By Kamil Opeyemi and Halimah Olamide
Employees of Nigerians banks are beginning to raise the alarm over alleged blackmail of financial institutions, a situation they fear might degenerate.
NPO Reported at the weekend of anxieties among bank workers over their safety as the scarcity of both old and new naira notes worsened last week.
By Friday, angry Nigerians had started attacks on bank buildings with possibilities of attacks on personnel.
A statement made available to the NPO Reports by the Association of Corporate Affairs Managers of Banks admitted unintended constraints in the withdrawal of old naira notes and circulation of new naira notes, alongside the national policy to enhance cashless transactions, have had unintended effects on the generality of the Nigerian populace.
While expressing sympathy with Nigerians on the hardship being faced, ACAMB Nigerian Banks have invested an estimated total sum in excess of N100 billion in setting up and maintaining cutting-edge electronic channels over the past few years as part of ongoing commitment to seamless customer experience and real time digital financial transactions.
“From internet banking to mobile apps, Automated Teller Machines (ATMs), Point of Sales (PoS) merchants, mobile wallets, Unstructured Supplementary Service Data (USSD) codes, agents and digital franchises among others; not less than 80 per cent of Nigerians now enjoy one form of digital or cashless transaction or another, powered by investments by Nigerian Banks,” ACAM said in the statement by its President, Rasheed Bolarinwa
He explained that Nigerian banks are currently working with the CBN to ensure that customers have access to cash through ATMs and other channels as well as Over-The-Counter (OTC) in the banking halls.
Faulting allegations of banks hoarding the notes, he said, “ACAMB affirms without any equivocation that Banks are not in any way hoarding or holding back naira notes or engaging in any act inimical to our avowed commitment to exciting customer experience. ATMs are being loaded every day and cash is being paid as provided by the CBN, as regularly being checked by CBN Inspectors and other regulators including anti-graft agencies.”
He added that banks have taken additional measures to quicken the flow of naira notes adding “These measures, among others, include deployment of extra technical supports for online payments, additional security at ATMs to ensure all-clock usage, technological back-up to reduce online downtime to the barest minimum, additional staff deployment to counters to attend to cash transactions and timely interbank and inter-branch networking to bridge any gap. We are confident that these measures, in addition to efforts by the regulatory CBN, will result in greater ease of access and cash liquidity.”
He said the Federal Government and the CBN have reiterated similar readiness to address any constraint in the cyclical flow, including making adjustments, where necessary.
“ACAMB urges Nigerian banking public to exercise patience and not to resort to any untoward behavior against Bank staff or banking facilities. Nigerian Banks, majority of which are publicly quoted, are owned by millions of Nigerians and provide employment to several millions of staff, who work 24/7 to ensure that the generality of Nigerians have reliable and secured, globally competitive banking services,” he added
Bolarinwa said the cashless policy is generally in line with the yearnings of the most Nigerians for the elimination of corrupt practices in financial transactions, adequate security and improvements in law enforcements and general integrity of the wealth creation process.
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“As shown by global evidence, cashless policy helps in curbing crimes such as; kidnapping, banditry and official sleaze, among others.
“Cashless or digital transaction is also a boost to commerce and industry; as well as public finance. It is noteworthy that digitization of public finances of many states and at national level has led to phenomenal improvement in REVENUE GENERATION, which form the basis of improved infrastructural renewals Nigerians now cherish. It is also noteworthy that all stakeholders agreed on the importance and advantages of the redesigning of naira notes. The redesigning of naira notes safeguards the Nigerian economy and the country’s sovereignty, by strengthening the nation’s currency flow and control. We believe that ongoing concerted efforts will address the constraints currently being experienced in the cyclical flow of the new naira notes and the legal tenders generally.”
Nigerian Banks are currently working with the CBN to ensure that customers have access to cash through ATMs and other channels as well as Over-The-Counter (OTC) in the banking halls. ACAMB AFFIRMS without any equivocation that Banks are not in any way hoarding or holding back naira notes or engaging in any act inimical to our avowed commitment to exciting customer experience. ATMs are being loaded every day and cash is being paid as provided by the CBN, as regularly being checked by CBN Inspectors and other regulators including anti-graft agencies.
In the same vein, the Association of Senior Staff of Banks, Insurance and Financial Institutions said on Sunday that bankers are not saboteurs.
Its statement came amidst widespread allegations and suspicions that bankers are colluding with influential people to corner the new Naira notes.
The Association, in strong terms, condemned the act in a statement signed and made available to journalists over the weekend, adding that scarcity of the new notes is borne out of the propaganda against banks as the sole cause of the inability of the public to have access to cash across the country.
Part of the statement read:
Our attention has been drawn to the recent attacks on some of our institutions leading to the destruction of equipment, and damage to buildings while endangering the lives of our members and other staff of banks.
We strongly condemn this act which is borne out of the propaganda against banks as the sole cause of the inability of the public to have access to cash across the country. We have seen a few videos of bank branches allegedly hoarding cash in their vaults.
While we do not hold brief for these isolated cases or condone any verified bad behavior, we expect that the same sources of these videos to also project the many locations that have continued to provide cash to customers or have empty vaults due to the unavailability of cash. Unfortunately, we do not deem it security conscious for us to share videos or pictures of our vaults with the public as professionals.
We are concerned about the safety of our members who, in the past few weeks, have worked tirelessly EVERYDAY for long hours against the prescribed work hours just to ensure customers are able to deposit their old currency notes and make the new ones available for withdrawals at ATMs.
This exercise has taken its toll on their health, work life balance, and families while being faced daily with the fear of physical assaults by irate customers.
While we assure the public of our commitment to ensure their pain is ameliorated, we appeal for calm and understanding at this time as we call on the security agencies to ensure the safety and security of our lives and bank property.