Social Media is fast becoming one of the most potent medium where banks reach out to their customers. From immediate response on Twitter, to videos and advert messages on Facebook and Instagram, Nigerian lenders seem to have realized the importance of brand awareness on social media and are not leaving anything to chance to capture the attention of their customers and prospects.
The Nigerian banking public on the other hand are aware of the presence of their banks and the attention their messages for or against any bank will generate on social media. Hence, they are quick to hit the enter button with their complaints against banking services they might have experienced and are certain of prompt response from banks that are wary of reputational damage to their brand.
Statistics has it that as at December 2019, there are over 27 million Nigerians on Facebook; 1.6 million Nigerians uses Twitter and about 7 million Nigerians on Instagram. These figures make the Social Media an interesting medium for banks to reach out to existing and potential customers.
Of the over 20 commercial banks in Nigeria, 7 banks stand out with the most followers on Instagram. FirstBank, GTBank, Access Bank, UBA, Zenith Bank, FCMB and Fidelity Bank are the 7 banks with over 100,000 followers each.
GTBank leads with over 712,000 followers as at July 2020, the bank took over from FirstBank, who has the highest followers as at December 2019 but now the second most followed Nigerian bank on Instagram with over 667,000 followers.
Zenith Bank is 3rd most followed Nigerian Bank on Instagram with over 444,000 followers, Zenith edged Access Bank, who lost the 3rd position to Zenith and now the 4th most followed with over 443,000 followers.
UBA is the fifth most followed Nigerian bank in Instagram with over 291,000 followers, the bank grew its followers by 73,000 followers between December 2019 and July 2020. FCMB and Fidelity banks are the only 2 tier 2 banks on the list of 7 most popular Nigerian Banks on Instagram and they are the sixth and seventh most popular with over 151,000 and 121,000 followers respectively