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Nairaland Forum / Nairaland / General / Business / Banks Outwit Each Other In Chase For State Accounts. (14761 Views)
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Banks Outwit Each Other In Chase For State Accounts. by INTROVERT(f): 5:28pm On Sep 01, 2015 |
Deposit money banks are in a desperate tussle to secure the accounts of states governments as the implementation of the Treasury Single Accounts (TSA) begins, BusinessDay investigations have shown. The TSA policy ensures state revenues go into specific bank accounts for purposes of transparency and effective monitoring and management. BusinessDay investigations show that the competition among the banks, which is reminiscent of the 2005 banking consolidation exercise, is tainted with elements of de-marketing, seeing some banks run down their peers, so as to receive patronage from the states. Already, Lagos, Akwa Ibom and Kaduna states have made progress on the TSA, with Lagos planning to commence implementation by September 1, this year, with a view to blocking revenue leakages to resolve the growing liquidity crisis they are facing. Some other states have commenced gradual freezing of their accounts scattered among various banks, but which would have to be pruned down for effective monitoring. Consequently, the top management of some of the banks were for the better part of last week, engaged in marathon meetings with representatives of the states, with the former promising in some cases to avail the states overdraft facilities and intensification of corporate social responsibility (CSR) efforts. Some of the banks are also trying to outwit each other in areas such as immediate implementation of the zero Commission on Turover (CoT) which according to the CBN, should commence from next year. “Some are offering to support the states in Corporate Social Responsibility (CSR), short term finance and other forms of partnership. They (banks) will obviously tell the states that they are better than other banks,” says the deputy managing director of a tier two bank in Lagos. According to another banker who pleaded anonymity, “The present competition is fierce, because once you lose the account now, you lose it for quite a long time, possibly, after the expiration of the sitting governor. So we are ready to give our best for the accounts now.” Usoro Essien, Research dept, Greenwich Trust Limited said, “In our opinion, the TSA should not pose systemic risk to the income streams of the sector as a whole. However, a few banks with greater exposure to public funds will likely be adversely affected.” “Notwithstanding this assertion, the ratio of private sector to public sector deposits was 75% to 25% between January 2014 and February 2015. Inspite of the soft 0.8% month-on-month (MoM) increase in the absolute figure in March, the ratio shifted atypically to 91% and 9% in favour of private deposits. “This we think, might not be unconnected to political spending during the election period. Nonetheless, we foresee a paradigm shift as the PMBs continues to close-mark treasury looters. “Also, we expect banks that will need to change their business models to cater for the retail segment of the economy. This will also expand the country’s financial inclusion.” But some other analysts are calling on the Central Bank of Nigeria (CBN) to monitor the ongoing competition. They fear that otherwise, it could lead to another round of crisis. “The CBN should not fold its arms and watch the banks embark on unhealthy competition, all in the name of trying to get the accounts of the states. This had happened before and we all paid dearly for it through mergers and liquidation, which resulted in some job losses,” says Friday Ameh, an energy analyst. Aniekan Umanah, commissioner for information and communications, Akwa Ibom state, said last week, that the state government has approved a single revenue account for all monies collected by ministries, departments and agencies in the state. Umanah, who spoke in Uyo, the state capital, said it was part of the decisions reached at the end of the state executive council meeting, but did not disclose the bank in which the state government single account would be domiciled. http://businessdayonline.com/2015/09/banks-outwit-each-other-in-chase-for-state-accounts/ CC lalasticlala |
Re: Banks Outwit Each Other In Chase For State Accounts. by zinachidi(m): 5:31pm On Sep 01, 2015 |
ceveat emptor 1 Like |
Re: Banks Outwit Each Other In Chase For State Accounts. by Obascoetubi: 5:31pm On Sep 01, 2015 |
q |
Re: Banks Outwit Each Other In Chase For State Accounts. by AngryNigerian(m): 5:35pm On Sep 01, 2015 |
...& come to think of it,dat i spent some mins 2 read ds? e concern commonman? 1 Like |
Re: Banks Outwit Each Other In Chase For State Accounts. by Demmzy15(m): 6:19pm On Sep 01, 2015 |
This is one of the great achievements of Buhari, I pray every other state follow suite. I want a Nigeria I can boost about anywhere. What disturbs me the most is some "wailing water" like SeveredSnake, Pa Shukwudi and others who play opposition like Chicken looking for cockroaches to eat. Whoever is praying for Buhari to fail would be a failure+his generation. A better Nigeria won't benefit the North only, but the whole Nigeria. Please let's join hands to make this nation great again. 17 Likes |
Re: Banks Outwit Each Other In Chase For State Accounts. by b0y(m): 6:19pm On Sep 01, 2015 |
INTROVERT: Something tells me INTROVERT may not even understand the message passed in this entire write-up but who cares? she made FP OP anyway 14 Likes |
Re: Banks Outwit Each Other In Chase For State Accounts. by kennyman2000(m): 6:19pm On Sep 01, 2015 |
Mheeennn.. All introvert enemies will need to step up ooo.. Introvert has gone far.. The gal is now at the upper most top of the frontpage... introgal.. Make the celebration begin now.. 2 Likes |
Re: Banks Outwit Each Other In Chase For State Accounts. by ednut1(m): 6:20pm On Sep 01, 2015 |
Mr Godwin harmonizing the CRR for public sector funds was Wrong( zenith go benefit as usual), at 75% govt funds where not attractive to go after. bt now. banks and govt officials wud jst continue d corruption Sanusi tried to end. putting govt funds in call and fixed deposits and embezzling the interest . imagine fixing 10billion meant for workers salary for 30 dayas. Nigeria ehn 1 Like |
Re: Banks Outwit Each Other In Chase For State Accounts. by lekjons(m): 6:20pm On Sep 01, 2015 |
I only pity the staffs that'll stressed out in this, "the fear of being sacked in Nigeria is the beginning of wisdom" 2 Likes |
Re: Banks Outwit Each Other In Chase For State Accounts. by favourlove1: 6:20pm On Sep 01, 2015 |
Lol! Banks are not smiling! Lol! Banks are not smiling! |
Re: Banks Outwit Each Other In Chase For State Accounts. by chrisbaby24(m): 6:20pm On Sep 01, 2015 |
Ok...na dia bizness |
Re: Banks Outwit Each Other In Chase For State Accounts. by ochoa(m): 6:20pm On Sep 01, 2015 |
Note: favorite phrase by a politician in a Steven Segal's movie: and you can take that to the bank...embezzlement spree to start right about Meanwhile this dude(grandpa)..is a confirmed 'fraudster'... "CIA FBI"... Food dn land o 1 Like
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Re: Banks Outwit Each Other In Chase For State Accounts. by wunmi590(m): 6:20pm On Sep 01, 2015 |
. |
Re: Banks Outwit Each Other In Chase For State Accounts. by gokay11(m): 6:21pm On Sep 01, 2015 |
K |
Re: Banks Outwit Each Other In Chase For State Accounts. by easyflow: 6:22pm On Sep 01, 2015 |
Re: Banks Outwit Each Other In Chase For State Accounts. by aaamos(m): 6:22pm On Sep 01, 2015 |
h |
Re: Banks Outwit Each Other In Chase For State Accounts. by mencade4: 6:22pm On Sep 01, 2015 |
abeg how much them dey sell matches? my own done finish. banks and their dubiousness......i hate them |
Re: Banks Outwit Each Other In Chase For State Accounts. by Nobody: 6:23pm On Sep 01, 2015 |
Can someone explain the above to me? |
Re: Banks Outwit Each Other In Chase For State Accounts. by Justicealh3(m): 6:24pm On Sep 01, 2015 |
Typing.... |
Re: Banks Outwit Each Other In Chase For State Accounts. by Welder(m): 6:24pm On Sep 01, 2015 |
Banks hustling for deposits since time immemorial |
Re: Banks Outwit Each Other In Chase For State Accounts. by Evaromantik(m): 6:24pm On Sep 01, 2015 |
E be like say na this FCMB wey worst |
Re: Banks Outwit Each Other In Chase For State Accounts. by fergus0n: 6:26pm On Sep 01, 2015 |
Mehn introvert dn create topic abeg make I buk space cos space bukers are liable to live long . |
Re: Banks Outwit Each Other In Chase For State Accounts. by BE811APP: 6:26pm On Sep 01, 2015 |
Good for them... Hope the states will be servicing their loans What happens to d Loans of the past administration |
Re: Banks Outwit Each Other In Chase For State Accounts. by saintkel(m): 6:26pm On Sep 01, 2015 |
Wetin Introvert d talk sef!.... Yawning!!! Where is annemoney swtluv |
Re: Banks Outwit Each Other In Chase For State Accounts. by MadCow1: 6:27pm On Sep 01, 2015 |
How |
Re: Banks Outwit Each Other In Chase For State Accounts. by CSTR2: 6:27pm On Sep 01, 2015 |
Governor's wives better be on the alert. The rate at which these governors would be harassed and seduced by female'' bank marketers'' will shock the devil himself. 3 Likes |
Re: Banks Outwit Each Other In Chase For State Accounts. by Nobody: 6:27pm On Sep 01, 2015 |
Heads over heels . |
Re: Banks Outwit Each Other In Chase For State Accounts. by Vondata(m): 6:28pm On Sep 01, 2015 |
I luv competition, it brings efficiency. Nyc1 |
Re: Banks Outwit Each Other In Chase For State Accounts. by missKiffy(f): 6:30pm On Sep 01, 2015 |
Na marketers go suffer am pass |
Re: Banks Outwit Each Other In Chase For State Accounts. by asumo12: 6:31pm On Sep 01, 2015 |
Re: Banks Outwit Each Other In Chase For State Accounts. by asumo12: 6:31pm On Sep 01, 2015 |
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