Report on Criteria for Selecting the Right Advertising Agency

To: Head of Marketing and Corporate Affairs
From: Marketing Consultant
Date: July 29, 2025
Subject: Guiding Criteria for the Selection of an Advertising Agency to Support Banking Objectives

Dear Head of Marketing and Corporate Affairs,

As requested, this report outlines six key criteria to guide the selection of an advertising agency for our bank. In the Ghanaian banking sector, where competition is intense post the 2017-2019 banking cleanup and the Domestic Debt Exchange Programmed (DDEP) impacts from 2022-2024, effective advertising is crucial for building trust, promoting products like digital loans or sustainable savings accounts, and ensuring compliance with Bank of Ghana (BoG) regulations. Selecting the right agency requires evaluating their ability to deliver targeted, compliant campaigns that align with BoG’s emphasis on transparency and consumer protection under the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), and directives such as the Disclosure and Transparency Guidelines for Digital Financial Services, which mandate plain language in promotional materials to avoid misleading consumers. Agencies must also navigate fintech trends under the Payment Systems and Services Act, 2019 (Act 987), and ethical marketing standards to support post-DDEP recovery efforts.

The criteria below are derived from industry best practices, tailored to Ghanaian operations, and aim to ensure the agency enhances our promotional mix for resilience, profitability, and BoG approval. Each criterion includes practical considerations and examples from banks like Ecobank Ghana or GCB Bank.

1. Expertise and Experience in Financial Services Marketing
   The agency should demonstrate proven experience in the banking or financial sector, understanding nuances like product complexity and customer segmentation. In Ghana, where banks like Stanbic Bank Ghana have partnered with agencies for campaigns promoting SME lending amid recapitalization under BoG Notice No. BG/GOV/SEC/2023/05, the agency must have handled similar projects to avoid generic approaches. Evaluate their portfolio for campaigns that increased market share, such as digital ads for mobile banking, ensuring they align with BoG’s sustainable banking principles as of 2025. This criterion prevents misalignment, as seen in failed campaigns during the cleanup era where non-specialized agencies overlooked regulatory shifts.
2. Knowledge of Regulatory Compliance and Ethical Standards 
   A critical factor is the agency’s familiarity with Ghanaian banking laws, including BoG directives on advertising, such as prohibitions on foreign currency pricing in promotions and requirements for transparent, non-misleading content. For instance, under Act 930 and the Cyber and Information Security Directive 2020, ads must protect consumer data and promote fair practices. Agencies like those used by Access Bank Ghana during post-DDEP recovery ensured compliance by vetting all materials for ethical marketing, avoiding penalties from BoG. Assess this through their compliance track record and ability to integrate BoG’s consumer protection guidelines, which emphasize plain language in digital ads to build trust in a sector recovering from governance issues like those at UT Bank.
3. Creative Capabilities and Innovation 
   The agency must exhibit strong creativity to craft compelling messages that resonate with Ghanaian audiences, incorporating local cultural elements and innovative formats like social media reels or AI-driven personalization. In a market influenced by digital trends, agencies that helped GCB Bank launch creative campaigns for green finance products post-2024 stood out by using storytelling to address attitudes towards savings amid economic volatility. Review their creative portfolio and awards, ensuring innovation complies with BoG’s ethical standards and drives engagement without exaggeration, as non-innovative ads risk low ROI in competitive environments.
4. Strategic Planning and Media Expertise 
   Evaluate the agency’s ability to develop data-driven strategies, including media selection across TV, radio, digital platforms, and out-of-home advertising, optimized for reach and cost. For Ghanaian banks, this means leveraging insights from PEST analysis at local levels, as seen when Ecobank Ghana’s agency planned targeted ads during high-inflation periods to promote stable deposit products. Their media buying power should negotiate better rates, aligning with Basel II/III-adapted operational risk standards to minimize wasteful spending, and integrate with our overall promotional mix for measurable outcomes like increased customer acquisition.
5. Track Record and Client References
   The agency should provide evidence of successful past campaigns, including metrics like ROI, customer response rates, and references from financial clients. In Ghana, agencies with a strong track record, such as those behind Stanbic Bank’s post-cleanup rebranding, demonstrate reliability through case studies showing compliance with BoG’s Liquidity Risk Management Guidelines in promotional budgeting. Request verifiable references and performance data to avoid risks, as poor track records contributed to marketing failures in collapsed banks like Capital Bank, emphasizing the need for proven partners in ethical, profitable campaigns.
6. Cost Effectiveness and Value for Money
   Finally, assess the agency’s pricing structure for transparency and value, ensuring fees align with deliverables without hidden costs, while delivering high-impact results. In the cost-conscious Ghanaian sector, where budgets tightened post-DDEP, agencies offering scalable solutions—like performance-based pricing—helped banks like Fidelity Bank optimize ad spends on digital channels under BoG’s fintech regulations. Compare proposals for cost-benefit ratios, ensuring alignment with our budget constraints and long-term profitability, as overpriced agencies can strain resources without commensurate returns.

In conclusion, applying these criteria through a structured selection process—such as RFPs, interviews, and pilot projects—will help identify an agency that not only achieves advertising objectives but also supports our bank’s resilience and compliance in Ghana’s evolving landscape. I recommend forming a cross-functional team to evaluate shortlisted agencies.

Please let me know if you require further details or assistance in the selection process.

Best regards,
Marketing Consultant