INTRODUCTION

According to APCON, financial Institutions are “all commercial and merchant banking,
mortgage, financing and insurance services” institutions under this category are commercial,
mortgage and microfinance banks. Some adverts by these financial institution go against the
advertising codes laid down by APCON. It would seem as though. APCON has failed to monitor
and punish offenders as many are still found directly flouting the laid down advertising codes.
Recently the regulatory body has gone ahead to sue META, the owners of Facebook, Whatsapp
and instagram for allowing companies advertise their product on their platforms without
adequate approval from the body. This is due to the fact that online adverts are not regulated like
the traditional media. Most of the contents of the can be found in the online media, but some in
print and broadcast media. Hence, this study aims at critically analyzing some financial
institutions adverts and their breach of the advertising codes.

APPEALS IN ADVERTISING

Advertising appeals refers to the approach used to attract the attention of customers or to
influence their feelings towards a brand, product or service. It is the central idea of an
advertisement and speak to an individual’s need, wants or interest and entice her to take the
desired action which generally is “Buy me”. Here are the top 10 advertising appeals that really
work.

1. Emotional appeals - Emotional appeals relate to the consumers social or physiological needs
for purchasing a product or a service. Many consumers’ purchase decisions are emotional and
are made on what they feel about a particular brand more than its features. They are designed to
make an audience associate positive feelings with your brand. These appeals generally focus on
trust, joy, love, loyalty and happiness, which you can leverage through the use of powerful music
and imagery. Examples – mostly used in bank and insurance adverts

2. Humor Appeals - Who doesn’t like something that’s funny? Humor appeals make consumers
laugh and create an emotional link with the product. It is a proven appeal type for grabbing
attention. When consumers find something humorous, it has value because is causes them to
watch, laugh and, most importantly, remember. By capturing the viewer's attention, humor
appeals cut through advertising clutter and allow for enhanced recall and improved moods of the
viewers. The challenge with humor however is to keep the brand in the humor – so your market
associates the humor with your brand. Often it’s the humor that is remembered more than the
product. Examples – Diamond bank advert using Bovi

3. Musical Appeals - Like humor, music is a great way for brands to get noticed and make an
audience remember their products. In addition, musical appeals can bring up positive memories
whenever someone hears a catchy tune in an ad, which goes a long way toward making them feel
good about the product being presented. The use of musical appeals allows for a connection
between the product or service and a catchy jingle or piece of music. Examples – Skye bank
advert, access bank “one day you go make am

4. Rational appeals - Rational appeals use logic, facts, and data to convince consumers to buy
products, and are often found in advertisements for medications, cookware, and cleaning
products. They focus on the consumers practical, functional need and utility for the product or
service. It emphasizes on either product features or its functional benefits or its problem removal
or problem avoidance attribute. property.

5. Fear Appeals - Fear appeals focus on the negative outcomes that can happen because of an
action or inaction. Another fear tactic involves isolation. People will purchase a product to avoid
isolation from others because of bad hygiene for example in the case of toothpastes and
Deodorants. Fear appeals fit particularly well with certain types of goods and services,
particularly those products that can eliminate threats or provide a sense of personal security. For
example, fear is often used in insurance company ads, focusing on the consequences of an
untimely death

6. Scarcity appeals -  Scarcity appeals tap into people’s fear of missing out, so they’re a great
way to convince people to take advantage of a sale or a limited edition product. However, make
sure that scarcity actually applies to what you’re selling and sale is indeed a sale and is not a
permanent offer. Examples – Toothbrush Free with Toothpaste ads, ads giving gifts or lucky
coupons.

7. Competitive advantage appeals – Competitive advantage appeals make either a direct or

indirect comparison to another brand and usually claim superiority on one or more attributes.
This is also known as comparative advertising. Examples – Detergent ads showing a particular
product cleaning a cloth better than competition product, health drink ads showing more or
higher nutrients than the competition product.

ADVERTISING CODES RELATING TO FINANCIAL SERVICES

Applications for ASP approval of advertisements for financial and related services shall show
approval of the institution, products and services by the Central Bank of Nigeria, Federal
Mortgage Bank, National Insurance Commission and/or any other appropriate regulatory agency.
Article 89 : General
The following rules shall apply :
(а) advertisements by any bank or deposit-taking institution for the opening, closure or relocation
of offices, branches or cash centres shall not be exposed without the written approval of the
Central Bank of Nigeria ;
(б) the use of words or phrases that depict lottery or gambling such as “raffle", “raffle draw",
“bonanza", “win", etc. in advertisements shall not be permitted, except it is licensed by the
Lottery Board ;
(c) where insurance-linked products and or products with scholarship benefits are to be
advertised, the actual value of such insurance and/or scholarship benefits shall be clearly stated.
Article 90 : Advertiser s Address
Advertisements for financial and related services in newspapers, magazines and other print
media, save for outdoor, shall bear at least the corporate address of the advertiser.
Article 91 : Deposits and Interest Rates
(a) Where interest rates are stated in advertisements, the rates per annum shall be clearly
indicated ;
Financial and Related Services.
Article 96 : Disparagement of Competitors
 (a) Advertisements for financial and related services shall not disparage ' other banking or
and related institutions financial, products and services ;
(h) Advertisements for financial and related services shall not:
(z) be injurious to the operations, products or services of other financial institutions or financial
system ; nor
(z7) contain figures from non-audited financial statements of the advertising institution.
Article 97 : Promotions and Incentives
(a) Advertisements shall not encourage customers of other banks or financial institutions to
switch over patronage through competitions, lotteries and other such promotional techniques ;
(b) Advertisements offering better incentives than other competitors shall ensure that they
supply the public with all relevant facts necessary for a proper assessment of their claims ;
(c) Where terms and conditions apply, advertisers shall state them clearly or refer customers to
any accessible website where they shall be found.

A. BANKS AND USE OF PROMO, RAFFLE DRAWS AND LOTTERIES TO WOO

CUSTOMERS
Appeal used (Emotional appeal, scarcity appeal, competitive advantage appeal)

Many banks have taken to promos to woo customers. One of them is United Bank for Africa
(UBA), which Bumper Account promo raffle draw, has held in Lagos. During the event, over
100,000 of them won N100,000 each, with N2 million as the bigger prize. Fidelity bank PlC and
Access Bank also held similar events. Call it rewarding loyal customers, or new form of wooing
customers. Banks have found a new ground to bring more customers into their deposit net. The
reward schemes, coming in the form of promos, are turning lucky and loyal customers to instant
millionaires.
The winners are getting cash prizes, foreign trips, houses, and gift items via promos that are fast
defining the next level of competition. It expertise is creating a new drive for customers to save
more to promote sustainable growth for their family and economy.
United Bank for Africa (UBA), Fidelity Bank, Access Bank and First City Monument Bank
(FCMB) are many of the lenders that are giving out millions of naira, houses, and other gift
prizes to their lucky customers. Fidelity Bank also rewarded customers through its “Get Alert In
Millions (GAIM) Season 4” promo during which N120 million will be won.

RELATED ADVERTISING CODES

Although many may see it as laudable approach to promotion and a means of rewarding
customers, the advertising codes of APCON shuns such adverts.
According to article 97, “Advertisements shall not encourage customers of other banks or
financial institutions to switch over patronage through competitions, lotteries and other such
promotional technique”.
Also article 99 section A states that “Advertised financial products and services shall not bear
names that are misleading or offensive. In addition the names shall not include words such as
“Central", "Federal", "Federation", “National", "Nigeria", "State", "Christian”
“Islam", “Koranic", “Biblical", “Bonanza", “Raffle", and “Raffle Draw";

COMMENTS AND RECOMMENDATION

In the above adverts, the use of words like “Bonanza” “win” “raffle” and “raffle draw”, were
used to convince customers to switch over to their products and services. It has become a norm
among financial institutions to use these words and promotional techniques to convince
customers to patronize them rather than other banks. This goes against article 97 and article 99 of
the APCON code for financial services adverts
It begs the question, are the codes really followed, as these adverts had been submitted before
being published in Newpapers.
It is therefore important for the regulatory body, APCON to look into such adverts and decide if
this particular codes should be reviewed or appropriate sanctions should be given.

B. WEMA BANK AND COPYRIGHT

Appeal used (Emotional appeal)
A Federal High Court in Lagos has awarded N10 million in damages, against Wema Bank Plc, in
a suit by an American-based Nigerian model, Nneoma Anosike, over infringement of her
intellectual property.
The plaintiff, who is a 2014 brand ambassador of Pepsi Cola Nigeria, had sued through her
father, Frank Anosike, as lawful attorney, claiming N75 million against the bank, as general
damages for passing off her services. She is also claiming N20 million as damages for breach of
her privacy by the bank advertising her photograph without her consent.
Nneoma is also seeking a public apology from the defendant to be advertised in national dailies
which circulate in the U.S. and Nigeria. The plaintiff is further claiming two million naira as
special damages of cost of action.
During hearing of the case, sole witness for the plaintiff, Mr Anosike, had told the court in his
evidence, that his daughter entered into a three-year management contract with an international
firm, Ford Model Incorporated, New York, in 2014. He had said that the plaintiff was granted a
U.S. Visa through the instrumentality of Ford, following which she travelled from Nigeria to the
U.S. to continue her career solely under Ford. According to the witness, on April 11, 2016, his
daughter was requisitioned to attend a meeting with the board of Ford, where she was presented
with photographic advert of her picture from Instagram, which was photo-edited by Wema Bank
and further advertised on its website.
He said that his daughter’s picture was used for the advert with the bank’s corporate logo beside
her face and the words, “Be yourself, Everyone else is taken”. According to him, this projection
of Nneoma by the bank, was with the aim of projecting the bank’s value and goodwill using her
fame and popularity. He told the court that the defendant’s action constituted a breach of
Nneoma’s agreement with Ford Model, as it had caused her a retraction of contract extension by
the firm. Meanwhile, the defence concluded cross examination of the witness while the court had
adjourned for judgment.
In his judgement delivered on March 27, Justice Ibrahim Buba granted some of the prayers
sought by the plaintiff. The court held that the plaintiff is entitled to her privacy and the privacy
of her correspondence, under Section 37 of the 1999Constitution. The court, consequently,
awarded damages in the sum of N10million against the defendant, for passing off plaintiff’s
services, and an order of injunction, restraining them from further passing off or enabling others
to pass off the plaintiff’s professional services.
Also, the court granted an order, directing the defendant to tender a letter of apology to the
plaintiff, and to publish a written apology in two dailies in the U.S., and in two national
newspapers circulating around Nigeria.

RELATED ADVERTISING CODES

Article 10 : Copyright
Advertisements shall not contain any item which is in breach of Nigerian and international
copyright laws, or omit anything which the laws on intellectual property require.
Copyright permission shall be obtained from the original owner before any such right may be
used.

Article 11 : Privacy
The right of individuals to privacy shall be respected. Pictures, names, identity, and properties of
individuals shall not be used in a manner that suggests their personal endorsement without prior
consent.
Proper contractual agreements shall be entered into by the agencies, advertisers, and individuals,
and the contractual terms respected by all the parties.
Article 24 : Consent
Where a testimonial or endorsement in any advertisement suggests or recommends the use of a
product, the prior written consent of the model used shall be obtained before the exposure of
such advertisement.

COMMENTS AND RECOMMENDATION

The above advert used by WEMA bank involved the use of the model’s photo which was used
without the consent of the model, the photo of the young model insinuated she was an
ambassador for the company as well which goes against article 11 and article 24 of the code. It
also is a copyright infringement.
It is possible that several other companies are guilty of this as well, but due to the fact the
regulatory body does not ascertain the contract between the organization and the models, many
organizations may use personal photos of people without their consent. The regulatory body
should ensure to confirm the details of the models used in adverts and sanction organizations that
use photos of works of others without their consents

C. STERLING BANK: THE REPEAT OFFENDER THAT NEVER LEARNS

Appeal Used (rational appeal)

I. Sterling bank shades other banks

Virtually everyone loved the banter that followed after Sterling Bank‘s cheeky social media post
that took a swipe at not less than 6 banks.
The post had a man in a rocket heading to the moon (depicted by Sterling Bank’s logo) and had
the caption: “In shooting for the moon, men become stars.”
The Bank also captioned the photo: “Shoot for the moon, become a star – it’s the least you
deserve. Welcome to Sterling Bank” The joke was that about 6 banks’ buildings/logos were
literally on ground in the ad, with the Sterling Bank customer heading to the moon.

II. Sterling bank shades GTBank in billboard

 Appeal used (rational appeal)-
Sterling bank in 2018 shaded a rival new generation bank, GTB. The new adverts with the
caption” ORNGE IS SO LAST SEASON” is being seen by Nigerians on social media as a subtle
shade to GTB whose official colour is Orange.

Billboards with the caption were seen all over town; one was even placed directly in front of the
venue for the Lagos Fashion week being organised by GTB.

III. Sterling Bank Easter Day Advert

Appeal used(Emotional appeal)

While many brands and businesses jumped on the Easter season to push out creative campaigns
and felicitate with the Christians, Sterling Bank however went overboard with their Easter
campaign while trying to jump on the trend. The advert which could have been a wonderful
greeting to felicitate with the Christians for the Easter Celebration turned out to be a talk of the
town, now not in a good taste but in a bad light.
The advert copy which reads “Like Agege Bread, He Rose. Happy Easter” was seen as a
derogatory remark on christian faith and insensitivity to the Lord Jesus Christ that the people
hold sacred.

D. GT BANK BRAZILLIAN PONMO PROMOTES VIOLENCE

In an animation advert by GTBANK, a woman was seen to visit a salon before heading to the
market, before heading to the market to get meat. Asides the fact the advert promotes
materialism at its peak, the end of the video showed the meat seller chasing the woman with a
huge hunk of meat.

RELATED ADVERTISING CODES

Article 15 : Violence
Advertisements shall not depict violence against people, product or any other object.

APPEALS USED: Fear and rational appeal

COMMENTS AND RECOMMENDATION

The use of the fear appeal in the above animation promotes violence which is against APCON
codes on violene. The advert uses fear appeal to create fear in the mind of non users of GT
mobile banking by depicting violence by the meat seller against the woman and also at the same
time promoting materialism

The above advert should have been flagged down by APCON and sanctioned accordingly. The
video could help promote violent behaviors in people. Therefore such videos should not be
broacast
 REFERENCES

Herald Ng. “Orange is so last season Sterling Bank shades GT in New Advert”(2018)
https://www.herald.ng/ornge-is-so-last-season-sterling-bank-shades-gt-in-new-advert/ 8
November 2022

Sun Newshttps. “FCMB promos turning loyal customers to millionaires”(2019)

://www.sunnewsonline.com/fcmb-promos-turning-loyal-customers-to-millionaires/ 8
November 2022

Premium times. “Model wins N10 million suit against wema bank” (2018)
https://www.premiumtimesng.com/news/more-news/263437-model-wins-n10-million-
suit-against-wema-bank.html 8 November 2022

Union Bank. “Save and win Palli promo”(2017). https://www.unionbankng.com/save-and-win-

palli-promo/ 8 November 2022

Adele Samual. “Bank adopts promos to woo customers”(2020).

https://financialinclusionnigeria.org/banks-adopt-promos-to-woo-customers/8 November
2022

Data guidance. “Nigerian code of Advertising practice and sales promotion and other
restrictions.”(2015) https://www.dataguidance.com/legal-research/nigerian-code-
advertising-practice-and-sales-promotion-and-other-rightsrestrictions 8 November 2022

Pulse Linked in. “10 advertising appeals that really work” (2014)
https://www.linkedin.com/pulse/top-10-advertising-appeals-really-work-sumit-saurav

Adeleye, Olabode, “Sterling-bank- apologises for social media post shading competitors”
(2019) https://moneyinafrica.com/nigeria/nigeria_business/. 8 November 2022