I walk into a branch of first bank in Surulere, this morning in company of a middle aged woman who isn't literate. I had persuaded her to open a savings account earlier in the year despite her reservations about having a bank account. Whilst she had valid reasons about the banks being insecure and unexplainable charges, I had superior arguments to counter every reservation she had expressed. At the end of the day she opened an account with first bank. Her fears became a reality within a couple of weeks when she got her bank balance,  she had being charged for text messages, COT, etc and her balance had reduced by about NGN1,500.00. Expectedly, she dragged me to the bank to act as her interpreter, and we managed to unsubscribe from the text messaging service which was a culrpit. I advised that she could visit the bank at anytime to enquire about her balance since she didn't want a debit card.

Fast-track to the BVN palaver which she managed to get through and eventually got enrolled on. She had waited endlessly for the bank to advise her of her BVN which never came. I reassured her that her money was safe and accompanied her to the bank yet again.

With a broad smile, I walk into the banking hall and tell the bank officer that she wanted her BVN and her bank balance. He shockingly tells me "we no longer run the balance enquiry service for walk-in cistomers". My mouth agape, i pinch myself to make sure I am still alive. He repeats the same again, and yours truly threw a barrage  of questions at him. If i cant come into the bank to enquire about my balance what is the point in having a bank account with your bank? He advises that text, email, ATM, phone-in service etc are options available. I was truly disgusted! What happens to those that are illiterate, aged, mentally challenged, OCD, etc who will want to go into the banking hall for the balance enquiry service? 

I concluded that the banking sector is worse than BH! Economic saboteurs! No wonder we haven't been able to effectively mobilize national savings for development. Little wonder there is an estimated one trillion Naira in unbanked funds, leaving the economy in disarray with high lending rates and very little funds to on-lend to borrowers. Alas, i now understand why we have about 60% unbanked Nigerians (majority don't bank not because they don't have money money to save but for the complexity and distrust of the banking sector).

I was totally gobsmacked. I had thought First Bank being a legacy bank should be at the forefront of promoting inclusive banking!

Then another dilemma begins, how do i convince the woman to continue keeping her account if she has been told she can't walk in to obtain the balance on her account. Bear in mind that the bank lends her money out and trades with it, but still doesn't think she has a say as to how she prefers to be served. What a shame! These banks have lost the plot!

 The folly of this policy is that they will eventually not be able to sell other banking products to a handful of customers who would ordinarily walk into the banking hall.

The banks have been blinded by cheap funds from the government, COT, text messaging, transfer fees etc.They seem to have forgotten that these are not actual revenues from real banking activities! Their role is to create money and wealth, by the multiplier effects of funds they lend out. 

The woman quietly told me after this encounter that she would be drawing down her funds with the bank,  obvious to increase the trapped trillions which we have been unable to mobilize over the years. The consequence is that the cost of borriwing will remain high with mortgage loan, business loans, education loan etc remaining a myth for Nigerians but for a few high net worth individuals.

I would like to know of peoples experiences with their financial services provider.

K

Union bank, big strong reliable

G

a terrible policy.

if I'm in her shoes, I will move my money to another bank. I don't subscribe to keeping money at home. but all them banks have wahala sha

sincerely such policy was put in place to better serve the customer's better, to allow the guyz in customer service focus on other request and to reduce the queue in the banking hall, and i'm telling you , the text and code enquiry is just too straight forward that u dont need to be educated b4 you can operate it. mentally challengedsmiles.....such people cant enter into a contract under law nor bank and customer relationship, i expect the woman since that aged and also not educated should always meet her account manager, her account is tied to that person and must always be ready to help her, my opinion though.