So many bank customers who hitherto underestimated the impact of the stay-at-home order by the Federal Government, are now regretting not activating their alternative payment channels such as internet and mobile banking.
An industry source told BusinessDay how some cash-strapped bank customers are reaching out to their account officers, pleading for their E-Channels to be activated this time, but noted that “unfortunately the customer service personnel whose responsibilities include such requests can’t do so this time”.
Operationally, banks are providing skeletal services to their customers, but the cash-strapped customers will not get the desired answers from their branches because of the configuration of the alternative payment channels. Another banker in one of the Tier-1 lenders corroborated this situation on phone with BusinessDay.
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In the presidential order on the lockdown of Nigeria’s commercial capital Lagos, its Federal Capital Territory (FCT) Abuja and Ogun State, the Federal Ministry of Finance and CBN got approval for some institutions including deposit money banks (DMBs) to be exempted.
Banks are providing skeletal services which do not include over-the-counter deposits and withdrawals.
Other institutions exempted include, the Central Bank of Nigeria (CBN); the Nigeria Interbank Settlement System (NIBSS) Plc; Switching companies, Mobile money operators, and Payment solution service providers.
Because many banks will not like to lose their big customers this period of lockdown, most of them are now thinking outside the usual box to make cash available for them at this critical time.
In view of the ongoing restrictions and in order to check further spread of the coronavirus pandemic, the CBN urged the general public to limit their use of cash and avail themselves of the use of alternative payment channels such as mobile banking, Internet banking, Mobile money, Point of Sale, and USSD.
This implies that banks whose E-Channel platforms are functioning effectively are in for bigger income mostly accruable from these service-related charges. This comes on the heels of other bank customers on different electronic platforms seen leveraging the services during this period.
It’s barely one week into the 2-week lockdown order, but most Nigerians, particularly those that failed to leverage the existing electronic channels of banks, are getting the hit.
