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How New FinTechs In Nigeria Can Grow From Obscure To Popular

Emmanuel Nnaemeka
  You have just started a new FinTech company. You are ready to engage with loads of customers. You want to offer them the latest solution that can solve their financial problems. But there is a big challenge. How do you gain nationwide popularity? 
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In a country where there are over 300 FinTechs with more being launched daily, how do you stand out from the crowd? How do you move from being the new kid on the block to a trending app on everybody’s lips? It takes a few strategies to do this.
  1. Build A User-Friendly App
A large section of Nigerians is not tech-savvy. Therefore, your UI and UX must be very easy-to-use, easy to navigate, and most importantly, user-friendly. The average Nigerian can be impatient when an app is sluggish, therefore, your app must have a quick loading capacity. Avoid multiple colours. A blend of two to three colours is recommended. In all, let your app be appealing in aesthetics and functionalities.
  1. Be Crystal Clear On Your Solution
Being crystal clear on the services or solutions you provide is key to quick response and wider adoption. By all means, avoid service and solution complexities. Let your audience know the community and demography you’re out to serve. Let your brand reflect your solution, that at the mention of your company’s name, even the blind can easily know what you are out for. Be very clear to your audience if you’re into trading, saving, BNPL, insurance or lending service.
  1. Use Personalised Language As A Branding Strategy
Building and designing your brand from name to marketing, down to content around the language of Nigerians, can strike a chord of admiration in the hearts of Nigerians. Using popular slang terms, catchphrases or colonialism that resonates with the people can make your FinTech company popular. Several Nigerian FinTech apps use local catchphrases or colloquialism as their brand names or slogans, or to even create content and marketing strategy. For example, we have Kia-Kia (a lending platform), Esusu Financials (a saving and credit and capital platform) ALAT (a saving platform by Wema Bank) and so many more. These FinTechs resonate with the people of Nigeria as either a popular slang like “ALAT”, which means “Alert”, a term that gives Nigerians joy, especially when they see a credit alert, and “Kia-Kia” is a Yoruba term that has been incorporated into the pidgin language, meaning “Quick”, indicating a quick response. Therefore, new FinTechs must engage in personalised operations if they want to hit the limelight very quickly. 
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  1. Invest In Traditional Media Ads
Traditional marketing is alive and well, despite its archaic, old-school reputation with millennials and Generation Z. Examples of traditional advertising include media ads and outreach strategies, such as trade shows, that predate the internet. Even in the digital age, young and old alike still watch TV commercials, listen to radio ads, browse catalogues and read mailers. Clever advertising executives know when to capitalize on both traditional and digital marketing methods, sometimes using one to drive traffic to the other. As a new FinTech, don’t get carried away by digital marketing. Engage in outdoor (Billboards, bus/taxi wraps, posters etc), broadcasting (TV, Radio etc) print ads (magazines, newspapers etc), telemarketing (Phone, text message) and window display and signs. Several new FinTechs like ALAT and Kuda Bank hit their way to the limelight through the instrumentality of traditional media. For example, you can sponsor a program or a radio game show or even use radio jingles to promote your brand. You can engage in bus and taxi wraps in major cities.
  1. Invest In Digital Marketing 
According to Wikipedia, digital marketing is the component of marketing that uses the Internet and online-based digital technologies such as desktop computers, mobile phones and other digital media and platforms to promote products and services. FinTechs must engage in various digital marketing, ranging from social to internet to email marketing. They must go all mobile! There are various ways to do this trick. It includes dishing out useful content on social media platforms, where they can easily reach their audience. It could be LinkedIn, Facebook, Twitter and Instagram. Being consistent on social media by offering daily content, seizing trends, and running ads can be a great way to go.
  1. Campus Tour
Another way to rise from unknown to well-known is through university campus tours. Your target audience/customers are largely millennials and Gen Z which can be found in various universities and colleges scattered across the country. On campus, you can distribute fliers, erect signposts and signboards, organise and sponsor events and even have campus ambassadors. You can have campus agents within the campus as well.
  1. Influencer Marketing
It was through influencer marketing that Patricia, a trading platform, hit the limelight. Millions of Nigerians spend most of their time on TikTok and Facebook watching skits. These skitmakers have a huge following of 100,000 to over 5 million. These influencers are viable platforms for pushing your brands.   Featured image source: TheStreet
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