Banks as back bone of economy, humanity in a turbulent time

This report takes a look at how the financial sector, especially the banks engaged and supported the society this pandemic period. For instance, UBA showed empathy with a donation of N5b to fight Covid-19 pandemic.

The COVID-19 pandemic could be the weightiest challenge to financial institutions, ever encountered all over the world. As the economic fallout spreads, banks in Nigeria collectively find themselves focused on some big priorities that require concrete steps to effectively meet customer needs at this pressing time.

This task seems to have been compounded by the urgent need to safeguard the lives of Nigerians in the face of the scary spread that has seen it blow-out to more than 170 countries including Nigeria.

Confronted with the need to act in order to curtail the spread, President Muhammadu Buhari on Sunday, March 30 2020, in his much-anticipated nationwide broadcast declared total lockdown in Lagos, Ogun and Abuja as a measure to contain the fast-spreading coronavirus disease [COVID-19] in the country. Most Nigerians in the affected states understandably panicked not sure what to expect. However, the Central Bank of Nigeria (CBN) through the Ministry of Finance quickly called on the President to waive that of the banking sector among other essential financial services from the lockdown, though confined to operate partially.

As the reality of the COVID-19 pandemic fully unfolds, businesses, particularly the banking sector, continue to grapple with how to effectively deliver quality service to all customers. A good number of banks have no doubt put in place far reaching innovative ways to ensuring that customers do not encounter challenges in accessing their funds as at when due by so stepping up their game.

A visit to banks, namely, Zenith Bank, GT Bank, First Bank , United Bank for Africa, Access Bank, Fidelity Bank, Stanbic Bank, FCMB revealed high level of professionalism most of the banks dished out in assisting customers and their own employees as the COVID-19 pandemic puts extreme pressure on all.

One example worthy of mention is the United Bank for Africa which has evidently taken necessary measures to safeguard its workers as well as customers in all branches across the 36 states, particularly the 3 states affected by the shutdown- Lagos , Abuja and Ogun State in this difficult and trying time.

The bank ensured that it observed stringent safety measures in every branch as all Front-line officers wore masks and hand gloves as personal protective equipment; all staff and customers were made to undergo temperature tests before being admitted into the banking halls.

Also, rigorous additional cleaning procedures were introduced which include an increase in the number of wipes, hand sanitisers, and other materials in banking halls and throughout business offices.

In the case of transactions, front line officers are constantly on hand to educate and guide customers as it concerns access to the products and services they want at all times. Customers are duly informed of how easy it is to find Leo the chat banker on WhatsApp, Facebook and on Apple business chat which reduces the need for customers to come to the banking halls thereby encouraging them conduct their transactions at home as it is easy to find UBA products and services quickly and in real-time, 24/7 on all the mentioned apps.

The frontline staff were not only courteous and helpful but ensured that they displayed a high level of empathy which is invaluable at this trying time.

One of the bank staff, who spoke on condition of anonymity clarified that they were under strict instructions from management to follow all social distancing rules and impress it on customers to follow all guidelines of checking their temperature and ensure they use sanitizers provided before they gain entry into the ATM gallery or banking hall. According to the staff: “We understand this is a turbulent period in the world, and have taken it upon ourselves that we give our very best to ensure that our customers are happy when they leave here and most importantly that they have a reason to be happy and hopeful that all will be well. “We are in this together and we shall overcome and tell our success stories together when the pandemic is over’’, she assured.

The pan African financial institution, United Bank for Africa (UBA) Plc, has upgraded its mobile banking application, introducing lots of exciting and interactive features to aid banking, whilst allowing customers to perform unlimited transactions with simple taps on their mobile phones.

The award winning innovative bank which was the first to launch its chat bot Leo on the continent, is committed to delivering superior and innovative banking solutions to its customers.

Group Head, Digital Banking, Sampson Aneke, who spoke about the new features of the upgraded mobile app, said UBA as a listening institution, aims to provide the best value possible for its customers through a more interactive, user friendly interface that makes available a myriad of opportunities from the comfort of customers’ homes.

He explained that the new mobile app will now prompt users to use their device enabled biometrics, adding that the menu has been reduced and divided into sub-menus to enable users view Transaction History, Net worth, Trends amongst others at a glance.

“With the new interface, the user can now see all the transfer options including the saved beneficiary option at a glance and can even order food for delivery via the app,” he said.

Customers who subscribe to the lifestyle offering on the app will enjoy access to the free online medical doctor, a great response to the new norm created by Covid-19 pandemic.

As part of offerings to make life easier for customers in this trying time, the bank is also offering consumers and small businesses penalty-free withdrawals, reimbursing ATM fees, and deferrals, extensions and waivers on loans and lines of credit.

“We understand that this pandemic has put many of our customers in a position of uncertainty, and we are working to take some of that burden off them.”

Kennedy Uzoka Group Managing Director/CEO said: “In difficult times, we must come together and confront issues that affect us and our communities, following the recent development which seems to have shaken the world turning it upside down so suddenly and unexpectedly”.

“Today, as we speak, the Covid-19 pandemic is causing chaos but we will work steadfastly to find calm in the middle of the storm. As a responsible bank, we have been responding as information emerges. Our Cross-functional Taskforce have been put on constant high alert, closely scanning, monitoring and scrutinising the development – both globally and locally in each of our country of operations”.

Uzoka further noted that the bank has also introduced rigorous additional cleaning procedures, and are increasing the number of wipes, hand sanitisers, and other materials available in banking halls and throughout business offices.

“We have followed this up by ensuring that customers have access to the products and services they want at all times. We are also making it easier to find UBA products and services quickly and in real-time, 24/7. We have taken steps to help protect our staff from possible exposure to COVID-19 by reducing the number of face – to – face meetings that we organise. With the use of technology, this has been made simple and even more effective. We will continue to monitor the situation in order to constantly adapt to your needs should things change. We recognise that this is a challenging period globally and we remain deeply committed to the safety of our customers, staff and communities in which we operate. You are at our heart as an institution and we look forward to continuing to serve you to the best of our abilities. Please take care of yourself and your loved ones”.

It will be recalled that true to his words, the bank went ahead to announce a donation of over 5 billion Naira (USD14 million), through the UBA Foundation, to catalyse a comprehensive pan-African response to the fight against the coronavirus (COVID-19) global pandemic.

The donation which is the highest among its peers, according to the bank will provide significant and much-needed support to Nigeria and 19 other African countries, by supplying relief materials, critical care facilities, and financial support to Governments.

This unprecedented gesture, the pan-African bank said will also fund a medical centre immediately in Lagos, Nigeria, with beds for isolation and ICU facilities, managed and operated in partnership with Heirs Holdings’ healthcare subsidiary, Avon Medical Hospital.

In addition, UBA provided a free telemedicine platform, that is physician-led, to provide direct access to medical advice for citizens, in compliance with social distancing requirements.

UBA Group Chairman Tony O. Elumelu, stated ‘This is a time when we must all play our part. This global pandemic must bring citizens, governments and business leaders together – and quickly. As we see a rapidly increasing number of cases of the coronavirus in Nigeria and Africa, the private sector must work hand in hand with various Governments, in stemming the spread of the global pandemic.

Operating in 20 African countries and in the United Kingdom, the United States and France, the United Bank for Africa has a strong record of supporting its communities.