Nico out to reclaim market position


By William Kumwembe:

Conglomerate Nico Group on Friday announced a change in its market structure and business approach by re-launching its brand aiming at ‘redeeming the market position’.

Speaking on behalf of Nico Holdings Chief Executive Officer, Vizenge Kumwenda, Nico Life Chief Executive Officer, Eric Chapola, said the move is targeting at making its competitors irrelevant on the market by claiming a lion’s share.


“We want to make the brand reclaim the true market position in the financial services sector and this is position number one,” Chapola said.

Through a campaign dubbed From dream to reality, Chapola said the firm would intensify its marketing approach.

He said the brand re-launch promises customers a true and trusted brand that sticks with them.


“The Nico Group would be better know by all stakeholders, it would be a leading financial services provider in Malawi, will be part and parcel of development in Malawi through our businesses and would be the first port of call for all financial services in Malawi,” Chapola said.

Nico Group Head of Marketing and Communication, Lorraine Phiri, said the campaign is rolled out with a lump sum of services and products offered by the firm’s subsidiaries.

She said the promotion would also facilitate formation of a strong relationship with its customers.

“We will also use the campaign for feedback as well from our customers in terms of how we are doing and whether our products are really allowing them achieve their dream,”

Nico Group has atleast seven subsidiaries including Nico General, Nico Life, Nico Asset Managers, Nico Insurance Zambia, Nico Technologies, Nico Pensions and NBS Bank

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