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Nigeria: War of the Banks

Dele Momodu

5 January 2008

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Lagos — I envy CNN and its owners. There is no doubt that the Cable News Network with its headquarters in Atlanta, Georgia, USA, has paid its dues and deserves all the patronage in the world. But no where is the great news channel as lucky as Nigeria. I will demonstrate how and why, in a moment.

Nigeria is a peculiar and special country in Africa. Her people are even more extra-ordinary. We are known worldwide for our exceptional fascination with hyperbolic lifestyle. We are flashy, flamboyant, and extremely loud. We also love the allure of what Francis Bacon described as the idols of the market place, a system which makes it imperative to pick up habits that we come across in the market domain. If you like, you can call it the domino theory, or the bandwagon effect.

The long and short of it is that Nigerians love to imitate, or emulate. Whatever is popular in Nigeria would ultimately open a flood-gate for other ambitious people. We love to compete with our peers, and even with those we have no chance of defeating in many light years ahead. It could be positive and negative, or indeed destructive. The proliferation of an original idea or concept can banalise an otherwise brilliant process.

That is the reason I believe CNN stands to reap huge financial benefits from the latest orgy of adverts and advertorials from the many oversubscribed banks in Nigeria. The recapitalisation of banks has made it mandatory for most of them to jettison the traditional conservativeness of the past and turn banking into an art form rather than a social science. It has even transfigured into showbiz, with all its paraphernalia of razzmatazz. These are exciting times.

The competition, or what I prefer to call the war of the banks, is so fierce that it is almost turning into a comedy of errors. Every bank now enjoys being described as Nigeria's biggest, or Nigeria's largest, or Nigeria's most customer friendly, or Nigeria's most capitalized, or Nigeria's most security-conscious bank, or whatever adjectives remain in the lexicon. Smart companies in Nigeria and abroad are hastily setting up all manner of award ceremonies, and we are told the awards mostly go to the highest bidders or in lieu of patronage. If we accept the Nigerian factor and our penchant for spectacular stunts, what I find ridiculous is the way we have now introduced foreigners into the scam of awards and doctorate degrees.

In the last few months most of our otherwise brilliant and talented bank CEOs have jumped at these packaged awards and forced their corporate departments to plaster the pictures of the so-called high-profile events on the front pages of leading newspapers. Through these awards, many banks now wear new titles and tags. And we the poor audience are left with no choice than to watch the theatre of the absurd with absolute incredulity. Now the war has been taken beyond the newspapers and magazines to the realm of CNN, where adverts and advertorials are run back to back at huge costs in US dollars.

The question on most lips now is what does it matter if you are the biggest or the largest? So many banks can lay claims to being among the biggest. UBA, Zenith, First Bank, Union Bank, Intercontinental Bank, Guaranty Trust Bank, Oceanic Bank, Skye Bank, Bank PHB, IBTC-Chartered, ECOBANK, First City Monument Bank, Equitorial Trust Bank, Afribank, Access Bank, Unity Bank, First Inland, Spring Bank, and others have all done extremely well to even be in existence at all.

We are proud of their giant strides. We salute their courage and dare-devillery, especially as they expand their coasts beyond West Africa. UBA has moved rapidly to stamp its authority in Africa by being the first Nigerian bank to secure a full license in Ghana, Uganda, Cameroon, and still expanding. The bank now maintains a solid presence in London and New York. Guaranty Trust is our proud ambassador in The Gambia, Sierra Leone, Ghana, and still conquering territories. Zenith and Intercontinental Banks, have made very bold imprints in Ghana, and it can only get better. So are Oceanic Bank which acquired controlling shares in Amalgamated Bank of Ghana, and Union Bank with investments in Ghana.

Yes, it is good to celebrate and publicise these great and very obvious achievements, but without necessarily fighting over which bank is number one. Let each bank work harder and represent the best of our great nation every where they establish in the world. Charity must also begin at home by branding themselves heavily at home, and by being socially responsible. Advertising aggressively in the local media will provide more employment for our people, especially our restive youth, and reduce some of the kamikaze bandits who have turned the banking halls into their playgrounds.

With the huge patronage of the banks, some of us would be able to demonstrate that we are capable of building our own CNN, SKY News, Al-Jazera, Time, Newsweek, Ebony and Hello. Talents abound in our country, but funding is limited. As the big banks and corporations approve huge budgets for their CNN campaigns, they should remember the Nigerian media, and seek out the best organisations that can carry their campaigns far and wide. We even have bilingual operations now in English and French.

But the war is unnecessary. Let the banks present their unique services to their customers. We want to see what distinguishes one from the other. The biggest bank is the one that can deliver on promises. The largest bank is the one that is built as an institution, and not on ego trip. A star-studded empire, with diverse and creative departments, is what we desire.

We need banks that can break barriers all over the world. For long, Nigeria was on the black list, despised and hated. Banking for our people was not a pleasurable business. Many even preferred to keep their money under the beds than approach a bank where long queues awaited most depositors and other customers. Our banks must invest heavily in technology and educate our people on how to take serious advantages thereof. They must find solutions to problems of cash points and credit cards. We must be able to obtain mortgages to build or buy our homes. Interest rates must begin to fall, and fall.

Our banks should emulate the Western Union and Moneygram approach by targeting their customers through local content and programs. If a bank is popular at home, it will ultimately be popular abroad. The positive side to the war of the banks is that gone are the days when banks only appeared in business journals, as if the customers were restricted to the board rooms. Today, all hands are on deck to win customers through their tastes and habits. Other corporations are bound to follow these examples, which will definitely help our society grow.

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