₦airaland Forum

DarryOsh:
I read every single word. Read! It's good for your mind.

Besides, the writer writes well. I enjoyed the article. I do not necessarily agree with the writer on all issues raised though.

INTROVERT:
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

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