Banks urged to collaborate for effective service delivery

By Ifeanyi Onuba

In order to deliver quality services to customers within and outside the country, commercial banks have been called upon to collaborate with other financial service firms at the domestic and global front

The General Manager, Global Access Investment Consult, Mr. Ismaila Yusuf, stated this during an interview on Friday.

He said that since Nigerian banks were adopting the concept of offshore banking, there was the need for them to collaborate with other transaction banks in other countries in order to satisfy customers

In terms of trade, he said that banks should work with the logistics and other chain providers to add value to other customers across borders.

According to him, “Nigerian banks not only need to cooperate with each other, they should also do this regionally and internationally so that they can perform more effectively.”

He noted that this became imperative in order not to feel the impact of the global financial meltdown currently affecting major economies in the United States, Europe and Asia.

He added that rather than engage in unhealthy competition, the banks should adopt strategies on how to assist in moving the economy forward.

He said “One key strategy that has sustained the banks in other African countries has been their attitude of collaboration. The banks must collaborate to compete effectively.”

For more efficient inter bank settlement in the country, Yusuf explained that the Central Bank of Nigeria must collaborate with operators at all levels adding that the Federal Ministry of Finance should take the initiative in this direction

In order to eliminate foreign exchange settlement risks, he said a large number of banks had already created a currency link settlement.

This, he explained, was a network of banks which settled on the same day through an international settlement scheme that comprised over 17 foreign currencies around the world. -punchng
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