Exclusive: Sentiment analysis on Nigerian commercial banks, insurance companies, and telecommunication brands for Q1 2023



Nigeria’s commercial banking, insurance, and telecommunications sectors have maintained excellent media interactions, marketing, and awareness since the start of 2023 despite the earlier scarcity of the naira and its effect on business. These were further enhanced by the remarkable data it gave the media in the first quarter of the year. The media analysis monitors 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), from which different metadata are extracted, including the sentiments of reporters, editors, publishers, and opinion writers from various online and print publications, spokesperson analysis, CEOs performances, and other topics.


In the first quarter of 2023, P+ Measurement Services, Nigeria’s leading media intelligence consultancy, examined the media mood around commercial banks, big insurance providers, and telecommunications in Nigeria. This analysis shows editors’, publishers, journalists, and opinion leaders’ perceptions of insurance, commercial banking and telecommunication brands in the print and online media.


A thorough review of the commercial banks’ media reputation shows 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. The top five banks by positive reputation include Stanbic IBTC Bank with 28 percent emerging top of the grid, closely followed by Access Bank with 22 percent, with First Bank and Wema Bank both having 17 percent and Fidelity Bank with 16 percent. The top five banks with negative media reputations are First City Monument Bank (FCMB) with 45 percent, Stanbic IBTC Bank with 15 percent, First Bank with 14 percent, Zenith Bank and GTCO both having 13 percent respectively.


Analysis of the insurance companies’ media sentiment revealed that Leadway Assurance came out on top in the first quarter’s positive reputation survey with a 30 percent rating, followed by AXA Mansard Insurance with 24 percent, Mutual Benefits Assurance with 17 percent, Custodian Investment Plc with 17 percent, and AIICO Insurance with 12 percent. In the first quarter’s negative reputation survey, AXA Mansard Insurance came out on top with 85 percent and NEM Insurance with 15 percent.


According to the analysis of the Telecommunication industry in Nigeria in quarter one, MTN received the highest positive reputation score (53%), followed by Airtel (19%), Globacom (16%), and 9mobile (12%) for the first quarter of 2023. MTN also received the highest negative reputation score (79%), followed by Airtel (18%) and 9mobile (3%) for the same period.



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 equips 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, MTN’s Network Crash puts Over 80m Subscribers Offline while Airtel had a decline in stock market shares.

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