COVID-19: Access Bank, Ecobank Bank Leverage Online Channels

Proshare

Tuesday, March 24, 2020 / 1:03 PM / Ottoabasi Abasiekong for WebTV / Header Image Credit: LA City

 

With about 40 cases of the Coronavirus pandemic confirmed in Nigeria, and the first death recorded yesterday. The Federal, State governments and Corporate Nigeria have intensified efforts to contain the pandemic. 

 

For the financial services industry it has become a top priority as two (2) deposit money banks in Nigeria Access Bank and Ecobank announced that some of the cases confirmed had contacts with their respective bank branches. 

 

Access Bank reported the case of one of customers in a Lagos branch, while Ecobank reported that of the first Nigerian to die of COVID-19 infection who was at one of its Abuja branch recently.

 

This has led to the decisions of closing the affected branches and placing all their staff on self-isolation for the next 14 days. 

 

In their separate communications the banks advised all those who had come in contact with the affected branches during the period to self-isolate and contact the National Centre for Disease Control (NCDC). 

 

This brings to the fore the growing concerns that bank branches are in an unintended manner serving as transmission points for COVID-19, a situation which requires urgent attention. 

 

It further strengthens the need for customers to take seriously the use of online and virtual channels for financial transactions. 

 

In Europe, Commerzbank due to the COVID-19 pandemic is closing hundreds of its approximately 1,000 German locations. 

 

By shuttering its locations Commerzbank is deploying panels fixed in and out of the branches, that guarantees the health and security of its staff as they interact with customers

 

For the United States of America most banks have closed their branches and have switched to Drive-Through and ATM operations, to serve their customers and guard against the spread of the virus. 

 

Also, banks like Goldman Sachs, Bank of America and Morgan Stanley have crafted split operation strategies for their staff during the period. 

 

In the United States there is the Federal Financial Institutions Examination Council, which published the 2007 guidance, that provides pandemic planning guidance for banks in the country . 

 

The FFIEC is Chaired by the US Consumer Financial Protection Bureau 

 

United Kingdom Banks on their part are enforcing the social distancing principle of only 2 customers at a time in the banking hall. This had led to long queues but the banks have emphasized 'Safety First' in the midst of the pandemic.

 

Following recent developments in 3 banks in Nigeria concerning COVID-19, the Central Bank of Nigeria (CBN) and money centre banks will need to emphasize the importance of digital banking. 

 

Analysts note that social distancing should be entrenched with at least 3 people allowed in any bank branch at a time. 

 

Nigerians have been encouraged to use ATMs, USSD banking modes and online financial services. 

 

Proshare Nigeria Pvt. Ltd. 


Related News

1.       COVID-19: Presidential Task Force Issues Statement; FEC Meetings Suspended Until Further Notice

2.      Coronavirus: Oyo State Activates Emergency Operating Centres, Names Incident Manager

3.      WHO launches Health Alert service on WhatsApp

4.      COVID-19: Lagos and Ogun States Ban High Density Social Gatherings

5.      NCDC Releases Self Isolation Guidance for Nigerians

6.      Coronavirus: Dangote Fertilizer Contractor Staff Quarantined

7.      Africa CDC Guidance on Community Social Distancing During COVID-19 Outbreak

8.     Africa CDC Policy Recommendation for AU Meetings and Travel During COVID-19 Outbreak

9.      FG Calls For Unity Of Purpose Against Impact Of COVID-19

10.  COVID-19: The Wealth and Health of Nations

11.   President Buhari Appoints SGF Boss Mustapha As Chairman Of Presidential Task Force On Coronavirus

12.  Coronavirus: How Nations Tackle The Disease As The Global Economy Slows Down

13.  Coronavirus: IsDB President Calls For Coordinated Efforts To Tackle Pandemic

14.  FG Inter-Ministerial Meeting Reviews Strategies On Containing Coronavirus

15.  Arbitrary Increase in Prices of Protective and Hygiene Products on Account of Coronavirus Concerns

16.  WHO Director-General's Opening Remarks at the Media Briefing on COVID-19

17.   First Case Of Coronavirus Confirmed In Lagos

18.  Is Nigeria Ready for a Health Epidemic?

19.  NSE Celebrates World Cancer Day, Launches Fundraiser for 2020 NSE Corporate Challenge


Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.

READ MORE:
Related News
SCROLL TO TOP