By Princewill Ekwujuru
As companies andNigeria re-brands, Federal Mortgage Bank of Nigeria (FMBN) is not left out, the bank said it hasÂ re- positioned to profit customers, as it renews corporate identity.
Addressing reporters, Abdulsalam Y. Ahmed, Managing Director/Chief Executive, FMBN said the institution is set to bring viable secondary mortgage market: â€œWe are setÂ for housing delivery in the whole part of Nigeria. Secondly, we want to link the mortgage market to the capital market in Nigeria. Thirdly, the bank is set toÂ promote and encourage the development ofÂ mortgage institution at Local, States and Federal level, and lastlyÂ to collect, manage financial housing funds in accordance with the provisions of the financial housing fund act.
His words, â€œfor the first time in the history of the bank, the bank is taking a new identity, for the simple reason that the bank is not living up to the expectations, and by so doing the bank presently is re-inventing, e-engineering , and then renewing its corporate identity and at the same time adding value.
He said, â€œthe repositioning of the bank is toÂ actually give it a vibrant personality, andÂ positioned it as the foremost mortgage institution in the country, as well create awareness and correct its standing also carry along the public about the initiatives of the existing management that came on board six months ago.â€
Basically the bank seeks for itself some objectives both long term, medium term, in the short term, what we intend to do as a bank is to consolidate on Nigeriaâ€™s capital market activities.
The Managing Director also hinted the press that the bank has changed its logo, which has improved the corporate image of the company.
â€œThe new logo with the pay_off line: Todayâ€™s FMBâ€¦ everybody deserves a home, is primarily designed to soar the brand profile of the financial institution. It has been described as a product ofÂ â€œa new vision and team spiritâ€ geared towards accomplishing the bankâ€™s mandate and the Federal Governmentâ€™s 7_point agenda in the housing sector.â€
Continuing, â€œdeliberately, the new concept, for some weeks now, has been shrouded in secrecy and suspense with a rooftop symbol sitting on a brief that â€œa sign always points to something bigger than itself.â€
With a promise not to keep stakeholders in the marketing communication industry as well as the various public in suspense for long, the bank management declared that the re-branding process is premised on the necessity that every Nigerian â€œâ€deserves a home.â€ The bank, is thus, reinventing its processes, re_engineering its operations and renewing its corporate commitment and outlook to serve its teeming customers better.
Essentially, the new communication strategy, which will be unveiled soon, according to the Managing Director/Chief Executive,Â is to give the bank a vibrant personality and reposition it as the foremost secondary mortgage institution in the country as well as create awareness about its products and services.
The optimism is very high that once the new campaign breaks, the bank will be in a strong stead to meet its strategic objectives which include: issuing mortgage bonds based on the bankâ€™s financial strength or government guarantee or both. It is hoped that this will diversify the bankâ€™s resources in order to meet its mandate.
Also, it will attract foreign funding and investments into the Nigerian mortgage sector through the securing of facilities from international financial and multi_lateral institutions as well as private international investments as the global financial crisis eases up. Already, the bank has signed a $1.6billion partnership agreement with HSBC, UKâ€™s biggest bank.
Commence liquidity facility provision for mortgage originators as an expansion of its secondary mortgage operations. Under this arrangement, loans will be bought off originators on recourse or non_recourse basis as a means to providing liquidity to the primary mortgage market.
Introduce Mortgage and Title Insurance as new products to mitigate mortgage_related risks and ensure affordability. Expand mortgage financing to the non_salaried informal sector that has long been neglected due to the lack of property titles, formal income and non_affordability. Encourage formation of housing cooperatives as a major strategy to bridge the credit gap faced by disadvantaged economic groups and thereby expand the spread and depth of mortgage finance delivery through target groups like teachers, nurses, mission groups such as the Catholic missions and dioceses, organised Islamic organisations, trade groups, among others.