Nigeian Banks Advertising On Cnn Everywhere And Everyday - Politics (2) - Nairaland
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| Re: Nigeian Banks Advertising On Cnn Everywhere And Everyday by Jairzinho(m): 8:26pm On May 15, 2009 |
biina:You have hit the nail on the head.  |
| Re: Nigeian Banks Advertising On Cnn Everywhere And Everyday by Kobojunkie: 8:29pm On May 15, 2009 |
yicob:Are you kidding me? You expect me to send my credentials and my money to a voice over that happens to be Nigerian claiming to represent a Nigerian bank without some proof that I can pursue them should something happen? You think say dem born me yesterday? The only reason I decided it may be worth it was that I wanted to be able to deposit money in the bank here and access the same funds in Nigeria. But unfortunately, that was not an option. Turns out I could not access the same account whenever I am in Nigeria, so I figured they lost me there. I mean that would have been the one and only reason why I would want to open an account with a Nigerian bank from out here. I wonder if the account will be FDIC insured or will it be CBN insured then? Roflmao!! I have to agree with @Binna here. I am for them going back home to get it right first, then they can come out to claim they are banks people can trust. |
| Re: Nigeian Banks Advertising On Cnn Everywhere And Everyday by mustafar1: 8:33pm On May 15, 2009 |
yicob: this is what happens when you dont want to pay ur due yet u want to roll with the big dogs. yicob, these banks dont want to be slow and steady. they are thinking fast and furious although they av flipping scooter 2cycle engines. |
| Re: Nigeian Banks Advertising On Cnn Everywhere And Everyday by MrCrackles(m): 8:35pm On May 15, 2009 |
Nigerian Banks are not ready for the global challenge! They should restrict thier bloody adverts to the shores of Nigeria!! |
| Re: Nigeian Banks Advertising On Cnn Everywhere And Everyday by AloyEmeka9: 8:37pm On May 15, 2009 |
The banks should go back home and help finance interests in building infrastructures that would bring about a productive economy that would better support their business. They are day dreaming, if they feel businesses in other countries will patronize them at the expense of their own local banks.My own thing is why worry? They will soon get tired of it. Again, there are many types of CNN and what you pay depends on the package you advertise in. Some CNN na local while others na international. |
| Re: Nigeian Banks Advertising On Cnn Everywhere And Everyday by MrCrackles(m): 8:39pm On May 15, 2009 |
Aloy.Emeka: Lolz!  |
| Re: Nigeian Banks Advertising On Cnn Everywhere And Everyday by mustafar1: 8:40pm On May 15, 2009 |
Aloy.Emeka: lol so which one be this one wey wey dey see for Ghana and kuwait? local or international. |
| Re: Nigeian Banks Advertising On Cnn Everywhere And Everyday by yicob(m): 8:43pm On May 15, 2009 |
I strongly agree that they should focus more in making naija like the western states. If they can combine this with their foreign extention, no problem. The Global awareness is also a right step. |
| Re: Nigeian Banks Advertising On Cnn Everywhere And Everyday by Kobojunkie: 8:49pm On May 15, 2009 |
Lol . . . The Zenith bank Ad has been on CNN for at least 5 years now. I mean the bank sponsors the program “Inside Africa” on CNN but I bet you that if you polled a couple of CNN viewers , you are likely to find that less than 20% of them pay attention to the ads. In fact, many of those who know of the ad might tell you it ifor some Nigerian bank in Nigeria and only available in Nigeria. |
| Re: Nigeian Banks Advertising On Cnn Everywhere And Everyday by biina: 9:02pm On May 15, 2009 |
yicob:Wrong! it is the equivalent of buying a boeing 747 plane in a place with no airport or airfield - wasted resources |
| Re: Nigeian Banks Advertising On Cnn Everywhere And Everyday by yicob(m): 9:22pm On May 15, 2009 |
The ad campaign was just not for the fun of spending money. There's a target objective. Evaluation takes place regularly to ascertain the effectiveness. It ought to have been stopped If its not benefitting the banks in any way. |
| Re: Nigeian Banks Advertising On Cnn Everywhere And Everyday by MrCrackles(m): 9:25pm On May 15, 2009 |
yicob: Yeah but the target objective is un-achievable at the moment It just wont work Ask any bank to publish or reveal figures of resources pulled in as a result of adverts on CNN or abroad? I will tell you it is more likely to be NIL or some doctored and dodgy figures All those advertisement are beamed at the wrong audience, Nigerian banks wannabee when thier house is not in order! |
| Re: Nigeian Banks Advertising On Cnn Everywhere And Everyday by bawomolo(m): 9:26pm On May 15, 2009 |
MrCrackles: I see no reason why they can't spread to West Africa. Shouldn't economic integration be a goal of ecowas. |
| Re: Nigeian Banks Advertising On Cnn Everywhere And Everyday by strangleyo: 9:36pm On May 15, 2009 |
I know that's their business but i was thinking last time. Please don't complain about that. Banks are private enterprises and they can do what they want with their money. Don't blame the bank's advertising for Nigeria's woes. |
| Re: Nigeian Banks Advertising On Cnn Everywhere And Everyday by yicob(m): 9:38pm On May 15, 2009 |
Are they happy spending/wasting money if they are not getting results ? |
| Re: Nigeian Banks Advertising On Cnn Everywhere And Everyday by biina: 9:40pm On May 15, 2009 |
yicob:To say it is 'not for the fun of spending money' is speculation on your part, as we all don't know the true objective of the banks. Whatever it may be, I do agree that there must be an objective, and said objective is continuously being met (to sustain the ads). So the logical question then is "what have they gained from the advert?". If they have failed to gain new businesses from the ads (as we all seem to have agreed), then one can safely conclude that gaining businesses was not the objective of the ads in the first place. If gaining businesses was not the objective, then the ads are not serving the purpose of improving the banks bottom line and thus are wasted resources. As to the true objective, your guess is as good as mine (but some plausible candidates have been mentioned earlier in the thread) |
| Re: Nigeian Banks Advertising On Cnn Everywhere And Everyday by yicob(m): 9:56pm On May 15, 2009 |
Some people are smiling to the bank. http://www.screenafrica.com/news/television/969433.htm |
| Re: Nigeian Banks Advertising On Cnn Everywhere And Everyday by biina: 10:04pm On May 15, 2009 |
yicob:That is a plausible objective. |
| Re: Nigeian Banks Advertising On Cnn Everywhere And Everyday by Kobojunkie: 10:07pm On May 15, 2009 |
yicob: Well, duh!! CNN will. |
| Re: Nigeian Banks Advertising On Cnn Everywhere And Everyday by oderemo(m): 10:12pm On May 15, 2009 |
Banks are private enterprises and they can do what they want with their money if you hold that view pls be aware that the banks are nothing but shylock that feed on OUR money and the businesses they can Garner from the public . once we take away our watchful gaze from these sharks then bus. rates are fixed to suit them, loan are given to only friends and family, church members, mosque goers . the more proactive we are to stamp on sharp trading the better for us all. |
| Re: Nigeian Banks Advertising On Cnn Everywhere And Everyday by Kobojunkie: 10:16pm On May 15, 2009 |
ode remo: Are you willing to consider that the above can be applied to most any Nigerian company out there? |
| Re: Nigeian Banks Advertising On Cnn Everywhere And Everyday by oderemo(m): 10:22pm On May 15, 2009 |
as you are well aware that the position of banks in the economy cant be compared to MOST COMPANY ., hence the reason govt all over the world are trying to defend there financial institutions. if it is to be dangote cement or odutola tyres , who cares? |
| Re: Nigeian Banks Advertising On Cnn Everywhere And Everyday by MrCrackles(m): 10:24pm On May 15, 2009 |
Kobojunkie: Gbam!!  |
| Re: Nigeian Banks Advertising On Cnn Everywhere And Everyday by blacksta(m): 10:28pm On May 15, 2009 |
ode remo: And if i may ask . how do you intend to this. As you aware everything is centered around the banks. Banks breaks down everything else fails. Sharp trading - we cant do anything bout that . I am sure you aware that this global meltdown has created more billionaries as i dont know anybody burning money. all this money would have surely gone somewhere,. |
| Re: Nigeian Banks Advertising On Cnn Everywhere And Everyday by shotster50(m): 12:05am On May 16, 2009 |
This is a typical Nigerian mentality. Everyone wants to be seen as doing what the others are doing. Right now the fad is having an advert on Cnn. These banks are not responsible and are as reckless with money as they come. They would rather wire tons of $$$ to Atlanta than help the SMEs in Nigeria. |
| Re: Nigeian Banks Advertising On Cnn Everywhere And Everyday by MrCrackles(m): 12:08am On May 16, 2009 |
shotster50: Abi! Again, misplaced priority, the bane of our problems in Nigeria! |
| Re: Nigeian Banks Advertising On Cnn Everywhere And Everyday by SamMilla1(m): 1:55am On May 16, 2009 |
I dont know if people realise that banks are the major pillars of Every Economy. That's why they require not only capable but trusted hands. Our Useless govt depend so much on oil that they forgot to look on other things the banks can do for the nation. They just grab their 25billion Naira deposit and turn their back. England Nearly collapsed with NORTHERN ROCK. The citizens run to the banks for help on loans. Banks in Asia lend Fresh Graduates about $7,500 each to start life. There is nothing like a private Bank In Any Country. That is more like saying that filling stations should sell their petrol at whatever price they chose because they are private business. A country cannot move forward without the help of the banks. For people who believe that those banks are private business, ask yourselves this question. WHO WILL BAIL THOSE BANKS WITH LOANS IF THEY GO BANKRUPT ? To me , the answer is the govt and the govt is the people. The citizens, taxpayers. Those are the govt and not Europeans and Americans., Just like the Junkie said .  Why would a foreigner invest in a bank where their credit card aren't globally recognized. Who are they kidding here? They should take their advert back home and do things right first Let us not forget so fast, how these banks operated before Soludo Showed up. Its only a matter of time before another measure and policy is introduced into the system. |
| Re: Nigeian Banks Advertising On Cnn Everywhere And Everyday by biina: 5:09am On May 16, 2009 |
strangleyo:Not entirely true, as those funds include money from depositors, a group they have a responsibility to. |
| Re: Nigeian Banks Advertising On Cnn Everywhere And Everyday by yicob(m): 8:30am On May 16, 2009 |
Is not as if they just roll out money for advertisment. These guys make yearly budget where they estimate their income and expenditure. They know where to get money without touching depositors funds. FYI, It takes many heads to come together to reach the decision of advertising on global and new media e.g CNN and Yahoo ! Since the board agrees to spend heavily on advertising, who are we to challenge their deeds. Let's wait and see if one of their depositors would complain that the banks surcharge them for the global and new media adverts. This is like the 3rd year of Zenith on CNN. Would they still continue if there is no huge ROI that's greater than what was invested ? Advertising is not an end but a means to it. Their Marketing force just wont sit in the comfort of their office. They need go out and complement the awareness the advert created. They already have target location cum audience. . . .so they know where to focus. The 4 major characteristics of good ads are (AIDA); 1. Attention 2. Interest 3.Decision 4. Action. The ad has been successful in getting people's attention. The other 3 are bit successful in conversion rates of 5% to 30%. Thank God, banks don't sell products, they sell services. They welcome both butterflies and true friend customers. The fact that the conversion rate is still low doesnt mean it wont rise. All they need is continuous branding and professionalism at work. It might not take a day to get there, but the results keep accumulating, providing avenue for them to sift performance. Nuff said ! My N3.00 |
| Re: Nigeian Banks Advertising On Cnn Everywhere And Everyday by SamMilla1(m): 9:01am On May 16, 2009 |
@yicob, It seems you totally missed the point here. We dont really care if their adverts is bringing them money from U.S or EU or Asia. What exactly has these banks done for you? Or are you waiting for One European bank to come and give you a loan? Why do you believe that you are not a human being that deserve better things from these institutions? Now Check this http://www.vanguardngr.com/content/view/33612/42/. Nigerian Banks in top 2000 companies in the world. Why Banks? Why not Giant companies scattered everywhere in the country? I read through the Forbes list and Amazingly Only about 10 Banks are there and Nigeria own three of them. Are you awake now YICOB? Why should a bank in a third world country that has over 80% of its population living under poverty line be listed there. The power players are using us here. BARCLAYS - The biggest bank in the UK sponsors premier league and pumps in Millions in return for its citizens. ABN AMRO - Holland's Biggest Bank, Sponsors their league, One of the biggest in the world, Ever seen them on any media outside Holland advertising? BANCO ESPIRITO SANTO - I believe you see them on every soccer shirt in Portugal, They sponsor almost all of them to promote their soccer and so on. FORTIS BANK ,- Belgium's biggest. You see them in soccer shirts promoting their soccer and so on. Ever seen them boasting of their assets on Your TV like ZENITH BANK or UBA or the Useless Bank PHB and others, even on CNN? Its like the Nigerian Banks are competing with each other on CNN. That's what a white man said. Americans own the CNN. Tell me how many of their Banks you know or see advertising on it. Rubbish. How many of those Nigerian Banks use their money to sponsor Our local Soccer League. I am sure some players would not want to leave Nigeria if better money goes into the league there. The same applies to ordinary people like you and me. |
| Re: Nigeian Banks Advertising On Cnn Everywhere And Everyday by yicob(m): 10:10am On May 16, 2009 |
@ Sam Milla, are u saying they are not partaking in corporate social responsibilities? Check their year books and see for urself. I cant count how many post secondary schools Zenith bank has provided ICT Labs for, up to the tune of N50M each. We dont expect them to change from being a profit oriented body to an NG0. How much of your salary do u spend on the respective masses? |
| Re: Nigeian Banks Advertising On Cnn Everywhere And Everyday by biina: 10:17am On May 16, 2009 |
yicob:It seems you don't understand the fundamentals of banking. The major bulk of funds that banks play with is the depositors fund. A bank essentially takes deposit from A, promising returns of x%, and lends it to B, at y%, where x is less than y. The difference (y%-x%) is the banks profit. This is why depositors are listed as liabilities on the banks balance sheet, and borrowers are listed as assets. Depositors are like paid up shareholders, with their version of shares being more volatile depending on the length of commitment. The paid up capital is to limit the leverage of the banks so that they do not rely entirely on other peoples funds (hence being over exposed), and also gives them some in house liquidity to play with (like a buffer). Hence one can see paid up capital as the baseline depositor. Those adverts are paid for with mainly depositor funds. One should not get lost in the theory of marketing, and lose grasp of the reality of the market. Like I said above, the bank deals with two set of people: depositors and borrowers. The CNN adverts will not draw depositors, as the branch network of the banks is too limited to attract such, the deposits are insured in Nigeria, and anyways the banks have enough funds at their disposal. So we come to the borrowers: who will borrow from a Nigerian bank on the account of a CNN advert? Only Nigerians. The banks are not yet in a position to compete effectively in the global market. Thus do not be surprised if those adverts have yielded no ROI. One might wonder how a bank survives if it does not get businesses. The answer is that it not too difficult to run a bank on a ponzi/pyramid scheme. Aggressively seeking depositors enables you to rob peter to pay paul, while waiting for john to fall victim. The aggressive pursuit of depositor by Nigerian banks, as opposed to pursuit of borrowers, is evidence of an underlying unprofitability. Add the lax supervision by the CBN, and you could have an insolvent bank declaring profit. While one would expect sanity to prevail on the board of any establishment, it is unfortunately otherwise in Nigeria. The board of a bank, and in fact most major companies in Nigeria, are often the culprits of the felony committed against the interests of the shareholders and the company. It is not uncommon for the board to make decisions that would enrich the pockets of the directors in the short term at the expense of the long term health of the bank. The poor corporate governance in the financial sector is evident by the large amount of contracts awarded to entities owned by the directors, and the plethora of personal loans to executives, that are written off as bad debts due to non-payment. To worsen matters, when the bulk of shares of the bank is owned by an individual (directly or through proxies like his wife), the board degenerates to a corporate AFRC where said individual's word is law. Any interest that might have been generated by the ad, and failed to be translated into a borrower is of no value to the business, and is even worse as you have likely generated business for your compettitor. |
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