Banks’ workers lack skills, says CBN

Central Bank of Nigeria (CBN) has spoken on its on-going audit of bank workers.

The exercise, it said, was embarked upon because of the lack of skills and executive capacity among the workers.

CBN Acting Director, Financial Policy and Regulation, I. T. Nwaoha, said the audit, which started in November, last year, would be completed in November next year.

He spoke at the Chartered Institute of Bankers of Nigeria (CIBN) Graduates Induction Day in Lagos. The CBN and the Bankers’ Committee, he said, had appointed the CIBN to serve as the accreditation agency under the competency framework for the banking industry.

He said banks should start assessing their staff in key roles especially risk managers, auditors, compliance officers, treasurers, chief finance officers and other staff in controlled functions in line with competency framework.

Nwaoha regretted that the skill gap manifested in, among others, the lack of in-depth knowledge of core banking functions and poor understanding of basic banking operations; poor understanding of banking regulations; unethical conduct and unprofessional practices; and knowledge gaps in financial markets and treasury management.

He said reasons advanced for these inadequacies include the lack of a coordinated industry-recognised training accreditation and certification system as well as competency standards for practitioners in the industry.