By Princewill Ekwujuru

Before now, public acceptance and perception of promotions had waned due to apathy and an attempt by promo organisers to defraud unsuspecting consumers.

Today, all that suspicion has waned with the presence of Consumer Protection Council (CPC), the National Lottery Regulatory Commission based in Abuja, and the Lagos State Lottery Board (LSLB), for promo (s) held in Lagos, at most promo draws to authenticate such, and ensure that promises made during promotional campaigns were fulfilled.

Meanwhile, due to the growing trend in the financial service sector since the economic downturn and Central Bank of Nigeria’s (CBN) reform agenda, there  has  been increased use of promotions to attract funds from the banking public and to once again encourage  saving  amongst Nigerians.

Chief Adolphus Iwuchukwu congratulating Bashir Tijani Yola both winners of the star prize of a Honda Accord (Discussion Continues) in the ongoing Afrribank Savers Promo with the GMD/CEO, Afribank Nig Plc Mr Nebolisa Arah at the Afribank Savers Promo Prize Presentation held recently.

These promotions which usually are savings account based offer mouth watering packages ranging from cash, houses to brand new cars and household appliances.

It could be recalled that between July to October 2010, banks ran such savings account promotions to grow their market profit; for example, First Bank’s big splash promo, Bank PHB’s ‘You go win prom,’Diamond Bank’s Savings Extra promo to mention but a few offered N1million cash and A Toyota Yaris, N10 million cash   and A Toyota Camry and other prizes which include Motorcycles, laptop, air-conditioners and Televisions.

In the same vein,  UBA’s grand slam promo offered 10 plasma TV, DVDs, washing machines and Desk top computers.

AfriBank Nigeria Plc is  not left out in the fray as it recently deployed it’s National Consumer promotion (NCP), code named;  Saver’s Promo,  that spread across all geo- political zones , aimed at rewarding customers  whom had remained loyal to the bank for the past 50 years of the bank’s existence. So for 50 years the bank said it is giving out  six cars within the  cost prize of about N5 million.

However, the rationale behind this gesture was what Victor Ohuoba, AfriBank’s  General Manager, Retail Banking, Owerri branch  captured in his statement, when the second draw that produced the second star prize winners of a Honda Accord (Discussion continues), Sir. Iwuchukwu Adolphus in the Eastern region and the emergence of Alhaji. Bashiru Tijani from the Northern region,  which moved  Ohuoba to said the bank  decided to come out with the promo on the basis that Nigeria and AfriBank are age mates.

The General Manager further said the bank is rewarding over 3,000 customers, existing and new with various prizes including cars; Honda Accord (Discussion continues), home appliances, as generators, refrigerators, gas cookers, motor cycles, DVDs and other consolation prizes.

Mr. Nebolisa Arah, Group Managing Director, AfriBank at the presentation ceremony in Lagos for winners of the Honda cars said, “today we are here to reward another set of 900 customers  who emerged from the second National draw that took place in Owerri, Imo State.

Conversely, the new rave introduced by promo organisers, by having the presence of  different lottery board members has not been noticed in promotion circle for a long time, except at  Access Bank’s  ‘Take the Lead’ promotion.

In this regard, to further authenticate the AfriBank promotion, Mr. Emmanuel Jeminiwa, Deputy Director, National Lottery Regulatory Commission (NLRC), while feeding questions from newsmen,  he explained,  saying that promotion is an integral part of the marketing tool, but noted that promos are not the only method of rewarding loyalty. He went further to say that the NLBC gets involved in promotions to ensure that promises made during promotional campaigns were fulfilled, while stating that promos as marketing  tool has become dynamic due to the involvement of many regulating and controlling agencies.

On sanction for failing to comply to laid down procedures , he said, “So far, we have not punished, but we insist that every draw must be regularized. We want to be sure that what they say they are giving is what they gave.”

He however,  endorsed the Afribank promo, saying,  “My assessment is that Afribank has complied to the later. It has been transparent and sincere and there is genuinty in what it has done so far. They branded the vehicles they give out. The branding will last one year after which the winners can de-brand. This is the testimony that is required. This is the kind of compliance we require.”

Mr. Uchegbu Chukwuma, CPC’s  Ag. Zonal Co-ordinator, Eastern region, confirmed that  promos are only ways to reward loyalty, but  said, “prize reduction and direct incentives are some of the other methods.  For banks, they could give more interest rate for higher savers. But they go into promo because it is the fastest way to reward customers, advertising the product and increasing the brand equity.”