There has been a spike in coronavirus cases lately, especially in Lagos. The curve, rather than flattening out, is taking a sharp upward increase, as the number of daily infections peaked at 256 in Lagos last Wednesday, May 27. It has been revealed that Guaranty Trust Bank and United Bank for Africa have been playing a huge role in spreading the annihilating virus.
The need to keep operational costs as low as possible and the allure of high profit margin are driving Nigerian banks into practices that spell doom for the people.
Since the Federal Government announced lockdown which took effect from Monday, March 30th, GTB and UBA have been taking advantage of the move to their advantage and to the detriment of their customers and the society in general.
No sooner had the FG announced the lockdown than the banks also closed down many of their branches in the name of social distancing and attempt to nip in the bud the likelihood of virus spread among their employees, leaving out few branches to render skeletal essential services.
One had expected that the lift on restriction on movement would also bring about comfort and ease to bank customers after the initial two-week total lockdown. These banks refused to open more branches, thereby causing heavy traffic in open branches, as almost all banking halls of GTB open for business are always filled to the brim as customers jostle for space to do one thing or the other, coupled with long queues at the ATM stands.
Analysts have continued to condemn this insensitive practice by the banks. It was expected that the banks ought to have reopened all branches factoring in physical distancing measures like: provision of hand sanitizers at their entrances, carrying out temperature checks, and regular disinfection of their premises after the day’s work.
Rather, the banks have resorted to keeping a limited number of branches open, without minding the community spread of Covid-19.
The banks keep hiding behind the excuse to keep their staff and branches protected from COVID-19 infection. This excuse appear implausible in that exposing bank customers to COVID-19 community spread via congested banking halls put the larger community at risk, which does not exclude even the banking staff.
Findings have shown that the banks are just being dodgy. Coronavirus is being used to disguise their resolve to cut costs and reduce losses by keeping commercially unviable branches shut during this period, an irresponsible strategy employed to shore up their profits.
The Presidential Task Force (PTF) on Covid-19 and Central Bank of Nigeria has been called upon to check this inimical practice of the banks. The CBN is advised to follow up on its directive to the banks that staff should not be sack with a step further, directing the banks to open other branches. After all, a bank can only close down any of its branches after an impact assessment has been carried out and the approval of the CBN has been given.
