In the Fintech sector in Nigeria, Kredibank has emerged as one of the top full digitalised banks in Nigeria. Kredibank is the go-to application for all financial solutions for consumers in Africa. In this interview, the product marketing manager Oluwasekemi Akinbo shares insights into the growth marketing strategies for Kredibank and startups.
Kredibank is a digital-first fintech company. Our goal is to simplify credit access and finance management for individuals, SMEs, and big organisations, including government agencies. Our platform consolidates users’ financial assets into one space—from savings, to earnings, withdrawals, and more, Kredibank makes it easy to manage and oversee all your financial transactions. Like we always say, it’s banking the inKREDIble way.
Many start-ups struggle to scale. As a Marketing manager at Kredibank, what are some strategies you’ve employed to increase the company’s visibility and user retention, and to foster sustainable growth?
Great question. One of the first things I did when I started at Kredibank was to understand and embody the vision. Once I understood the problem the company was built to solve, it became easier to develop effective marketing strategies that communicate our value proposition and give us the results we need. One of my most effective strategies is the Big Brother Campaign, which has so far, resulted in a 60% increase in daily app usage and user retention. This campaign humanised our brand and listened to the voices of the users. I conducted regular customer surveys to understand user-needs and the best approach to meeting those needs. I am also leading referral schemes and targeted ads to boost engagement on our various visibility platforms. When I started at Kredibank, we had just 50 users, and the retention rate was low. But now, with these efforts, there are over 150,000 users of Kredibank, majority of which are multiple-time users.
Wow, that’s an impressive number. From 50 to 150,000! Now, you mentioned that you conduct customer surveys regularly. Would you say gathering and analysing data played a vital role in Kredibank’s growth?
Yes, absolutely. Data is everything. At every chance I get, I track metrics across board—from click-through rates, to downloads, etc. If there’s a spike in downloads, I analyse what triggered the spike and use it to our advantage. In the same way, if there’s a drop in downloads or engagement, I track down what happened and correct it. This is what helps us grow. Let me give a practical example. One time, I was looking into the transfer rate on the app, and the metrics revealed a significant drop in transfers. I immediately took action to understand why, and we discovered there was a glitch right before the final stage. If I hadn’t noted this drop, we probably wouldn’t have noticed the glitch, and we could have lost thousands of customers to that seemingly little oversight. Data helps us marketing managers to see better. It’s like giving us a magnifying glass. Without data, you won’t see the loopholes. And if you don’t see the loopholes, you won’t know why the company isn’t growing.
Big brands often have high marketing budgets. Drawing from Kredibank’s experience, how can startups compete with these robustly funded marketing strategies, without the same level of spend?
The funny thing is that having constraints forces you to be creative. When you have a limited marketing budget, it forces you to think outside the box. So, startups can use their limitations to their advantage, instead of seeing it as a disadvantage. Kredibank started with a limited marketing budget too, but that didn’t restrict us. We used what we had to get the desired results. We achieved a lot by partnering with micro-influencers, putting out testimonials, and adopting content marketing. We also built a strong community—users who enjoy the product and were proud to speak up about it. In a way, they were our little influencers, and we didn’t have to pay them! So, startups shouldn’t deprive themselves of endless possibilities just because they have a limited budget. Start somewhere. Start with passion, dedication and consistency, and trust me, it’ll get you where those big brands are.
How do you see marketing trends evolving, and how will this evolution affect the growth of Startups?
I think we’re moving toward AI-driven campaigns and strategies. For instance, we have automated emails, Chatbots on apps, AI-generated captions, and so on. I know this is all exciting, and technology is sure to scale marketing efforts, but we can’t neglect the need for storytelling and humanised marketing. In my opinion, startups should use tech and AI to support their digital marketing efforts, however they should not let it take over. That human touch is always necessary to connect with your potential users. You can’t leave all your marketing efforts to AI and expect to get results. Stories, attention to detail, care, value, trust, these are the intricacies of effective marketing campaigns. I’ve seen it work at Kredibank. And it can work for you, too.
Absolutely. So, what final advice would you give to marketing teams at start-ups trying to find their growth strategy?
Start small but smart. And the first step to starting smart is embodying the vision, the product. Understanding the product helps you understand your target users. Understanding your target users helps you solve their problems better. And when you begin to solve their problems in a way no one else does, growth comes to your company easily and organically. Also, don’t try to do everything, and don’t try to copy other brands. You can learn from other organisations, but don’t bury your organisation’s Unique Selling Point (USP). Find your strong USP, find one or two channels where your audience lives, gather data, test, execute, and iterate.
And what does the future hold for Kredibank?
From here henceforth, it’s continuous growth. Our constant goal is to help our customers manage their finances effectively; to advance financial literacy and inclusion across the continent. So, we just started. From here, we only go further up.
Thank you so much, Sekemi, for sharing your journey with us, and inspiring other startups.
My pleasure; thank you for having me.
