Broadcasting
Boosting Profitability and Enhancing Deeper Customer Engagement with Conversational Banking
By Marina Bolfan, Senior Customer Growth Executive at Infobip Nigeria
Nigeria’s banking sector is becoming increasingly more competitive. This is especially the case within the digital banking space where traditional banks not only have to compete against each other in the use of cutting-edge technology to deliver better financial services, but also having to contend with emerging fintechs driven by the need to accelerate financial inclusion.
Marina Bolfan, Senior Customer Growth Executive at Infobip Nigeria
For financial institutions to maintain a competitive edge, it is becoming crucial to embark on a deeply rooted customer engagement strategy that will enable them to create strong and long-lasting relationships with their customers. Today, modern customers have various options at their disposal and are willing to switch to another bank should they feel dissatisfied with the Customer Experience (CX) at their current financial institution.
On the other hand, customers who feel connected with their bank are more likely to remain loyal and will even recommend the bank to other users. Loyal customers are also more likely to use banking services regularly and to try out new products and services. This ultimately leads to greater revenue generation and profitability for the financial institution.
As such, key stakeholders within the banking sector have come to the realisation that value innovation from a customer experience perspective is required, where new tactics to improve banking experiences from an end-to-end customer engagement viewpoint should be adopted to facilitate the launch of new business models backed by analytical insights.
New communication channels
Considering the current landscape, banks that continue to use traditional or conventional digital channels of communication such as SMS, USSD, email and mobile apps, are placed at a disadvantage and are less likely to gain a lead in the market. Instead, the rise of digital banking is prompting banks to focus on new communication channels that will tie their customers to them through enhanced experiences, that result in a better CX. While traditional channels will still remain part of the banking landscape, banks must provide additional banking channels and customer engagement platforms to compete in today’s market.
Part of this strategy is for banks to provide conversational or chat banking that takes offline banking online by enabling customers to interact with chatbots, voice assistance systems, human agents, and online chats that can provide personalised advice without customers having to visit a branch. Conversational banking enables banks to shift towards hyper-personalisation, automation and 24/7 availability, which can be harnessed to deliver personalised and seamless experiences while also driving cost efficiency for the business. This results in improved CX and drives business growth, which is ultimately every bank’s main goal.
Rich Communication Services
Rich Communication Services (RCS) is a channel that is becoming integral to conversational banking. While still relatively new to Nigeria, RCS can be seen as an upgraded version of SMS, complete with the rich features of a chat app. Rich features include images, videos, and audio files that can be seen in RCS messages and that provide a more engaging and personalised experience for customers. RCS offers a wide range of features that can improve CX, including interactive functionality that enables customers to make bill payments or balance enquiries, while providing privacy and security through end-to-end encryption.
The main value of incorporating an RCS channel is that it yields better customer engagement, increases trust and builds long-term customer relationships. By sending RCS messages, banks can ensure that customers gain higher visibility of their brand, while also presenting new offers and campaigns in a more effective way, such as information about loans, changing interest rates or new credit cards. Banks can also use RCS to send notifications or useful reminders about card activations or payment instructions.
While RCS is new to the local market, the opportunities it presents are huge and use cases will grow exponentially as the channel gains traction. Conversational banking should ultimately provide a seamless flow of conversation to ensure positive CX and manage a host of complex transactions that will lead to a deeply rooted engagement that translates into a long-term relationship between a bank and its customers.
Mr. Charles Ebuebu, director General of the National Broadcasting Commission (NBC), has called on Nigerian content creators to actively participate in the country’s Digital Switchover (DSO), describing the transition as a major opportunity for visibility, revenue growth, and industry collaboration.
Mr. Charles Ebuebu, DG, NBC
Speaking as Special Guest of Honour at the induction ceremony of the Electronic Media Content Owners Association of Nigeria (EMCOAN) in Lagos, Ebuebu stressed that the success of the DSO depends on engaging content to populate the nation’s new digital channels.
“Without content, the DSO’s success would be incomplete. We are urging content owners to collaborate with the Commission to ensure Nigeria’s digital future is rich, diverse, and sustainable,” he said.
The NBC boss highlighted that the upcoming FreeTV Direct-to-Home (DTH) platform, along with its mobile applications, would provide content creators with nationwide reach, advanced analytics, and brand partnership opportunities.
Nigeria’s DSO, which marks the shift from analogue to digital broadcasting, is being implemented by the NBC using the Nigcomsat satellite infrastructure. The programme aims to deliver over 100 nationwide channels and expand access to Nigerians in remote areas via hybrid decoders, addressing long-standing infrastructure and funding challenges. The project, which has experienced delays since 2012, now has strong government backing and is scheduled for launch in April 2026.
Ebuebu commended EMCOAN members for their contributions to strengthening Nigeria’s creative economy and encouraged them to leverage the opportunities offered by the DSO to promote local stories, culture, and creativity on both national and global stages.
During the ceremony, EMCOAN honoured its distinguished members, naming Wale Adenuga, MFR, as Grand Patron and Mr. Yinka Adebayo as Patron.
Prominent figures in the broadcasting content industry, including Wale Adenuga, Opa Williams, Agatha Amata, Jibe Ologeh, High Chief Emeka Ossai, Debbie Odetayo, Amina Mohammed, and Frank Elaboya, attended the event.
Representing the NBC at the event was Mr. Ralph Akpan, director of the Lagos Zone, while EMCOAN president, Mr. Adeniji Omirin, MD of ADNOM Media, urged members to fully engage in the digital switchover.
Canal+ is to cut jobs at MultiChoice as part of a sweeping restructuring plan aimed at stabilising the African pay-TV operator, following years of operational and financial pressure.
The move comes alongside a planned $115 million capital injection, underscoring the urgency of efforts to revive the business after the French media group took control.
The planned layoffs are expected to form a core element of a broader cost-cutting and efficiency drive, as Canal+ seeks to streamline MultiChoice’s operations and improve profitability.
The restructuring signals a shift toward leaner operations, with a focus on eliminating redundancies and optimising the company’s cost base.
MultiChoice has struggled in recent years with declining subscriber numbers across key African markets, weighed down by macroeconomic pressures, currency volatility, and changing consumer behaviour.
The rise of global streaming platforms has intensified competition, chipping away at the company’s traditional pay-TV dominance.
Canal+’s intervention marks a pivotal moment for MultiChoice, reflecting a more aggressive approach to repositioning the business.
By combining fresh capital with structural reforms, the new owners are aiming to both stabilise short-term performance and lay the groundwork for longer-term growth.
The $115 million injection is expected to provide immediate financial relief, supporting operations and potential strategic initiatives.
However, the accompanying job cuts highlight the depth of the challenges facing the company and the scale of transformation required to restore competitiveness.
Nigeria has ranked first globally in the ownership of the two largest stablecoins, Tether (USDT) and USD Coin (USDC), reflecting the country’s growing reliance on dollar-linked digital assets.
USDT, USDC
Stablecoins such as USDT and USDC are designed to maintain a fixed value against the U.S. dollar, allowing users to store money digitally while avoiding the price volatility associated with cryptocurrencies like Bitcoin.
According to the 2026 Stablecoin Utility Report released by BVNK, about 59 percent of Nigerian crypto users hold USDT, while 48 percent own USDC, giving the country the highest combined ownership rate among all nations surveyed.
The report placed Nigeria ahead of several major economies, including Australia and India, highlighting the country’s strong adoption of dollar-denominated digital assets. Australia ranked second with 34 percent USDT ownership and 29 percent USDC, while India placed third with 30 percent USDT and 27 percent USDC holdings.
The study also examined adoption levels across other regions. Countries such as Colombia and Singapore showed strong usage of both stablecoins, while adoption levels were also notable in South Africa and the United States.
Other markets included in the analysis were Philippines, Thailand and Argentina, where stablecoin ownership has also increased significantly. Among European economies, the report said France and Germany showed moderate levels of adoption, while Latin American markets such as Mexico and Brazil recorded smaller but growing usage rates.
The United Kingdom also appeared in the ranking with modest levels of stablecoin ownership. The report noted that USDT ownership exceeds USDC in many countries, including Nigeria, Australia, India, Singapore, the Philippines, Thailand, Argentina and France.
However, USDC is often viewed as a more compliance-focused stablecoin because of its stronger transparency and regulatory alignment. In some markets, including South Africa, Colombia, Germany and Brazil, the report found that USDC adoption slightly exceeds USDT.
More broadly, the data suggests that stablecoin adoption is being driven largely by emerging economies rather than advanced financial markets. According to the report, countries such as Nigeria, Argentina and the Philippines are among the biggest users of stablecoins, where people increasingly rely on dollar-pegged digital assets to protect savings from currency volatility and facilitate cross-border payments.
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