Access Holdings Taps Influencers For N350bn Rights Issue

Access Holdings,  one of Nigeria’s largest financial services companies, has enlisted social media influencers to promote its substantial N350 billion rights issue.

As competition for capital intensifies, Nigerian banks are increasingly shifting from traditional marketing strategies to influencer marketing to drive their public offers.

A review of the marketing strategies by Access Holdings, GTCO Holdings, and Fidelity Bank for their respective rights issues and public offerings reveals that Access Holdings has made the most significant use of social media.

The rise of financial influencers has transformed them into key points of contact for brands seeking to promote products and services, including equity securities—a novel approach in the traditionally conservative and highly regulated financial sector.

Access Holdings has focused its campaign on X, formerly known as Twitter, where finance influencers with substantial followings have been discussing the rights issue.

A Twitter Spaces event titled ‘Access Holdings Rights Issue Explained,’ hosted by financial adviser, Mr. Kalu Aja, attracted over 3,500 participants.

The campaign, marked by hashtags like ‘#AccessTheFuture’ and ‘#InvestInAccess,’ aims to engage retail investors, particularly from the smartphone generation and Gen Z, who may not be familiar with the equities market.

In contrast, Fidelity Bank and GTCO Holdings have opted for more traditional marketing methods, such as banners and paid social media ads, to support their capital-raising efforts. Together, these banks aim to raise about N879 billion, marking the most significant capital-raising drive in the Nigerian Exchange Group (NGX) since 2007.

As the financial sector evolves, leveraging the power of influencers could be a double-edged sword, balancing increased reach with the need for clear, accurate financial communication.