On a sun drenched afternoon in chaotic Lagos, Nigeria’s commercial capital and most populous city; long, winding queues can be seen encircling bank premises, as frustrated customers jostle, cuss and haggle in a bid to lay their hands on scarce, newly redesigned bank notes for grocery shopping.
Tempers flare and nerves are frayed. This is Lagos, as you know and remember it.
Amid the sweltering, humid temperatures and short fuses, across most branches of SunTrust Bank and at the bank’s head office on Sanusi Fafunwa, Victoria Island, bank security personnel and other staff can be seen handing out umbrellas, bottled water and soft drinks to customers as they await their turns on the queues.
“SunTrust Bank provided umbrellas to their customers queuing under the sun to get money from the ATM. This is commendable,” says Ugochukwu Godfrey.
Such acts of kindness from a corporate player in capitalist Nigeria, are rare. It is little wonder that the bank’s humaneness has caught the eye and is being applauded by a spectrum of social media users.
“Very commendable act of kindness in these trying times,” quips Twitter user @Tomyderules. “I witnessed them daily providing umbrellas to the customers who stood under the scorching sun to collect money from the ATM.”
Naira scarcity has hit Nigerians hard since the nation’s central bank announced January 31 as the date when old bank notes would cease to be legal tender, and after the deadline was extended to February 10, 2023.
Sharp practices and gaming the system have always been rife in Nigeria.
President Buhari has lashed out at “selfish” bankers who are hoarding the new currency notes for sale in the black market, instead of dispensing them to customers as is the norm.
“Some banks are inefficient and only concerned about themselves”, an angry President Buhari bellowed to the nation last Friday, after a meeting with powerful state governors who have asked for an extension of the deadline to mop up old currency notes, to the end of the year. “Even if a year is added, problems associated with selfishness and greed won’t go away,” a visibly frustrated President Buhari added.
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The nation’s anti-corruption agency, ICPC, swung into action in the wake of the president’s remarks, arresting top bank officials and personnel who engage in sharp practices with the new notes, by selling them off to members of a corrupt political class or the well-heeled.
However, the new notes are still hard to come by, even as online banking struggles to deal with an unprecedented traffic.
‘I’m opening an account with them this week’
Some other banks and Point of Sale (PoS) operators have imposed illicit charges on the redesigned N1000, N500 and N200 notes.
“Even in Freetown, nothing is free,” says a PoS operative in Abuja, Nigeria’s capital city, unapologetically. “It cost me money to obtain the new notes from the banks so I have to get my money back by tripling my rates to customers.”
ALSO READ: CBN, MINT Co. has no capacity to print enough currency notes needed in Naira redesign – Sources
As other banks are pilloried by members of the public for keeping the new currency notes away from ordinary Nigerians, Jaiz and Lotus Banks have been applauded for dispensing the new notes, and on time as well.
“Jaiz Bank on Awolowo Road was the first bank to load their ATM with new notes and it always has cash. I go open account with them this week,” vowed Radio personality and Communications strategist, Osikhena Dirisu.
“Jaiz Bank is free to Islamize all of us, the so-called Christian owned banks are all frauds,” quips Jeffrey Phillips.
Father Lord!!!
Why??!!!😭😭
This is what happens when you push people to the wall… pic.twitter.com/ztLwjlxgDU— Kate Amaka Henshaw (@HenshawKate) February 3, 2023
Mr El-Bonga says; “Jaiz Bank is getting all this publicity for free. All the bank did was its decision to maintain good integrity by making money available for everyone in this very difficult and challenging moment in our history.”
Smart Jaiz and Lotus Banks staff aren’t allowing this goodwill and free publicity to fritter away.
“Irrespective of race, religion, or ethnic group, everyone can have an account with Jaiz Bank Plc. We are open for business with all kinds of individuals.
“Bank with us, as you will enjoy our products and services without interest or unnecessary charge. #Jaiz,” tweeted Ameer Lukman Haruna, who works with Jaiz Bank.
Irrespective of race, religion, or ethnic group, everyone can have an account with Jaiz Bank Plc. We are open for business with all kinds of individuals.
Bank with us, as you will enjoy our products and services without interest or unnecessary charge. #Jaiz pic.twitter.com/eXzNs53BkJ— (Dr.) Ameer Lukman Haruna (@AmeerLookman) January 30, 2023