28/06/2020
Access Bank Plc has been receiving several backlashes and rain of insults from customers in the last 24 hours, social media has been on fire as a result of yearnings from various stakeholders of the bank.
The bank had earlier admitted in an email to customers that it FORGOT to implement a mandated stamp duty charge on applicable transactions between February 1, and April 30, 2020, and went on to slam the backlogs of the stamp duty charges on the customers. The bank said it failed to enforce the charge for three months, as required. While apologizing to its customers for the oversight, Access said it will now be required to deduct the accumulated charges for the said period from their accounts.
This generated serious reactions as many customers received back-to-back debit alerts between Saturday 27th to Sunday 28th of June 2020 and led to various customers ready to part-ways with the bank. Many even threatened to storm the bank on Monday morning 29th June 2020 and close their various accounts.
My worry and questions are: how can a big brand of such “Access Bank” claimed to forget charging its customers for three months? Whose error is this? Who should pay for such an error? Why slamming the poor customers, the backlogs at once which impacted negatively on the customers’ savings?
The perceived actions and yearnings of customers have now made the bank to realise its mistakes, back-down on the charges through reversal, and also admitted and took ownership of the error, agreed to pay the heavy price from its own purse on behalf of its customers.
I salute the courage of the management of the bank by moving swiftly in correcting this wrongdoing by being timely and responsive to stakeholders’ yearnings.
This clearly shows that the era of traditional banking, is over and the era of “SUSTAINABLE BANKING” is here. Gone are the days where banking decisions are made by looking at the financial return/profits alone. In sustainable banking, core business decisions are now being made by not only looking at financial considerations but social and environmental returns and risks combined.
In sustainable banking, the triple-bottom-line (Environmental, Social and Governance) approach is employed, the Management approach and responsiveness is the key, transition from the narrow SHAREHOLDER model to the broader STAKEHOLDER model, which aimed at long-term value creation for the wider community is very essential.
Once again, I salute the courage of the bank in correcting its wrong by doing the needful as a bank of such with several accolades and awards in sustainable banking practices should not only be fragile in making such a mistake but also be quick, bold, and responsive in correcting its wrongs. This again shows that in today’s banking world, “STAKEHOLDER” is the KING and not “SHAREHOLDER”.
All commercial banks and Other Financial Institutions (OFIs) should emulate Access Bank’s responsiveness and Management Approach in responding to stakeholders’ yearnings especially as it concerns this occurrence which is very key in rebuilding customers’ trust and loyalty.
Debo Adeniyi,
Executive Director and Global Sustainability Leader,
Centre for Global Solutions and Sustainable Development