, MTN topped the table with 79 per cent, followed by Airtel with 18 per cent, while 9mobile recorded 3 per cent in the first three months of this year.

Positive Reputation Drivers

The analysis below outlines the most important factors contributing to the positive reputation of the leading commercial banks, insurance providers, and telecommunication providers in Nigeria in Q1 2023.

In the banking industry, Stanbic IBTC Bank strengthened its position as a leader by promoting cashless transactions and announcing new board appointments across the group. Organizers for the Access Bank Lagos City Marathon were revealed by Access Bank, and First Bank has reaffirmed its commitment to fostering economic growth.

The insurance industry saw Leadway assurance support AI and data-driven initiatives in the sector. AXA Mansard equipped 100 female entrepreneurs with digital marketing expertise in 2023, and Mutual Benefits offered media professionals N99 million in group accident insurance

Leading the Telecommunication sector is MTN, with its partnership with PAU to train journalists in technology, Airtel reiterated its commitment to giving African children access to high-quality education, and Globacom and Samsung introduced the Galaxy S23 smartphone.

Negative Reputation Drivers

Analysis of the negative reputational drivers in the banking sector revealed that ICPC arrested FCMB Manager for loading wrapped cash in ATM, followed by Stanbic IBTC Bank officials detained by the ICPC on suspicion of hoarding CBN’s new naira notes, and also FG Charged First Bank of Nigeria Managing Director, 2 Lawyers Over Forgery.

Despite higher income, AXA Mansard’s annual profit declined by 40%, and also concerning the non-payment of a claim by NEM Insurance Plc, a group considered petitioning NAICOM and others.

In the telecommunication sector, a crash in MTN’s network put over 80 million subscribers offline, and this had an impact on its reputation, while a decline in the shares of Airtel in the stock market impacted its prestige in the period under review.