This strategy implored by many banks would
help to curb the impact of the rising cost of their operating expenses.
Another strategy implored by others was to
limit stay periods for their staff at the office. For instance, Guaranty Trust Holding Company Plc (GTCO Plc) has cut its banking service hours.
The lender in a mail sent to its numerous
customers recently notified them that the banks’ branches will now close by 4
pm instead of 5 ppm.
The bank, which had pioneered the 8 am to 5
pm operating hours, had in the mail stated that effective from yesterday,
Monday, March 21, 2022, notified customers that its branches will now close by
4 pm.
“We would like to inform you that our
branches will now open from 8 am to 4 pm, Monday to Friday, effective Monday,
21 March 2022. Our secure and convenient digital banking channels are always
available to you,” the mail read.
Also, staff working in a branch of a Tier 1
bank had noted that they had been told to switch off the generators by 4 pm
prompt and that they were not allowed to remain in the banking hall past 4 pm
unless there is power supply by the electricity company.
“We were told that unless there is PHCN
light, anyone still at the office after 4 pm is there on his or her own accord
because the generators will be off by then.
“This means that all the account balancing
has to be done by then or it will be concluded by the next day. We are however
always praying that there is light in the afternoon so that we can finish up,”
the staff explained.
A bank official in a Tier 2 bank who works
in the head office said, due to the rising cost of diesel, the bank has limited
the time that staff could stay at the office.
“Although the official closing hours is by
5 pm, before now, people stay back till around 7 pm and even the staff bus
doesn’t leave till around 6.30 pm.
“But because the bank is trying to reduce
cost, we have been mandated to leave the office by 5 pm prompt. Everyone has to
leave. Even the staff bus leaves by 5 pm now. That way the bank can reduce fuel
consumption,” he said.
The staff added that it is likely that the
bank is looking at alternative energy sources such as solar.
Meanwhile, the head, of Financial
Institutions Ratings at Agusto&Co, Mr Ayokunle Olubunmi, noted that more
banks will be looking at the option of solar-powered operations as they strive
to reduce the impact of the soaring diesel cost on their operations.
“What banks are trying to do is show they
can reduce the impact to the barest minimum. But despite that, the high cost of
diesel is still going to have an impact and what the banks are trying to do is
to reduce it.
What has happened over the last three years
is that most banks are trying to transitions into alternative power supplies.
Before now most banks rely solely on PHCN or diesel but banks are now bringing
in solar panels into the mix, with this we are going to see more banks pushing
that,” he pointed out.