The Nigerian banking sector is facing a crisis of confidence as workers threaten to go on a nationwide strike over economic hardship and poor working conditions. The workers, under the umbrella of the National Union of Banks, Insurance and Financial Institutions Employees (NUBIFIE), have given the government and the Central Bank of Nigeria (CBN) a 14-day ultimatum to address their grievances or face industrial action.
Workers demand better pay and welfare
The workers are demanding a review of their salaries and allowances, which they say have been eroded by inflation and currency devaluation. They also want the government to implement the new national minimum wage of 30,000 naira ($73) per month, which was approved in 2019 but has not been fully implemented in the banking sector. The workers claim that they have not received any salary increment since 2014, despite the rising cost of living and the impact of the COVID-19 pandemic on their health and safety.
The workers are also unhappy with the CBN’s policies, which they say have adversely affected their jobs and income. They accuse the CBN of imposing excessive charges and penalties on banks, which have led to retrenchment, outsourcing, casualization, and contract staffing of workers. They also allege that the CBN has failed to protect the interests of depositors and customers, who have been subjected to poor service delivery, fraud, and cybercrime.
Government and CBN urged to intervene
The workers have called on the government and the CBN to intervene and address their demands before the expiration of the ultimatum on September 19, 2023. They warn that if their demands are not met, they will embark on a nationwide strike that will paralyze banking operations and services across the country. They also threaten to mobilize other trade unions and civil society groups to join them in their protest.
The workers say that they are not asking for too much, but for fair and equitable treatment in line with international best practices. They say that they are ready to dialogue with the government and the CBN, but they will not accept any further delay or denial of their rights. They urge the government and the CBN to act fast and avert a looming crisis in the banking sector.
Implications of a possible strike
A possible strike by the banking workers could have serious implications for the Nigerian economy, which is already struggling with recession, insecurity, and corruption. The banking sector is vital for facilitating financial transactions, intermediation, and inclusion in the country. A disruption of banking activities could affect businesses, individuals, and government agencies that rely on banking services for their operations.
A possible strike could also worsen the already fragile confidence in the banking sector, which has been hit by several scandals and crises in recent years. The banking sector has witnessed several cases of bank failures, frauds, cyberattacks, regulatory sanctions, and customer complaints. A strike could further erode trust and loyalty among depositors and customers, who may opt for alternative financial platforms or informal channels.
A possible strike could also undermine the efforts of the government and the CBN to revive the economy and stabilize the naira. The government and the CBN have introduced various policies and interventions to support key sectors such as agriculture, manufacturing, health, and education. A strike could hamper the implementation and effectiveness of these policies and interventions, which depend largely on the availability and accessibility of banking services.
