The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI), has raised alarm that job losses are looming in Nigeria’s financial sector, citing Standard Chartered Bank’s plan to reduce its buildings in the country by 50%.
BizWatch Nigeria had reported that Standard Chartered Bank, in its calculated move to become more competitive in financial technology (fintech) sub-sector, commenced the closing of its branches in December 2021.
According to insiders familiar with the development, the financial institution would continue closing its branches in Nigeria until they are reduced to 13 from 25.
Reacting to the bank’s closing of its branches, President, ASSBIFI, Oyinkan Olasanoye expressed concerns that some Chartered Bank’s workers might lose their jobs as a result of the bank’s commitment to drive its fintech goal.
“It is not possible for any bank to reduce branches that it won’t affect the employees. Despite the digitalisation, it is the employees of these banks that are still feeding the necessary machines and the necessary equipment to be able to work better.
“This will bounce back to Nigerians generally because Nigeria’s economy is a dependent economy, so those bank workers have some relatives and friends that they still assist financially. A single worker laid off will affect many Nigerians,” Olasonoye was quoted as saying as she spoke against the backdrop of the development.
Continuing, she added: “It is not every staff that works in Nigerian banks that are full bank staff. The majority of them are contract workers.
“Standard Chartered Bank employees are not members of any union in Nigeria. If they were unionised and those people are our members, we would go into negotiation with the management on severance package, the allowance they are going to be paid.
“And one other thing again that we do in ASSBIFI is that we talk about reducing the number. If the management wants about 50 workers to go, we find a way to do negotiation to reduce the number to a lesser figure because of the effect on the families and the economy at large.
“But as long as they are Nigerian workers, if they walk into any of the labour centres, their case will be taken up and can then be directed to ASSBIFI level to be taken up on the ground that they are Nigerian workers.”
