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CBN, Banks Agree to Minimise Mass Sacking in Financial Sector

The Central Bank of Nigeria (CBN) and the Bankers’ Committee on Thursday said they are working to minimise the rate of mass sacking in banks, Premium Times is reporting.

The Managing Director, Standard Chartered Bank, Bola Adesola, said the mass sacking in the sector was part of the issues discussed during the committee’s meeting.

She said while the banks understood the economic situation in the country, there would always be reasons for workers to be relieved of their jobs.

On the recent news item on retrenchment, we also discussed it and obviously banks understand the implications of people not being in employment. We know what the situation is like in the country.

“Thus, we are looking at ways of ensuring that we minimise many exits from our institutions. There will always be exit as you know because there is fraud and so on and so forth.

“So we have noted the market sentiments and I am sure that going forward it will be different,” she said.

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Mrs Adesola also said the committee is also working on a National Collateral Registry that would facilitate the easy access of loans by bank customers.

According to her, the registry when completed would allow Nigerians seeking loans from banks to use movable assets such as vehicles, fridges, and other home appliances as collaterals.

You are all aware that the Central Bank of Nigeria is developing a National Collateral Registry. I am pleased to say that they have put the framework in place and the technology.

“They have begun to engage stakeholders and we should expect a role out of the collateral registry being available to banks to register movable assets that they lend against. A policy statement will be issued shortly.

“And we expect that will make more robust the banks’ credit process in lending to customers against movable asset,” she said.

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