Since the outbreak of COVID-19 pandemic, governments, corporate organizations and individuals have introduced measures aimed at containing the virus. Across Nigeria, there are reports of closure of government offices, boundaries, borders, schools, places of worship, financial institutions. This is a step in the right direction.
However, it would appear that the reality of the pandemic is aptly laid bar at the consciousness of all rational thinkers, and now the time for us to move on. Thank God, the governments at all levels, in their wisdom, have commenced the gradual relaxation of the lockdown. Expectedly, the banking sector was one of the critical areas where the authorities started the phased opening up.
Think of the international community, for instance, in the United States of America, which is one of the worst hit countries; they are gradually opening up their economy. The bank system is a critical stakeholder in driving the economy. For the economy to be open, banks should be allowed to run unhindered.
Ndi Anambra are largely business inclined. Today, most of the sixty-three markets in the state are open. How do they bank their daily proceeds at the end of the day’s business? The difficulty experienced by bank customers gave rise to this pertinent question, which is on the lips of most citizens. Again, the federal government has directed banks to begin full operation.
No doubt, the World Health Organization released a list of safety protocols including physical distancing, wearing of face masks and regular washing of hands for about twenty seconds or use of hand sanitizers, among others.
Banks adopted and started to enforce these measures. Most of the banks open between 9am and 10am to close between 2pm and 3pm, while many branches of some banks are still under lock. As a result, on many occasions, customers wait for up to three hours to do a single transaction, sometimes under the sun.
This long rigorous process has put pressure on the system, thereby stressing everyone on the value chain. Even within the banking hall, the physical distancing protocol is not strictly adhered to, as well as among customers waiting within the bank compound.
It is time to open up the banks. The virus is already here. Therefore, we must consciously continue to proffer sustainable solutions and ways of living with it.
Mobile banking, the crown jewel of banking innovations in Africa in general, has also enabled people to continue to carry out transactions on their mobile phones. Beyond these, banking activities have all but temporarily partially collapsed in the country.
Many services offered through e-mail banking, including debit instructions and funding dollar cards, have been disrupted. Some of the services that are still being offered now take longer time to complete.
Under no circumstance, even in a situation like this, should the banking sector be ignored or trifled with. Its “stand in between” and agency roles are intrinsic for economic production. The basic role of banking and finance becomes obvious when the sector is in a systemic crisis.
For instance, what was initially a financial crisis in 2008 soon caused the Great Recession. Already, reports show that Central Bank has moved to backstop the financial markets, by pledging monetary interventions to ensure that COVID-19 pandemic does not lead to another major financial crisis.
Understandably, COVID-19 is real. It has taken lives within and outside Nigeria; as such, individuals should strictly adhere to all preventive measures and guidelines released by WHO and other stakeholders in government and the health sector. But there is urgent need for banks to open a bit more.
We must continue to support government at all levels to sustain the fight against the virus. It will definitely come to pass.
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