{"id":39789,"date":"2020-04-25T19:13:11","date_gmt":"2020-04-25T18:13:11","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=39789"},"modified":"2020-04-25T19:13:11","modified_gmt":"2020-04-25T18:13:11","slug":"unegbu-urges-banks-to-support-customers-survive-post-covid-19-shock","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/unegbu-urges-banks-to-support-customers-survive-post-covid-19-shock\/","title":{"rendered":"Unegbu Urges Banks To Support Customers Survive Post COVID-19 Shock"},"content":{"rendered":"

The Managing Director of Maxifund Securities Limited, Mazi Okechukwu Unegbu, has advised Nigerian banks to grant their debtors who had suffered huge losses in the aftermath of COVID-19, a generous leeway that would enable them to bounce back and be able to settle their credit obligations.<\/p>\n

Unegbu also advised the operators of the banking industry to stay away from litigation or any form of legal processes in resolving any dispute with their customers.<\/p>\n

The former President of the Chartered Institute of Bankers of Nigeria and former bank CEO said these yesterday when he presented a paper at the monthly forum of the Financial Correspondents Association of Nigeria (FICAN),\u00a0 delivered via a Webinar on the topic: COVID-19 and the Future of Banking, in Lagos.<\/p>\n

\u201cThey should avoid litigation and sort out themselves through mediation. I think this is the viable way to go about it.<\/p>\n

\u201cBanks should tell their debtors something about their plans on managing the interest rate on facilities they have given to them.<\/p>\n

\u201cAll parties, including the banks and their customers, have been adversely affected by the COVID-19 pandemic. There is no exception. But I expect banks to sit down with their clients and find out ways to enable them to launch back and then settle their indebtedness,\u201d he said.<\/p>\n

He suggested that banks should offer their debtors a moratorium on the principal and at least 50 per cent reduction on the interest rates.
\n\u201cBanks should get mediators instead of being legalistic,\u201d he said.<\/p>

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He added that the future of banking in the post COVID-19 era was\u00a0 digital operation and strong partnership with Fintech companies that would yield enhanced service deliveries to their clients.<\/p>\n

Other features of the banking in the post pandemic environment include\u00a0\u00a0enhanced cyber security, widening of financial inclusion, improved lending and creation of credits, mortgage financing and staff training.<\/p>\n

\u201cBanks should encourage the evolution of mortgage firms that can offer facilities with repayment period of between 10 to 25 years. They should also provide adequate training to their staff on critical areas banking operations and relationship with clients rather than harping on deposits mobilisation alone,\u201d he said.<\/p>\n

Unegbu expressed hope that Nigeria should witness a \u201cU\u201d curve rather than a \u201cW\u201d curve in the management of the COVID-19 pandemic.<\/p>\n

He pointed out that the \u201cU\u201d curve would enable the country to exit the pandemic once and for all while a \u201cW\u201d curve would mean another resurgence of the pandemic after the current experience, which he said, would be very devastating to the economy.<\/p>\n

Unegbu also said Nigeria should encourage, through the banking sector, the promotion of product incubation that would promote local manufacturing rather than relying on importation. \u201cWe should stop living on denial. We have seen it happen during the Biafra-Nigeria war how Biafra produced most the things it needed within its boundries,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Managing Director of Maxifund Securities Limited, Mazi Okechukwu Unegbu, has advised Nigerian banks to grant their debtors who had suffered huge losses in the aftermath of COVID-19, a generous leeway that would enable them to bounce back and be able to settle their credit obligations.<\/p>\n","protected":false},"author":6,"featured_media":13307,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[17],"tags":[1541],"coauthors":[2391],"class_list":["post-39789","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-news","tag-banks"],"yoast_head":"\nUnegbu Urges Banks To Support Customers Survive Post COVID-19 Shock - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/unegbu-urges-banks-to-support-customers-survive-post-covid-19-shock\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Unegbu Urges Banks To Support Customers Survive Post COVID-19 Shock - 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