The end of the year is usually a period to send warm greetings and receive special gifts. But for many bank customers, the one month account verification, ordered by the Central Bank of Nigeria, was one ‘gift‘ they did not know how to handle. Although the CBN has extended the deadline for the exercise, most customers still have issues with the directive, STANLEY OPARA reports
Mrs Adetokunbo Bamidele works with one of the first generation banks in Nigeria, and has put in four years into the banking profession.
She never knew how aggressive bank customers were until the Eve of the New Year. That was December 31, 2010.
According to her, on that fateful day, she had over 150 telephone calls from customers of her bank, as well as customers of other banks that knew her as a banker, relations (far and near), friends and colleagues.
The reason for their trouble was the statement by the Central Bank of Nigeria that it would not extend the December 31 deadline given to customers of Deposit Money Banks to update their records. This was the comment that almost caused a nationwide uproar.
The CBN had on November 29 given customers of DMBs one month to update their bank records or faced the risk of being barred from having access to such accounts.
Most bank customers, who spoke with our correspondent on that day, said they were further stunned by the comment of the CBN that it was satisfied with the progress so far made with the exercise.
The apex bank‘s Head, Corporate Affairs, Mr. Mohammed Abdulahi, was actually quoted as saying, ”As I am talking to you now, there is no extension but I don‘t know what will happen between now and next week. We are satisfied with the progress so far made with the exercise.”
No doubt, a comment of this sort would prompt ‘millions’ of telephone calls and text messages from bank account holders that might have kept their last resort with one bank or the other; and for most account holders, the treatment given to the matter by the CBN left them shocked (even into the New Year).
Peace and calmness, to some extent, , however, returned when the apex bank said this week that the deadline had been extended to January 3, 2011. This, the CBN explained, was to allow more customers of DMBs to update their records.
The CBN directed all financial institutions to ensure compliance with the revised deadline and suspend operations of all accounts with un-updated information with effect from February 1, 2011.
The apex bank in a statement, said, ”Having reviewed the progress made so far and the response of the banking public, the CBN has extended the deadline for the information update of bank accounts from December 31, 2010 to January, 31, 2011.
”The account update is part of the Customer Due Diligence, which involves Know Your Customer compliance, which is accepted worldwide as a tool for the fight against money laundering and terrorism financing as well as protecting the interest of customers. All banks are required to ensure compliance.”
Despite the extension and the reasons given by the CBN for the extension, some customers still have some reservations about the Account Verification exercise.
Some customers, who spoke to our correspondent on Thursday at the Obalende, Lagos branches of United Bank for Africa Plc, Guarantee Trust Bank Plc and Intercontinental Bank Plc, expressed similar views about the development.
An undergraduate, Miss Seun Are, who is a customer to one of the banks, told our correspondent that she had picked a records update form from her bank and filled the form, but she needed to staple her passport photograph and make photocopies of her National Identity card (front and back sides) - which must be attached to the form before submission.
She described the exercise as worthwhile, but said it would be more credible if the it was made a continuous process.
She said, ”One thing is constant in life, and that is change. Someone may give the bank an address today, and in a month‘s time, he relocates. You can decide to change your mobile phone number anytime for reasons best known to you. Even me, in the next six months, I may get married and change my name.
”So, for me, the Central Bank should not end the process by January 31. It should make the exercise continuous.”
A trader at Obalende, Mr. Peter Okolo, who also met our correspondent at one of the banks, said he never expected that the banks would ask for passport photographs of customers.
”When I first came to my bank to make enquiries three days ago, I thought they would use their own machine to take my photograph. And one of the reasons why I did not submit my form that day was because I did not have any passport photograph with me then. For this purpose, I went to take four passport photographs. But the bank only needs one,” he explained.
Our correspondent also engaged some bankers in the banks visited. One of the bankers, who would not disclose her identity, said her bank accepted one of the National ID card, drivers licence and international passport, as a means of identification.
She noted that so far, customers had shown serious interest in the exercise, and were always willing to comply with directives of the bank to the letter.
”For the bank, we will prefer customers to do their records update at the branches where their accounts were opened. But because of the time constraint and pressure from customers, customers from anywhere in the country can come here and pick the form. After collation, we will send the forms to their specific branches,” she said.
Responding to one of the stories written by The PUNCH on the subject, one of our online readers, Mr. Lekan, posted a comment that read, ”CBN should consider the people that work every working days from 8am till 5pm just like the bank workers too, by giving us at least four weekends for the exercise before closing or penalty.”
Another reader, who identified himself simply as Steven, also said, ”How do I update my account when I am outside Nigeria with our poor banking system that does not have a reliable Internet service? Someone should please tell them that some Nigerians overseas are unable to handle this task.”
According to a comment by another reader, Mr. Adewale, ”The extension is a welcome development as it will enable someone like me that got the news late in December to verify my accounts.”
The CBN Deputy Governor, Financial System Stability, Dr. Kingsley Moghalu, had, however, maintained that the DMBs had in the past faced challenges in their quest to obtain the necessary information from customers as required by the apex bank.
This, he explained, had stemmed from the fact that information already obtained over the years might either be out of date or inaccurate; or that customers were reluctant to supply the required information primarily because they were not aware of its importance.
For the CBN, therefore, there is no going back on the exercise as all hands are expected to be on deck to make the process a success.
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