We have seen a growing trend in the Fintech space when it comes to consumer retention. Taiwo Ruth Oluwasanya, a marketing expertise in the Fintech sector said marketers must look at the brighter side despite the rising competition.
This year has tested marketers in ways we couldn’t have anticipated. From navigating Nigeria’s unstable economy to working with tighter budgets and engaging an increasingly discerning, competitive audience, 2024 has been a year of remarkable resilience and innovation. The unstable economy has been a major hurdle, with Nigeria’s fintech sector attracting over $2 billion in investments despite the turbulence.
Reflecting on 2024’s Challenges
1. An Unstable Economy:
The Nigerian economy has been a significant hurdle, marked by soaring inflation rates that peaked at 34.6% and fluctuating exchange rates. For marketers, this created a paradox: while consumers needed fintech solutions more than ever to manage their finances, their spending power was constrained. Communicating value became a tightrope walk—striking a balance between empathy and effective persuasion without crossing ethical lines.
2. Budget Constraints:
With businesses feeling the squeeze of reduced revenues, marketing budgets have taken a hit. For many, this meant delivering more with less—lean campaigns, fewer resources, and an intensified focus on ROI. The silver lining, however, has been the drive to innovate. Marketers have since adopted cost-effective tools like social media, doubled down on organic growth, and embraced community-building effort in its campaign strategy a strategy that came in handy for me in 2024.
3. A Thriving Competitive Audience:
With 103 million Nigerians online, the Nigeria’s digital-first consumers are more engaged than ever before, but they’re also more discerning. With the rise of fintech solutions, consumers now have countless options at their fingertips. Standing out in this crowded space has required creativity, relevance, and the ability to deliver value consistently. In 2024, we have seen emerging Fintech products compete for the same audience, the likes of Lemfi, Transfergo, TapTapsend and Simless Pay leaving marketers to constantly battle to stay top-of-mind. For example, adjusting strategies mid-campaign to counter rival campaigns, ensuring our messages remained fresh and engaging.
Despite these challenges, 2024 has been a remarkable year for Nigeria’s fintech industry. The fintech space has become increasingly crowded, many firms have acquired licenses to compete directly with traditional banks. Platforms like Flutterwave, Paystack, and innovative newcomers have continued to make waves, standing out has required creativity, relevance, and consistent value delivery. Spendify, for example, has been a leader in money management and financial literacy, boasting over 25,000 downloads and counting. These platforms have thrived because they don’t just offer services—they solve real problems, providing convenience, accessibility, and empowerment.
A Call for Consumer Loyalty in 2025
As we step into 2025, one thing is clear: retention will be the cornerstone of success. Acquiring new customers is important, but retaining and engaging existing ones will yield the most significant returns. This means fostering loyalty by delivering consistent value, building trust, and creating a sense of community around products.
Take Lemfi, for example, a fintech company that has risen to prominence by tapping into referral marketing and influencer partnerships. Lemfi’s referral programs are simple yet effective—rewarding both the referrer and the referee, creating a win-win loop of value exchange that attracts loyal users. Their strategic collaborations with influencers have also set them apart. By leveraging the trust and reach of micro-influencers in niche communities, Lemfi delivers messages that resonate deeply with their target audience, helping them stand out in a crowded market with their hashtag #UseLemfi.
These strategies demonstrate that loyalty programs don’t just retain customers; they also turn them into brand advocates. By giving users a reason to stay engaged—be it through tangible rewards or a strong emotional connection—brands like Lemfi have laid a foundation for long-term success.
Leverage Referral Codes: Referral marketing is one of the most effective tools in today’s digital landscape. By incentivizing existing users to bring in their networks, marketers can not only lower acquisition costs but also build a loyal customer base. Fintech platforms have an edge here—referral programs are inherently tied to rewards, which resonate strongly with Nigerian audiences.
Affiliate Marketing and Influencer Collaboration: Influencers remain a powerful channel for brand advocacy, especially when authenticity and relevance are prioritized. Collaborating with trusted voices in specific niches can amplify your reach while ensuring your message resonates with the right audience. In 2025, integrating affiliate programs with influencer partnerships can create a symbiotic relationship that drives both engagement and loyalty.
The future is to commit to prioritizing what truly matters—building genuine connections with our consumers and fostering loyalty that transcends one-time transactions. Let’s leverage the tools at our disposal, from referral codes to influencer collaborations, to create ecosystems of trust and engagement.
More importantly, collaboration, shared insights, and mutual support will be key to navigating the complexities ahead. So, here’s to us—to resilience, to creativity, and to building a future where our work not only drives business growth but also creates meaningful experiences for the people we serve.
Let’s make it happen, one strategy, one campaign, one loyal user at a time.
Taiwo Oluwasanya is a marketing expert
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