Of extortion by microfinance banks

Some microfinance banks are taking advantage of the  unemployment situation in Nigeria to exploit their workers. They do so in such an inhuman manner, making the hapless staff to work hard for little or no pay.

These banks do not believe in honouring the employment terms and conditions that they themselves designed for the workers. In this connection, the regulatory authorities and well-meaning Nigerians should take a close look at the situation.

The practice is very rampant especially in a particular microfinance bank that has fully embraced the evil practice of threatening its workers and delaying salaries till almost half of another month.

Paradoxically, this practice is not reflected in the banks’ monthly reports submitted to the Central Bank of Nigeria, which presents a totally different from picture.

The claims I have made here can be easily verified with substantial evidences at the banks. Indeed, some of the banks engage in forceful deduction of staff salaries in the name of the boss celebrating his or her birthday.

They also compel workers to purchase dresses for parties costing as much as N35,000 on particular occasions, when the take-home pay of most workers is not more than N8,000 monthly, although this, too, is totally against what was written in the employment letters of workers.

• Adebusoye Francis