Banks To Retrench Worker As Mdas Closes Accounts

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The Nigeria Banking Industry is due to perform another round of retrenchment following the expiration of the MDAs accounts closing dealine of September the 15th.
 
Financial experts have revealed that the adoption of the TSA, Cash Revenue Ratio and the phasing out of Commission on Turnover, COT, would mount significant pressure on the profits of deposit money banks, leading to cost-cutting which will include downsizing of workforce.
 
Head of Investment and Research at BGL Securities, Femi Ademola, said that the combination of the TSA and CRR implementation would expose the banks’ need for proper financial intermediation to improve liquidity and returns.
 
He expressed fear of the increase of unemployment in the country as an estimated 20,000 bank accounts operated by the MDAs will be closed from today, September the 15th.

 

 

Posted on September, 15 2015

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