The Central Bank of Nigeria (CBN) has warned commercial banks in the country to stop placing unrealistic deposit targets on their marketers, a practise many say have led some of these marketers into selling their bodies to prospective customers. Meeting thei targets are often made prerequisite for employment confirmation or promotion.
The CBN gave the warning during the 2014 Bank Directors Association of Nigeria stakeholders’ forum held in Lagos, where the Governor, Godwin Emefiele who was represented at the forum by Oneybuchi Kelvin of the Banking Supervision Department, said the practice was against the grains of acceptable ethical conduct and corporate governance.
Emefiele noted that the practice could induce negative moral implications, forcing bank marketers, especially females to meet unrealistic deposit targets to engage in illegal and immoral acts.
“The CBN is using moral suasion. We have been talking to banks about it. It is a continuous effort that we are making and we see the trend coming down. We cannot sanction the banks because it is completely a business decision.
“But then we are telling banks that it is a wrong business decision. We have been speaking to them to change the strategy because it is affecting the banking culture and the landscape of the industry.”
Kelvin, who represented Emefiele, while speaking further, said that “The Governor of the CBN is using the instrumentality of the bankers’ committee to talk to the management of banks to stem down on some of these policies. The intention is not to kill the marketing departments but to reduce the pressure by reducing the unrealistic targets that they place on marketers. The target should be realistic.”