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Panic in Kwara, with gov’s new directive..over 2,000 bankers may lose jobs

MicroFinance Banks in Kwara State are raising the alarm that no fewer than 2,000 workers of microfinance banks (MFBs) will lose their jobs following the state government directive.

About three weeks ago, the government directed civil servants, pensioners and other categories of workers having salary accounts with MFBs to migrate to commercial banks for alleged ease of salary payment

They are urging the government to rescind its decision, noting that the implications of such action were debilitating.

We learnt it will lead to increase in bad debts capable of increasing the portfolio at risk (PAR) of the banks to intolerable level by the Central Bank of Nigeria (CBN); the efforts made by MFBs to meet up with the new recapitalisation policy of the CBN may be jeopardised;

services being rendered to the civil servants and the poor masses will no longer be achieved.

“The policy will also impact negatively on the financial inclusion policy of the CBN in the state. Currently, we have about 28 MFBs across the state with about 2,000 workers and close to 13,438 civil servants and pensioners banking with only 15 MFBs that was capture as at February 25.
Then, civil servants are indebted to the MFBs to the tune of about one billion Naira, as it relates to the 15 banks. Statistics for the remaining 14 banks are yet to be captured.

About 2,000 workforce of these banks are likely to lose their jobs in the event that these banks are insolvent, thereby increasing unemployment rate in the state.”

Interestingly, It is on record today that most parts of the state are without the presence of commercial banks and this will be stressful for civil servants to enjoy the desirable banking services if their salary accounts are moved from their immediate environment.”

About Younews Ng

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