Home News Extension of banking hours soon

Extension of banking hours soon

by Business News Report

Commercial banks may soon have their banking hours extended from 1.30 p.m. to 3 p.m. to enable them cope with the increasing customers that now patronise the industry.
A source close to the National Cash Management Committee told The Republic that the proposal has received the attention f the committee in its weekly meetings usually held on Fridays.
The proposal if approved will make banks open for business to customer up to 3 p.m. every working day. At the moment commercial banks open to customers on Monday 8 am to 3 pm. Tuesday to Friday 8 am to 1.30 p.m.
The National Cash Management Committee is made up of about 30 members drawn from the ministry of finance and the Central Bank of Nigeria, CBN.

The committee according to our source has the finance minister as chairman. The ministry of finance is represented at the committee by the permanent secretary and heads of departments in the ministry.
Another member of the committee, the source further said, is the Accountant General of Federation.
The need to extend banking hours emanates from the needs of the Nigerian business community and the workforce.
The business community has been putting pressure on the authorities to prevail on banks to open up to 3 p.m.
They are said to have argued that at noon when business seems to be booming for them, the banks close their doors. This situation eventually leaves them with large cash balances that often attract thieves and armed robbers.
It was also disclosed that most workers leave their seat in the early hours of the day in order to meet banks on beat. If the time is extended, there would be no need for such a rush.
At the United Bank for Africa an officer of the bank who spoke to The Republic on the issue said although they have not been officially informed, it would be a welcome development if the hours of attending to customers are extended beyond the ordinary 1.30 p.m.
He said that UBA had long advocated a kind of weekend banking services to customers in urban areas.
CBN sources would neither confirm nor deny knowledge of the proposal. An official said that what affect the working hours of commercial banks would equally affect them. This, he said would mean more work as vouchers have to be posted for the whole day’s transaction.
He further said that bankers who close from work at about 4.30 or ordinary days and 5 p.m. on Mondays may have to close by 5 p.m. each day if the proposal sails through.

Related Posts