The Problem With Nigeria`s Banking Sector? - Career - Nairaland
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| The Problem With Nigeria`s Banking Sector? by Nobody: 4:45pm On Jun 08, 2010 |
Why are most bankers dissatisfied with their jobs? It seems like the banking industry is becoming Nigeria`s most frustrating sector. Every day, one comes in contact with bankers who are full of woes about their jobs- `I`m just doing this job to pay the bills, I went for an interview yesterday, I want to change this job, I don`t even mind a pay cut,, etc. `What, NLers, do u think is the reason behind this increasing discontent stemming from naija`s most sought after sector? |
| Re: The Problem With Nigeria`s Banking Sector? by WarHorse1(m): 5:41pm On Jun 08, 2010 |
Bad Managers - That is the reason This is what happens when capitalist without a good knowledge of information technology and without a good knowledge of the Nigerian Economy manage the banking sector. Let me take information technology. Our banking sector manage information technology for information technology sake. They do not ask - what will this do to improve our return on investment. Therefore, so much money go for unnecessary info-tech. This comes along with a huge maintenance cost. I give an example. Every Paying Cashier have a pc to 1. Check if available balance is sufficient 2. Process withdrawal to arrive at a balance after withdrawal 3. Do necessary signings 4. Count the money and pay it. You only need one persons to do 1 - 3 with a computer and two or more to do item 4. That would have saves the purchase of additional computers. The money could have been used for investment purposes. Secondly, the bank has staff who are very poor with Microsoft office capabilities. I tell you, this is one of the major reasons why too much time is spend after work on correlatings and corroboratings. They are poor with simple excel. Much would have been automated from their desks. Salaries would have been better if overtime pays were added to normal working time pays while much is done for less time. As regards the economy, Banks are not helping the real economy with loans to develop. Those who get loans are those who have the powers to withhold payment irrespective of the consequence. The ongoing staff reduction in the banking sector had been fired by unpaid loans and therefore, layoffs to recoup some credit from within. More money would have been made by properly managing loans for investments and generating enough returns to step-up the salaries of bank workers. The banks need to develop a working model of this country and based on that, structure their strategies. Current strategies are out of sync with the real economy of Nigeria. There is a psychological reason also. Bank workers have no creative and innovative work to do. Its monotonous - 1.Receive money, 2.Pay out, 3.check for balances, 4.attend to angry bank workers, 5.leave in fear of been laid-off Almost nothing to use their heads for. This kind of job kills morale. Again, greedy Bank Directors. They get much for working for less and the system works everyday. Why should they improve the lot of their workers? |
| Re: The Problem With Nigeria`s Banking Sector? by AjanleKoko: 7:53pm On Jun 08, 2010 |
^^ That's not a particularly different story from what obtains at most Nigerian companies. I'd say it is due to the current depression in the sector. The bank workers are under lots of pressure right now. Rewind to four years ago, and that wasn't the case. Rather, bankers were the toast of the town. |
| Re: The Problem With Nigeria`s Banking Sector? by WarHorse1(m): 6:21am On Jun 09, 2010 |
The central Bank has not helped matter with their high bank lending rates. Still the banks should redefine their "Theory of Business" to handle current situations with a view to surviving the depression. Happy bank workers can do more. There is no use having so many unsatisfied workers in the banking sector. Its high time for banks to diversify. Since banks hold money and are scared to grant loans to public individuals for fear that the loans will not be invested responsibly, they should start investing in their own though out businesses so as to generate more revenue and meaningfully engage human resources. |
| Re: The Problem With Nigeria`s Banking Sector? by cdz: 11:57am On Jun 09, 2010 |
To be honest, I never stopped wondering what exactly it was that banks manufactured and sold to pay the kind of jumbo salaries and allowances that they paid. I think it's just common sense that sustainable business is one that is clearly seen to create tangible value for society. Besides, bankers should add to their list of ethical considerations the question: "Is it right?" and not just "Is it profitable?". The only thing that works is truth and the only thing that is sustainable is real value. All falsehood have an expiry date. Truth has come home for our banks and beneficiaries of a hitherto irrational system wear a mournful look. My heart goes out to all men of good will adversely affected by the turn of the tide. |
| Re: The Problem With Nigeria`s Banking Sector? by chakula: 12:23pm On Jun 09, 2010 |
Please will bankers too enjoyed the salary increament recently approved by govt. of nigeria. |
| Re: The Problem With Nigeria`s Banking Sector? by sevo(m): 12:24pm On Jun 09, 2010 |
ma guy, wen u have one teller attending to over 200 people ina day,y him no go dey disatisfied?wen i been dey work for bank before, idey leave house in d nite(very early in d morning) and come back house in d nite(very late in d nite).u expect me 2 dey satisfied?dat one no b d main issue.wen u come do jogodo posting, or u no balance at d end of d day, ur own don finish b dat.ur ogas go dey look u like thief. |
| Re: The Problem With Nigeria`s Banking Sector? by otukpo(f): 1:38pm On Jun 09, 2010 |
cdz: Well said |
| Re: The Problem With Nigeria`s Banking Sector? by koolguy88(m): 1:48pm On Jun 09, 2010 |
there is little or NO problem with this sector; the so called global recession is the catalyst that has magnified the problems in the economy of which the banking sector is propeller; that's why you think the banks have problems |
| Re: The Problem With Nigeria`s Banking Sector? by Nobody: 2:31pm On Jun 09, 2010 |
@koolguy88 i understand what you are trying to point out but let me be honest with you.The situation of the banks is not due to the recession but due to the sharp practices and mismanagement of the sector by the greedy directors.Most of them gave out loans to people speculating in the futures in the oil and gas and also the stock exchange and these loans were given without adherence to proper loan risk evaluation protocols,simply because the customers are connected to the powers that be in the country.The slump in the oil prices just helped to expose them. If due process was followed we would not have been in this mess. I am saying this because i was a victim of this mass retrenchment in the sector. On the issue of dissatisfied staffs,why won't staffs be dissatisfied,when you are told to cut cost even if it means working in very unsatisfactory conditions, marketers have to fly okada,trek to look for new accounts,tellers have to work with bad counting machines and in the end one Executive director will still take delivery of another bullet proof Jeep which of course will be financed by the bank and you expect staff to be satisfied? Please lets look into this very well. I REST MY CASE |
| Re: The Problem With Nigeria`s Banking Sector? by saintchux(m): 5:02pm On Jun 09, 2010 |
AjanleKoko: There is work pressure every where, it seems as if the bank is more prominent now because of the crises in the banking sector. B/4 August 2008, bankers are enjoying. There is salary cut, so life style have to change. No more PS for banker, so holidays abroad have stopped. Money is no more flowing as it use to flow. No more loan to marry 3rd wife. No more loan to run for governorship election. No more loan to purchase goods at dubai. The billionaire in the country can not just get loan because of who they are. It is no longer business as usual. So banker don't get the TGIF from their customers any more. |
| Re: The Problem With Nigeria`s Banking Sector? by wazobiang: 6:54pm On Jun 09, 2010 |
bankner's have always been like that. liars, next to lawyers. it almost rhymed sef |
| Re: The Problem With Nigeria`s Banking Sector? by Ziggyjoel(f): 10:15pm On Jun 09, 2010 |
ThE ISSUE WITH NAIJA BANKING SECTOR DOES NOT PRIMARILY ORIGINATE FRM ANY GLOBAL RECESSION. WHICH SECTOR WILL U CONSIDER IN NIGERIA AND U WONT SIGH? NIGERIAN ECONOMIC PROBLEM IS FUNDAMENTAL. WE NEED GO BAK TO D DRAWING BOARD. AS FOR BANKING SECTOR, MYOPIC DECISIONS AND GROSS MISMANAGEMENT OF FUNDS START IT. THEN SANUSI MISTARGET/MISAPPLIED DEADLY REFORMS. PROPHECY: THINGS WILL GET WORSE: WE ARE IN D END TIMES!!! |
| Re: The Problem With Nigeria`s Banking Sector? by kosalabaro: 12:32am On Jun 10, 2010 |
You guys are forgetting the unrealistic market targets that have turned female bankers to sex traders overnight and male bankers to homosexual desperadoes! It's terrible - I just pity all of them! The way banking is practised in Nigeria is such that only the devil and his agents can actually enjoy it! It is full of temptation! My elder sister, a married woman just resigned from UBA last week as she could no longer cope with the pressure of meeting unrealistic target. She confessed to us that if she doesn't go now, one day one day, she would be tempted to sleep with a business prospect in order to meet UBA' s funny targets and what would happen to her marriage thereafter? Besides, evil begets evil. So, the job right now is not for anybody seeking the kingdom of God. It is the most evil job in Nigeria right now! 1 Like |
| Re: The Problem With Nigeria`s Banking Sector? by scoro99(m): 12:52am On Jun 10, 2010 |
wazobia-ng:, banKNers abi?  |
| Re: The Problem With Nigeria`s Banking Sector? by mbulela: 2:58am On Jun 10, 2010 |
cdz: gbam!! |
| Re: The Problem With Nigeria`s Banking Sector? by Dondavid: 4:31am On Jun 13, 2010 |
What you see today is the manifestation of wrong decisions of the past. I am not surprise, the worst is yet to come except urgent step is taken to revise the trend. If you have the time, take inventory of banks staff, I mean the ones that are dissatisfy with their job they are either engineers in the banks or pure and applied sciences graduates. They are squared pegs in round holes Let us not deceive ourselves these set of employees can not be motivated no matter how hard the management tries. I am afraid, bank failure still very much with us. |
| Re: The Problem With Nigeria`s Banking Sector? by Eggyloo: 2:56pm On Jun 14, 2010 |
Simply put, it is a sector that recognises human beings as robots while forgetting that the main fact these humans work with computers does not automatically make them computers (robots). A 20-minute break sounds outrageous in this setting. Coming late for a day automatically attracts nothing less than =N=300 to =N=1000 depending on the profitability of the branch (Some-one once asked me what if the person did not come at all? i just    . One would agree with me that in some cases it is better not to come at all than rush and still be penalised. Take for example on a meeting day, a married lady while on her way to work had an accident. Thank God nothing happened to her but her car was badly bashed by a danfo. She just waived it aside and hurriedly rushed back into the car so she would not arrive late at the meeting. She eventually arrived 5 minutes late and unfortunately was listed as a late comer. Even after her explanations, the HOP (Head of Operations) was more interested in her =N=500 debit from her account than in the lady's well-being. So you can just imagine how this lady would have treated customers that day and that week!!You make cash contribution almost every week and monthly welfare contribution but on your birthday what do you receive? "A word of promise" that your birthday gift "is on the way" but hold your birthday card for the time being. The truth is the gift will never show up. You will see high level of financial misappropriation even in branches. That aside, if there is anybody I feel for most in this sector; it is the tellers especially the contract staff. Omo mhen, they are poorly treated, in some banks/branches, their opinions are not heard, they do lots of bulk cash counting and secondly, because of the inherent risk of fraud by customers or fraud by dubious co-tellers. As for the marketers, I feel they can easily be having their own personal runs if they really want to change their jobs if dissatisfied but for operators, they have little or no time. Another problem is the kind of relationship that exists between a superior and his/her immediate subordinate. These superiors at times feel threatened and intimidated because the subordinate will soon take the superior position (if promoted) and will go the whole way out to frustrate the subordinate's effort by giving low grades in performance evaluation and/or publicly criticising the immediate subordinate’s work in the presence of junior staff(though this exists in most sectors). This further result in lack of cooperation between both parties and thereby affects the over-all bottom line of the bank. All my problems cited above are based on personnel management because properly managed staffis one of a company's most valuable asset. obynzo: wazobia-ng: The nature of their job encourages lying and lack of trust even among co-workers. If you do not lie when making marketing report, your colleagues and marketing head will rate you as an unserious person. As for the lack of trust, it exists mostly among operations staff because the more you look the less you see. You can never tell when your name will be included as part of people that perpetuated a fraud you did not know of. |
| Re: The Problem With Nigeria`s Banking Sector? by Nobody: 5:46pm On Jun 15, 2010 |
I`ve read all ur posts and I was right, the tales of woe continue. But isn`t there any viable solution to this trend? Isnt there sth like a bankers` union to protest this slavery, or will we just sit back and be pushed around? |
| Re: The Problem With Nigeria`s Banking Sector? by Nobody: 5:51pm On Jun 15, 2010 |
Ahhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh! yes. yes. yes. I made NL`s front page. after so long. Yes, yes, yes. |
| Re: The Problem With Nigeria`s Banking Sector? by angela992: 1:02pm On Sep 29, 2017 |
Impact of Information Technology in Banking Industry (A Case Study of All Stated Trust Bank Enugu) A marketing information technology consist of people equipment and procedure to gather, sought, analyze, evaluate and distribute mended timely and accurate information to marketing decision markers... http://www.scharticles.com/impact-of-information-technology-in-banking-industry/ |
| Re: The Problem With Nigeria`s Banking Sector? by iseeicome: 4:53pm On Oct 13, 2017 |
Challenges of the Nigeria Banking Industry This topic “challenges facing the banking industry in Nigeria is topic of unique, because it has to do with our day to day activities of the country, that is the banking sector to be specific. However, we have look into so many areas of this banking industry and has found out the challenges to be those competitiveness of the banking business which is in connection with the services been render by this banks. http://articlesng.com/challenges-facing-nigeria-banking-industry/ |
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