Money market

Hike in operational cost: Banks reduce work hours 



Banks’ operational costs have continued to rise in recent months over the uptick in inflation, hike in diesel pump price, high energy prices, and exchange rate crises.

To reduce the impact of these challenges on their profitability, banks like Access Bank and United Bank for Africa (UBA), have cut their work hours.

Nigeria’s inflationary pressure hit a 17-year high of 19.64 percent in July while energy source, especially diesel, has risen to an all-time high of N800 per litre.

Access Bank, in a notification titled ‘Adjusted Closing Time for Select Branches’ to its esteemed customers listed 83 branches in different states where its doors would be shut to customers at 3 p.m. instead of 4 p.m. The bank urged customers to consider processing most of their transactions via its digital channels.

“You can simply process most of your transactions via our digital channels, as a few of our Access Bank branches nationwide will be closed at 3 p.m. from the 29th of August, 2022,” the bank stated.

According to the bank, while some of its branches will continue to operate between 8 a.m. and 4 p.m., its electronic channels would be open to customers 24 hours every day.

Likewise, UBA Plc at the weekend also unveiled plans to adjust work hours in some of its branches to ensure the well-being of employees and customers alike.

The bank stated this in a notification titled ‘Notice of Bank Closure,’ sent to its customers.

The notice reads: “Dear customer, please be informed that some of our branches will now close earlier for the safety of our customers and employees. Our digital channels will remain available to you 24/7.”

GTCO and FirstBank and some others took such measures early in the year

He added, “We expect consumer price inflation to remain elevated in the coming months due to the lingering economic shocks from the Russian-Ukraine war. This will be further compounded by currency pressures.”

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