Who will burnish the image of Nigerian Banks?
Time there was when to work in a Nigerian Bank was prestigious. Now
not anymore.No thanks to the criminalization of Banks and bankers by SLS. In the wake of the SLS onslaught on Nigerian Banks, I was in church at an opportune time for Harvest and the heckling that accompanied the call for bankers to come out for Thanksgiving, was most embarrassing.
The Business of Banking is helping those with surplus without an appetite for risk at a particular time to keep their money for Interest while funding those in need of money to carry out bankable projects in return for Interest.
Needless to add that the Interest charged borrowers is such that the difference between what the fund owners are paid in Interest and what borrowers pay goes to the banks.
This is shared among bank owners, staff and Government among others.
Ordinarily, this should not give banks the kind of odium associated with them today but no.
I do not know whether to blame the regulators or greed for what banks have been reduced to.
POS agents now abound. Rumour has it that Banks no longer feed their ATMS cash so as to pave way for their agents. As if that is not bad enough banks are now known for hankering after fee based incomes to the chagrin of their customers, from ATM card maintenance fees to fees for text messages even when unsolicited.
Boardroom squabbles and stories of fraud and contract employment for Tellers all combine to give banking a bad image.
Banking should be conservative but not so Nigerian Banks who throw caution to the winds and their reputation to the dogs.
Banking can be Honorable but our Central Bank that is enmeshed with wholesome unconscionable practices of its own cannot be counted upon for succour.
So from whence cometh the hope of restoration?
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Hummmmmm!
ReplyDeleteWell said.
The development is so sad.
The last time I enjoyed development from CBN was Joseph Sanusi and Prof. Charles Soludo.
I think the challenges before us as a country is over concentration of power to Mr. President. To someone with a high level of intelligence and conscience he/she will be fair to everyone. However, to someone who is less concerned and too biased appointment of professionals, use of federal character etc are thrown into the dustbin.
I was shocked to see UBN and Afribank having problem with CBN while Unity bank was given a pass mark by SLS led CBN. In Nigeria Politics is everything.!
There might be little or no real development in the country until we change the narratives. How do we expect personnel of NDLEA, Customs that are from the southern part of Nigeria to put in their best when it is obvious they can't get to the peak of their employment?? They can't just become number one. Why? Bad system/structure!
In 2020 CBN was swift to block the account of End SARS supporters but the same CBN can't block the account of Boko Haram financials! What a shame! The CBN boss is doing this to safe his job. The job that will one day tell him "the time is up".
In the USA, Mr. President can't tell FBI what to do. Even a sitting president is being investigated.
We need to separate/reduce Political interferences from key institutions. In facts we need stronger institutions. Politics is more about self interest and negotiations.
Development is possible.
Very possible
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