With Moses Nosikie

*Nigerians voice out

It was a wake up call to some Nigerians when recently a directive by the United Bank for Africa (UBA) Plc, instructing individual customers to maintain a minimum balance of N25,000 in their accounts with effect from July 1, even though the policy is not from the Central Bank of Nigeria (CBN).

While the apex bank commenced its investigation, Nigerians cry out as some of them described it as unfavourable.

*Dr. O.O. Odiboh

It’s a killer ideal –  Odiboh

Dr. O.O. Odiboh, Managing Consultant, Newsletters Limited, is of the view that such directive is a killer idea of the banking industry. “They want to bring about controversy in the banking system which is unnecessary especially now that the banks are trying to guide their feets in operation”.

Odiboh advised that this is not the right time for such killer directive. I bet you, the directive definitely force the bank’s depositors to close their accounts for other banks. If they succeed with that directive, it will reduce their popularity in the operation.

“Is it now that some banks are finding it difficult to exist and want to merge in order to raise minimum account balance to N25,000. Did they consult the CBN? How can that work with the proposing minimum wages of N18,000 which I know that some state governments may not find it easy to pay their workers.

On a serious not, ‘management of UBA should not hesitate to apologise to Nigerians.

They shouldn’t inconvenience Nigerians with the directive

Mr. Toyin Olufade

Toyin Olufade, President, Association of Nigeria Courier Operators, said: “I don’t think it’s appropriate at the moment. I advise they reverse the decision for the interest of bank operation. I don’t think such directive will help the masses.

The former N1,000 minimum account balance is still encouraging. Policies like that is not something you wake up and announce to Nigerians and you expect a positive response.

The interest to save in such a bank will not be there. It may cause mass exodus of depositors from the bank whereby the purpose of that policy will no longer yield results to them.

Considering the N18,000 minimum wage, the directive will not encourage savings culture among Nigerians at all. Low income earners will find it difficult to cope.

Managements should be wise in decision making so that at the end of the day, decisions taken will not end up being a barrier to your business operations. Goodness the Central Bank of Nigeria is aware of the directive and government should not allow that.

Banks should promote savings culture and not killer directives

Mr Adeniyi Ayodele

Adeniyi Ayodele, Managing Director, Transelector Nigeria Ltd., of his personal view that it’s not right to dish out such directive for your depositors who have seen other banks and decided to deposit their money with you.

You should assume policies that could stop them from saving in your when there are other banks around begging for customers. I’m sure Central Bank of Nigeria (CBN) will not support this directive.

I advise that banking system should be for everybody because they more people deposit, the more money you have in treasurer to do business. There should not be segregation in their operation.

If they do, it will not encourage a savings culture among Nigerians. Banks are meant to encourage savings culture and protect their depositors. Some petty traders may not find it easy to leave such amount of money their account when they have school fees to pay and other family responsibilities.