By Isaac Asabor
There is no denying the fact that the ongoing cash crunch across the country has laid bare the shortcomings, in terms of unethical and unprofessional practices of virtually all the commercial banks in Nigeria that it will not be out of place to call for greater competition, more stringent regulations and the need to conduct the business of banking in a professional and ethical way.
The reason for the forgoing call cannot be farfetched as building trust and credibility in a bank as a trustworthy institution requires professionalism and ethical conduct from bankers, particularly those whose offices are located in the banking hall, and who are invariably at all times physically in touch with bank customers.
Without resorting to name-calling in this context, it is expedient to say that this writer was inspired to shed light on the consistently poor customer experience that has for nor few weeks subjected bank customers across the country to untold hardship. It is not an exaggeration to say that since the exercise began that many bank customers have been groaning since the Central Bank of Nigeria (CBN) embarked on the demonetization of the economy. As it is, it seems one of the largest commercial banks in the country has no impetus to address its decline in customer service, particularly regarding its persistent poor service network that began even prior to the ongoing cash crunch challenge which most Nigerians are presently facing. Paradoxically, the bank keeps claiming to put customers at the center of everything it does; however, the claim in all its ramifications is farther from the truth as its staff are alleged to be selling the newly redesigned bank notes to POS operators, and also receiving huge sums of money from “big-men” in exchange for the new notes to the detriment of “ordinary Nigerians” who are by each passing day faced with the scarcity of the newly redesigned naira notes.
Given the foregoing, it is obvious that not a few commercial banks in Nigeria have fallen short of the expectation as far as quality public service is concerned. As it is, most of the banks are yet to convince Nigerians that they are staffed by bankers whose professionalism and ethics are indubitable.
As commonly known, professional ethics is important because it dictates to professionals a series of rules related to the way they should act towards the people, and in this context the customers, with whom they relate professionally. From a philosophical point of view, ethics has to do with morality and with the way people act in the sense of goodness or badness.
Given the foregoing, it is clear that banks, particularly all the commercial banks in Nigeria, must operate ethically; this is because they are duty to demonstrate high ethical standards are required for banks to earn the confidence of depositors and the general public due to the fiduciary function, which they perform.
But alas! The satisfactory expectations from most Nigerian bank customers have not been met as Nigerian bankers have been acting in unethical and unprofessional manners that suggest they have failed the customers to whom they are obliged to render banking services to. In fact, all individuals working in the banking sector are required to act in a fair and honest manner. This is to protect the interests of customers, colleagues, and counterparties; and the wider interests of society as a whole.
At this juncture, it is not unforeseen for anyone to ask, “Why are bankers bound to adhere to the Code of Professional Conduct? The response to the foregoing salient question cannot be far-fetched as bankers are bound by the nature of their duties to at all times adhere to professional conduct that will enhance public confidence and trust in them and the respective banks they work for, and imbue pride within the banking profession. Against the foregoing backdrop, it is expedient to urge individuals working in various banks to individually make a commitment to a higher standard of professionalism. In fact, given the peculiarities that characterize the banking profession, bankers are expected to display the highest standards of professionalism and a commitment to ethical conduct, giving, at all times, due care and consideration to others and putting the public interest first.
Amid the controversies that the ongoing cash crunch has generated, particularly in Lagos, there is a school of thought that believes that the official malfeasance in the banking sector started amid the ongoing demonetization exercise, which is not true, as the naira notes have for long been traded in the black market. Aptly put, it did not start recently.
It will be recalled in this context that in March 2017 that vendors that sold new naira notes were arrested in a joint raid by officials of the Central Bank of Nigeria, CBN, and Operatives of Lagos State Criminal Investigation, and Intelligence Department, SCIID, Yaba. As gathered, Mint Naira notes in different denominations were recovered from the vendors, who happen to be all women, and they were arrested at event centres and bus stops in different parts of the state.
Parading the suspects before newsmen on a weekend, the Deputy Commissioner of Police in charge of SCIID, at the time, Salami Bolaji, described their action as an offence that contravenes the CBN Act, 2007.
Like one of my superiors in the office, a news editor, was wont to ask, “Who has in the most recent time withdrawn mint naira notes from the bank?” He wondered where the mint and crisp that are usually sprayed at social events came from.
Be that as it may, as one of the banks’ names keeps popping up from the mud of the implementation of the demonetization exercise almost every day, it is expedient to urge the management of the bank to do more by being more professional and ethical to reclaim its fast-fading image. Employees of other banks are also urged to be more professional and ethical even as it has become glaring that some of the banks are manned by young employees, just a few years into their profession.
