Marketing strategy: Banks leverage depositors, boost liquidity with promos -Investigations

Nigeria Deposit Money Banks (DMBs) have, in the recent time, been leveraging robustly on different kinds of customers’ reward promotions to raise their earning and liquidity bars.

This is a strong development, which has been described as a remarkable strategy to lure Nigerians into the banking system, boost customers’ base, among other objectives, so as to remain competitive and ultimately survive the difficult operating environment in the country, investigations by Daily Times Newspaper have revealed.

Following Africa’s largest economy’s slip into its first recession in 25 years last year, with negative impacts on the banking industry, even though the lenders proactively devised various ways in dealing with the effects, the Nigerian banks have been up and deploying by deploying seamless infrastructure and innovations to enhance their operations.

For instance, Ecobank Nigeria recently unveiled a “Target Savings Promo,” giving customers the opportunity to win double their savings in the bank within a specified period.

The promo tagged, Double Your Target Savings Promo is intended for customers who want to build up savings with the bank to meet their future financial goals or execute specific desired projects.

The Target Savings Promo is designed to reward both new and existing customers of the bank within the six months period the promo is expected to run from August through January 31, 2018.

Similarly, Diamond Bank, earlier this week said it has rewarded its customers with a total sum of N5.4billion to 40 customers and a brand new Hyundai Accent Car to a lucky winner in the south west draw of its DiamondXtra Savings’ promotion.

Also, Guaranty Trust Bank (GTBank), who recently celebrated 10th anniversary of its listing on the London Stock Exchange, had pledged more reward for customers in Savings Promo Bonanza bouquet.

The Bank became the first Nigerian bank to be listed on the London Stock Exchange (LSE), the first to dual list on an international exchange and the first Nigerian company to raise international capital using listed Global Depositary Receipts.

First Bank Nigeria limited (FirstBank), however, boasted of FirstSavings Plus, which allows you enjoy the benefits of issuing and receiving cheques while helping you achieve your saving goals.

Another tier 1 lender, Access Bank, recently rewarded 20 lucky families’ customers, who are the first set to take part in its lucky ‘Family Fortune Promo.’

They were rewarded with gifts which included rechargeable fans, microwave ovens among others.

Meanwhile, Heritage Bank, has rewarded 24 loyal customers in its on-going Happy Days Promo with 42-inch LED flat screen TV at a monthly raffle draws held in Lagos recently.

The bank recently launched the six-month promo to reward customers who made N20, 000 deposits into its account on a monthly basis with a 42 –inch LED flat screen TV, a customer with N100,000 deposit at the end of April will be qualified to win N1 million while a customer with N500,000 deposit at the end of May will be qualified to win a brand new Toyota Corolla saloon car.

However, Unity Bank and Bank of Industry (BoI) partnered on GEEP initiative, which the lender will provide account opening services to qualified beneficiaries of GEEP nationwide, and these individual bank accounts will serve as channels for beneficiaries to receive loans disbursed by BoI.

Beneficiaries will also make loan repayments through these bank accounts, while Unity Bank will also provide bank verification number (BVN) registration services for beneficiaries who require such, thereby increasing the financial inclusion in Nigeria.

As for Union Bank, it has begun the race to excites its customers in the on-100th anniversary pro motion.

The customer promotion, which is part of activities to mark the bank’s centenary anniversary in 2017, is unprecedented, as customers stand a chance of winning a brand new car each quarter for simply updating their personal information with the bank.

Consequently, Fidelity Bank Plc says it has rewarded 171 customers with N105 million in its just concluded ‘Get Alert in Millions Savings Promo’ aimed at promoting financial inclusion.

Mr. Nnamdi Okonkwo, the bank’s Chief Executive Officer, said that the promotion was aimed at promoting savings culture.

He said that the initiative was one of the most successful promo in the Nigerian banking industry, introduced to improve the lives of citizenry.

Barely, a week ago, Sterling Bank disclosed that not less than 29 millionaires have emerged in the on-going avers Reward Scheme launched in March to reward loyal Sterling Bank customers and encourage a savings culture among Nigerians.

Similarly, 40 customers with a weekly balance of N10,000 in their accounts won N50,000 each, while four non-individual customers with Sterling Plus accounts, won N250,000 each. The lucky winners were selected via an electronic raffle draw system. They were from various parts of the country.

Stanbic IBTC bank, had explained that due to the current economic downturn in the country that parents and
Guardians who continue to look for ways to pay for their wards school fees, Stanbic IBTC Bank, has provided solution to help parents minimize the financial burden as schools reopen for a new term.

A systemic important Bank, Skye Bank, who is currently enjoying the Central Bank of Nigeria (CBN), guarantee for another year, earlier this year, rewarded 16 lucky customers with a million each, as the bank held its flagship millionaire reward promo season II.

The bank explained that its ‘Reach for the Skye Millionaire’ promo is used to reward customers for their loyalty. Season I of the Reward Scheme produced over 37 millionaires, 48 customers won N250, 000 and over a 120 customers went home with N100, 000 each.

However, Wema Bank, who recently inaugurated ALAT, Nigeria’s first fully digital bank in May this year, has continued to engage customers to improve service offerings, while focusing more on retail banking with digital tools, which are believed to reduce operational costs.

The lender said that its customers’ forum is aimed at intimating customers with the evolution of the Bank in the past 8 years.

Last Monday, The Daily Times Newspaper exclusively reported how Nigeria’s banks are leveraging on technological innovation to grow profits and remain in business, even though bank customers continue to groan over arbitrary bank charges.