FITC boss commends TSA, says banks now in proper business

bank-greeneuropeanjournalTHE Managing Director and Chief Executive Officer of Financial Institutions Training Centre (FITC),Dr. Lucy Surhyel Newman, on Thursday supported the new Treasury Single Account (TSA) policy of the Federal Government, saying banks can now start proper business of banking.

Since the new economic policy on warehousing of government revenues only in the Central Bank of Nigeria (CBN) took effect two days ago, commercial banks havebeen on edge over fears that the policy aimed at curbing corruption might negatively affect bank workers who may lose their jobs.

But the former banker and International Director of the International Society for Performance Improvement (ISPI) said although the policy may not favour some business outfit, it was however commendable.

Newman, who spoke on the topic: “The challenges Nigerian business organisations face in navigating the perilous socio-economic terrain – HR to the rescue” atthe 2015 yearly lecture/luncheon of Lagos Mainland Personnel Practitioners’ Consultative Association (PPCA) in Lagos, said theinitiative will revolutionise the banking sector and put them into proper banking business.

She said: “I used to tell our colleagues who are complaining about the policy that TSA may be painful but it is commendable.”

“We can now start proper business of banking.Before now, we were trading,” she added.

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  • amador kester

    This is the apt moment for focussed banks to go into real banking business of lending to small l scale businesses etc to grow the economy exponentially.The cbn is mandated as the banker to govt. Commercial banks have no business with public funds.Its the mother of economic impunity

  • emmanuel kalu

    That is exactly the right move to make. TSA would reduce corruption, improve budgeting and forces banks to become more focus on lending, financing and growing their deposit.