Nedbank, a South African financial institution, has unveiled a new influencer marketing campaign aimed at addressing the nation’s financial challenges. 

The bank’s NedFinHealth Monitor report, released in 2023, revealed concerning findings about South Africans’ financial well-being.

The report gives South Africans a low score of 53 out of 100 for financial health. A key issue highlighted is people’s reluctance to discuss their financial status and seek assistance due to feelings of embarrassment. Additionally, the report uncovers a worrying trend of relying on debt to cope with the financial strain caused by the prolonged economic downturn.

In response to these findings and the spread of misinformation about avoiding loan payments on TikTok, Nedbank teamed up with PR and influencer agency MSL. They aim to help consumers make better financial decisions to protect their financial wellness and credit scores.

The bank has selected 10 South African influencers specializing in finance, lifestyle, and property content to create educational videos. Over a two-month period, these influencers will debunk misconceptions and myths surrounding personal debt management.

According to Nedbank’s Executive Head of Marketing, Buli Ndlovu, the campaign strategically leverages TikTok as the primary platform to disseminate its message.

“User-generated content has proven highly effective in communicating messages in the form of authentic content, with TikTok in particular, being one of the primary platforms used to access information,” Ndlovu told Media Update.

“It was crucial to ensure the influencer content is relatable, authentic, and simply communicates the campaign messaging,” said Michael Constantinides, Senior Account Director at MSL. He emphasized the importance of working with influencers South Africans trust to convey financial advice effectively.

According to Media Update, the campaign has garnered over 350,000 organic video views and 25,000 engagements on TikTok, with a 7% engagement rate, exceeding industry standards. Nedbank attributes this positive response to the growing demand for accessible financial education.