GTCO takes the lead among banks with negative Media Report

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    Guaranty Trust Holding Company Plc, GTCO Plc, has been ranked as the leading bank with negative media reputation in the third quarter 2022.

    A new report released by P + Measurement Services, a data-driven media intelligence firm, listed the top five banks by negative media reputations to include; GTCO with 37 percent, First City Monument Bank, FCMB, with 28 percent, Zenith Bank with 15 per cent, United Bank for Africa, UBA, with 11 per cent and Fidelity Bank with nine per cent accordingly.

    According to P + Measurement Services, which conducted a comprehensive industry analysis, “Since the beginning of 2022, the Nigerian Banking (commercial and digital) and Insurance industries have experienced an increase in media interactions, campaigns, and awareness.

    Giving the analysis of the negative reputational drivers in the banking sector, the report revealed that GTCO which led in this segment was suspended by the Nigeria Customs Service, NCS, from import duty collection, followed by FCMB which had one of its customers crying out as over N7million disappeared from his account and also Zenith Bank which was silent as the sum of N221, 000 mysteriously left its customer’s account.

    Meanwhile, the top five banks by positive reputation, according to the report include; First Bank with 24 percent emerging top of the grid, closely followed by Access Bank with 23 percent, with Stanbic IBTC Bank, United Bank for Africa, UBA, and Fidelity Bank having 21 percent, 17 percent, and 15 percent respectively.

    According to an analysis of the top digital banks in Nigeria in third quarter 2022, Kuda Bank received a bad reputation scoring 100% for the quarter in question in 2022.

    On the other hand, Kuda Bank also had a favorable reputation with having scored 37 per cent, followed by Vbank (27 per cent), ALAT by Wema Bank (18 per cent), Eyowo (16 per cent), and Mintyn (2 per cent), with Kuda Bank receiving a bad reputation score of 100% for the quarter in question in 2022.

    Leading the Digital Banks sector is Kuda Bank as it confirmed that it will charge its customers N50 for deposits of N10,000 and above, Vbank partnering with Autochek to guarantee the underwriting process for customers’ loan application process to deliver requisite financing to customers within 48hours of loan origination process and ALAT by Wema Bank stating that it introduced NQR to boost financial transactions in Nigeria.

    In the digital bank sector, Kuda Bank reportedly incurred a sum of N6 billion loss in 2021 which drove its negative reputation driver in Q3 2022.

    The report analysis includes over 1.2 million online publications from blogs, news sites, broadcasts, forums, and digital media in the local and international media space, as well as approximately 4,776 print publications (including daily, weekly, and monthly publications), which are being monitored to extract various metadata, including sentiments of reporters, editors, publishers, and opinion writers from various online and print publications, spokespersons analysis, CEOs performance, and other topics.

    In the third quarter of 2022, P+ Measurement Services, Nigeria’s top media intelligence organization, examined the media mood around commercial banks, big insurance providers, and prominent digital banks in Nigeria. This analysis shows editors’, publishers, journalists, and opinion leaders’ perceptions of insurance and banking (digital & commercial) brands in the print and online media.

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