COVID-19 and Nigerian Banks
The COVID-19 pandemic has reshaped the entire world – the future of everything and the world of work, but perhaps the most visible effect of this disruption is most felt in the financial services sector, the markets and the global economy. In this regard, the banking sector is one of the most gravely impacted.
The banks simply refused to open their doors to customers. The few that pretended to do so in Lagos, provided only skeletal services. People were advised to make withdrawals using Automated Teller Machines , but most of these machines had no cash supply, and where they had, long queues could be seen daily, without anyone observing the physical distancing guidelines. Digital banking transactions, which had been touted as the new way of the world, proved difficult.
On April 27, it may be said that the Federal Government succumbed to pressure when in a nationwide broadcast, President Muhammadu Buhari announced a “phased and gradual” easing of the lockdown in the Federal Capital Territory, Ogun and Lagos States, with the same advice for other parts of the Federation subject to their own peculiar circumstances with regard to COVID-19. The responses were varied.
The banks and their sympathizers insist however, that they do not deserve any blame, vulnerable as they are like every other business, without any measurable support from either government or their regulator, and yet they continue to play their part as responsible corporate citizens. There is probably a point here: it is on record that the banks and their CEOs enthusiastically joined the Private Sector Coalition Against COVID-19 known as CA-COVID which has so far raised over N27 billion.
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