Many of those affected are casual workers, contract staff, and those performing other support services in the industry. First, the Central Bank of Nigeria (CBN), as the regulator of the sector needs to intervene in enhancing job retention in that sector. Hence, the Central Bank would need to intervene to stop any frivolous staff turnover in the banks. Ironically, the staff unions in the industry may have little they can do in this regard given that many of the new generation banks are not unionised. Nevertheless, the National Union of Banks, Insurance and Financial Institutions Employees (NUBIFIE) and the Nigeria Labour Congress could still engage the banks and ensure that they are humane in their treatment of issues that concern their staff regarding job retention, avoidance of unnecessary pay cuts and general staff welfare.

Source: The Guardian January 27, 2021 03:27 UTC