Backstage 27 October, 2008

The Trust philosophy is supposed to radiate universally. Maybe it does - on paper. In practical terms, however, it does not. All over the world, there are bankers to whom the Trust philosophy is morally alien. But sane governments, at least, not only enact legislations to rein in such kleptomaniac bankers, they ensure the laws are obeyed. The fear of punishment and the commitment to curb corruption generally impact extensively on fashioning a polished banking culture where Trust can still be flaunted as an operational philosophy.

In Nigeria, bankers are deleting the Trust tradition in their profession, if the truth must be told. Bank managements have joined the mad race for material acquisition and naturally, their customers are largely their victims. Banks have devised all sorts of deductions, many of which are downright illegal, to fleece their customers, nearly all of whom are none the wiser that their hard-earned savings are being stolen by the very people to whom the monies are entrusted.

If the banks are not stealing from the people, their own staff are, in the vicious cycle of breach of trust. Their staff, not contented with pinching from customers’ accounts, have gone so criminal as to be conniving with deadly armed robbers to perpetrate huge heists.

The situation is, indeed, worrisome. This week, your favourite magazine exposes how banks cheat their customers.The cover story, anchored by Senior Staff Writer, MICHAEL MUKWUZI, is an illuminating piece that instructs on what to watch out for in transactions with your bank.