By Princewill Ekwujuru
The Federal Mortgage Bank of Nigeria (FMBN) said it would be embarking on aÂ rebranding campaign, which is centred on the pursuit of its mandate of assisting every Nigerian to own a house of their choice, thus creating a new corporate identity for the bank.
To be executed under the bankâ€™s rebranding project, the new communication strategy will be driven by above-the-line and below-the-line marketing mix including television commercials, radio jingles, press adverts, pull up and tear drop banners, promotional items such as golf shirts, T-shirts and caps, stationery, among others.
The 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 of 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.
Deliberately, 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 publics in suspense for long, the bank management declared that the rebranding process is premised on the necessity that every Nigerian â€œdeserves 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, Abdulsalam Y. Ahmed, 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.