Chinwe Ochu
2 July 2009
analysis
Lagos — They are the envy of many of their university colleagues. They dress well according to the detect of the job. Some of the young bankers, especially those employed in the marketing department of are actually suffering and smiling. They say the pressure on them to bring customers' deposits to their banks is driving many of them to employ dangerous alternative means.
Miss Adaobi Dioka (not real name) is not sure if she will be sacked next week. She had been recruited by one of the generation banks six months earlier and had gone through the compulsory two weeks induction course that would prepare her for the tasks ahead. However, the excitement of having a job is gradually wearing off as daily pressures of meeting her target is unnerving her.
She had been employed as a marketer or sales person. Her major responsibility is to bring in more customers for the bank through the opening of new accounts for those interested. Her deposit budget or target is N300 million in three months, which is called 'CABAL' or Current Account Balance.
Six months after recruitment, she has only been able to get customers to deposit N10 million or thereabout. Adaobi's direct boss known as the Group Head has given her a call asking her that dreaded question: "How much is in your CABAL?" To any listener, that question is an innocent one; maybe to inquire of the subordinate's well- being. But, far from it. The question normally precedes a sack, which Adaobi fears she will get by the time she resumes work on Monday.
"Even during the recruitment interview stage, there was so much pressure. Your interviewer asks you how much can you bring into the bank in a certain period of time. They also ask what wealthy person you are sure would be interested in becoming the bank's customer. The pressure is too much," she said.
"It is haunting, and the fact that you are not sure of your employment status in the bank. The pressure in the banks cascades down to our families. They feel it too. The lack of time by bank marketers has translated to lack of good relationships with spouses and other family members. Most times, they go into unhealthy habits as a source of distraction from the stifling pressure."
For Adaobi to improve the status of her CABAL, she has to source for customers-people who presumably have accounts in other banks. Convincing these prospective customers is a task that requires extra human efforts-sexual gratification, false promises of exceptions and waivers, bribery to directors of ministries, agencies, parastatals and other relevant institutions. In extreme cases, which are becoming rampant, voodooism is employed.
Adaobi is not left out in this situation. So, this therefore is not a gender- specific issue. Eddy, a staff of another bank told THISDAY, how he was approached by a customer with the advice: "Let me take you to where your fellow bankers are doing it. I have taken some to this Ijebu man in Garki (somewhere in Abuja) and they are making it." This tells the extent at which marketers go not to loose their jobs.
The questions are: Are these bankers not doing enough to get customers for the bank? How does the bank expect such deposits to be brought in within the specified time; considering the number of banks in Nigeria? At what point should the line be crossed? How far is too far?
A little background into why marketers in banks are embroiled into the daily competition to bring deposits into the banks will give us an insight into what they go through. This therefore does not justify the great length at which the banks push their staff.
Early in 2005, the Central Bank of Nigeria as regulators of financial institutions in Nigeria gave an ultimatum that banks that do not achieve N25 billion capitalisation will be blacklisted. This was aimed at getting banks in Nigeria ready and prepared financially for big international transactions like exploration activities in oil and gas in countries like Angola, Sao Tome and Principe.
If a bank does not have adequate capitalisation and invent in such transactions, the banks may go under. Also, International Monetary Fund (IMF) has a particular requirement of the amount of capital base that a bank should have before investing in such transactions. December 31, was set as the deadline and much success was recorded as a lot of mergers where achieved and Nigeria's banking institution was better for it.
At the end of the day, the need arose for banks to merge and create big banks to compete with other banks across the world. Stiff competition became the order of the day bank imposed huge, unrealistic budgets on their staff. They hustled for increase in profitability, deposit base, assets, branch networks and spread.
In more recent times, banks have now diversified into other sectors of the economy like telecoms. That is why one would see branches of some banks having telephone shops in or outside the banking premises. Why would banks not need extra funds for investments and who are in better position to source for customers than young, beautiful, resourceful graduates looking for means of livelihood?
Let's examine how cabals are shared and how marketers end up with such ridiculous amounts on their heads. A bank's region is given a particular budget that sums up to the whole bank's target. The deposit budget imparts on the bank's productivity and hierarchy in Nigeria's banking system. For example, a bank could be aiming at N1 trillion naira or in foreign currencies. Then, the regions are divided into geographical regions. Further down, branch targets are given by the geographical regions, depending on the size and location of the branch.
When it gets to the branch, the branch head will divide the targets into the number of marketers in the branch. They, in turn are divided into groups- like energy, infrastructure and retail groups. There are groups and individual targets. The target of each marketer is dependent on the cadre or the level of the staff; which are also given both in local and foreign currencies.
As THISDAY was carrying out the investigation for this piece, it was observed that for the past two years, members of staff that were originally recruited in the operations department have their financial targets too, despite how minimal it may seem.
Adaobi disclosed that the head of any group has the discretion to choose group members. "If you think that your group head has your best interests at heart, you should think again. He doesn't care about you. At the end of everyday, your group head will ask you, 'How many cheques did you bring in today?' Even as you are walking into the bank, you are accosted and asked similar questions. Comments like: 'We do not want you to use the bank's car and resources and still come back at the end of the day with no account.' It can really be embarrassing and tormenting.
"Every Monday morning, meetings are held that affords the marketers the opportunity to give an account of how much their CABAL reads at the present and their strategy for the week ahead. You are told: 'Commit a particular account you intend to bring in this week.' Sometimes, meetings are held any time, depending on the amount of pressure your group head gets from the branch head. The scary thing is that they can increase targets at any time, cascading figures as they wish."
Eddy earlier disclosed the unpredictability of such a marketer's stay in the bank. "Anytime, you could get a call from your group head and he would ask you: 'What exactly is your CABAL?' At that moment, your sack letter could be in the process of being prepared. Also, you should realise that members of your group are not your friends. The group head could ask the members to "donate" a member for the sack. When a marketer does not reach his target, the bank lays him off to cut down on costs since you are not contributing much."
All these are just a few of what marketers in banks go through daily on the job. The smart ones amongst them are all too aware of how precarious their positions are and have wisened up. Most of them have what they call 'go to hell accounts' (savings account stashed away for the rainy day). They in essence are telling their employers that they are ready for the worst. Some others invest most of their salary and wait to use the returns when the need arises. Others on the other hand, have the previous two or have the goodwill of customers they met on the job. They rely on that and wait for when the hammer will fall.
It's really heart-wrenching what goes on in the banks- the insensitivity, callousness, promiscuity, bribery and selfishness. It's a case of dog eat dog or cat eat cat attitude or what is normally called pull down people (PDP) syndrome.
Adaobi is not yet sure if today will be her last day as a staff at the bank. Only time will tell.
Nigeria should be a land that encourages the youth and not to cause the depression the morally- upright ones by giving them no choice to stand on their values. Since the banks have the capability to employ more than 70 per cent of the country's graduates, there should be regulations by the Central Bank of Nigeria to reduce the stringent conditions that bank marketers are given.
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