Boosting MSMEs: From Access Holdings’ N350bn Rights Issue

In a significant shift from traditional marketing strategies, Access Holdings, one of Nigeria’s largest financial services companies, has enlisted the help of social media influencers to promote its N350 billion rights issue.

This move highlights the growing importance of social media in financial marketing, particularly as banks and financial institutions seek to reach younger, digitally savvy demographics.

The use of influencers in marketing equity securities is both novel and innovative, especially in a traditionally conservative and highly regulated sector. Influencers, who have built substantial followings on platforms like TikTok, Instagram, and X (formerly Twitter), have become key players in shaping consumer preferences. This trend is particularly pronounced among Generation Z, a demographic known for its reliance on smartphones and social media.

Access Holdings has tapped into this trend by leveraging influencers to educate and engage potential investors. The bank’s campaign on X, featuring popular finance influencer, Mr.  Kalu Aja, attracted over 3,500 participants to a Twitter Spaces event focused on explaining the rights issue. The use of hashtags such as #AccessTheFuture and #InvestInAccess has further amplified the campaign’s reach.

 Implications for MSMEs

The success of Access Holdings’ influencer-driven campaign offers valuable lessons for micro, small, and medium enterprises (MSMEs). Social media provides MSMEs with an affordable and effective platform to reach a wide audience, promote their products or services, and build brand awareness. Unlike traditional advertising, which can be prohibitively expensive, social media allows businesses to engage directly with consumers, foster relationships, and receive real-time feedback.

Moreover, the rise of personal finance influencers indicates a growing market for financial literacy content. MSMEs, particularly those in the financial services sector, can collaborate with influencers to educate potential customers about their offerings, thus demystifying complex products and services.

The Role of Social Media in Modern Marketing

The broader adoption of social media marketing underscores a paradigm shift in how businesses communicate with consumers. While traditional advertising channels like TV and print still hold value, their reach pales compared to the instantaneous and viral nature of social media. Influencers, with their ability to sway public opinion, have become essential partners in marketing strategies.

However, businesses must exercise caution when using influencers, especially in sectors that require conveying complex information. The potential for oversimplification or miscommunication is high, and it is crucial to ensure that influencers provide accurate and comprehensive information.

The use of social media influencers by Access Holdings in promoting its rights issue exemplifies a broader trend of digital transformation in marketing strategies. This approach not only enhances the visibility of financial products but also offers valuable insights for MSMEs looking to leverage social media for growth. As digital natives increasingly dominate the consumer landscape, the importance of social media as a marketing tool will only continue to grow.