5 July 2021 0 Comments

No Collateral, No Paperwork, Really?

Author: yinkaolaito

Yinka Olaito is happy,excited and passionate Communications & Media specialist, Trainer and speaker. Yinka Olaito helps Profits and Non-profits with effective communication and positioning for premium service delivery and returns. Yinka Olaito also has special interest in Development Communication and has consulted for noted UN Agencies. Yinka Olaito is the CCO of Michael Sage Consulting(Communication/digital media), African Child Education Right Initiatives(NGO) and Content Director, Africa Development Talk( online Platform for discussion on Policy, Governance, development across Africa) and Africa Foundation for Young Media Professionals


Instant Loan advert, Product promise by Nigerian banks, Brand promise, Keeping it real, Financial institution disruptions, FCMB PLC, GTBank, Access Bank, Zenith BankA very important ingredient in branding or brand management as it were, which includes its strategy, is the promise. For a brand to be successful, promise keeping is essential across board. A good position to maintain is to under promise and over deliver and not the other way.

Over the years, what is noticeable is a negation of the above. This is especially so when it comes to brand advertising. There had been a lot of double-speak and glorified lying in brand advertising. ?Often, these ?subtle lies? are camouflaged and embedded in fine print otherwise known as term and conditions. A saving grace is that the law allows this and it is has become established patterns everywhere.

For marketing communications professionals, it is time to question some of the promises we craft inside every brand messaging. This essentially must start with adverts. A good reason to question this established pattern is the awareness that we are now in the age which queries/questions everything.

A good reason to start the process is to first wear the shoes of the target. Can the target or potential customers be assured whatever is communicated in the advert is the reality instead of adding a fine print of term and condition (T&C)? If we refuse to do this, the changes that are coming will challenge our present comfortable position. When this happens, the effect will be humiliating.

A story was told, before the law was passed which mandated or compelled wherever there is a Central control Television (CCTV) installed to monitor activities, people should be warned and pre-informed. The usual practise before the law was that owners of facilities just installed and used recordings of CCTV against offenders who violated established rule of the environments without pre warnings.

These continued for a while until one of the victims challenged the decision in court and won. Henceforth the law viewed without notice or warnings, installing CCVT in public places without a conspicuous notice is a violation of basic human right. So just for argument reason, is it possible to challenge the veracity of some of the adverts that Nigerian Banks, and across the world are running.

A common and obvious one is associated with ?instant loan?. Take for instant First City Merchant Bank known as FCMB, Access Bank, GTBank amongst others do have common slogans like ?No collateral, No paperwork?, Instant Loan etc in their adverts in Nigeria. ?These adverts are often available online too.

With the little knowledge of the writer, there has been nowhere where there is absolute no single paper work to any loan irrespective. Yes, we do know term and conditions are often attached to the advert. The question is do we have to wait till there is a court case? Like we maintained at the beginning of this write up, the essence is just for argument sake. But we must prepare for disruptions.

Photo credit: Google

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