Well how can I forget September 2008 when my bank was having its financial year end (which in the Nigerian Banking industry means every bank starts to scramble around for large money deposits in order to claim the no.1 spot for having the largest liability base…the grand prize being that you get to keep your job!).
I remember how fellow colleagues would genuinely fall ill with stress, some with high blood pressure, and why? All because they got SMS/text messages at odd hours of the day (including weekends) from bosses who taunt them to AGGRESSIVELY PURSUE current accounts and fixed term deposits or to REALIZE GROWTH in their account portfolio. I remember when each week would be inundated with impromptu meetings – meetings with other bank branches’ marketing team and their respective managers. Such gruelling sessions were like the ‘Show and Tell’ in Elementary/Primary School…only, you were showing to the whole audience how you planned to leap from a balance sheet of N100m (One Hundred Million Naira) to N250m in under 3weeks. I remember the tall tales marketing staff used to tell…stories of fat cheques that were due the following week…and then the following week…and then the following week. I remember how they had to defend their jobs by justifying why they should still be paid their salary.
I remember how the boldest and most confident of marketers would suddenly be reduced to a bucket of nerves as they stuttered through their cock and bull Deposit Mobilization strategies. Of course their bosses were quick to ridicule and threaten them with a letter of displeasure – that’s a prelude to a sack, in simple English. I remember how some marketers avoided the subsequent meetings especially when the millions they promised the previous week never materialized. Oh, how I remember how some banks would accept to pay to willing Fixed Deposit customers outrageous rates well above that of the Central Bank of Nigeria (CBN) and in some cases staff would make up the interest difference from their own personal funds to pay to the oblivious, greedy customer. I remember the pressure got so much that you could cut the tension in bank branches with a knife. You were almost driven to the point of holding customers at gunpoint just so they took you more seriously and coughed out the millions that we so stupidly thought they were hiding at home under their matresses.
I remember how some marketing staff would encourage their known customers to move funds from competitor banks into ours. Even worse was when a branch within the bank moved funds from another bank branch, meaning the bank as a whole wasn’t actually growing but suffering a bout of indigestible cannibalization of accounts. I remember hearing stories of female marketers who would ‘stoop so low’ just to get a measly million into their account portfolio…and in some unfortuante cases were given dud cheques: a classic Lose-Lose situation.
I remember how the month would draaaaaaaaaaaaaaaaaaaaaaaaaaaaaaag and your demanour was truly tested. Some who couldn’t take the heat or the humiliation any longer dropped their resignation letters and stayed at home waiting for the grass to get greener somewhere else…anywhere else. I remember how some skilled marketers would turn on the waterworks when a customer came into the branch to make a portfolio-shattering withdrawal in this ‘ember’ month. I remember how I almost uttered to my superior ‘What are YOU doing to ensure that we grow our deposit base? Show me YOUR prospect list! How much money have YOU brought today? How many phone calls have YOU made? Why should the bank still be paying YOUR salary???’ I remember it all too well and now I have another 13days to go before I can even begin to forget September 2009. “Lord, give me strength…”
It is worthwhile holding varying denominations of Naira for ease of giving or receiving change e.g. N5, N10, N20, N50, N100, N200, N500, and N1000 notes. Refrain from carrying excess cash in hand. At the same time, do not flash/expose so much cash when you are out in public. You can attract the wrong kind of attention and become vulnerable to theft.
For the men, do not put your wallets in your back pockets – even if you wear tight jeans. For women, keep your handbags closed/zipped up at all times. Do not count large amounts of money in public view – that includes even when you are in the comfort of your car. Passers by (especially some street hawkers) are constantly watching and may serve as informants for thieves ahead.
If you are not planning to live in Nigeria, and therefore do not want to open a local bank account to deposit large cash sums, you can get a Naira Cashcard in order to save your pocket money. Cashcards are like electronic wallets that do not require account opening. The cards are available from most banks and the cost of one can range from N100 and N500. There are usually no monthly fees attached to them and they can be used for making ATM withdrawals, POS (Point of Sale i.e. like in Eateries, Cinemas and reputable Supermarkets), and internet transactions. Cash loading limits and loading fees may vary across banks.
When buying from street hawkers whilst you are in a moving car (this is common activity with motorists during traffic jams or ‘go-slow’), always make sure you receive the item you want to purchase before you release the cash. Also try to hold the exact amount of cash for your purchase as most times the hawker may not have change to return. In doing so, you can prepare the hawker e.g. you want to buy something of N150 but you have a N200 note. You ask the hawker if he has N50. He/she has N50-change ready and then you collect the item and the change before handing over your N200 note – You wouldn’t want to hold up cars behind you because you’re waiting to collect change, nor would you want to jump out of your car chasing a hawker who ran off with your change!