Every finance space has bad players. These players use unhealthy practices to gain undue advantage over peers. A good and well regulated finance space should ensure level and fair playing ground for all players. In fact technology has made that easier to achieve.

However, due to some reasons or the other, some bad players still find a way to influence the sector such that undue advantages are gained. Now, calling on all regulatory bodies in the Nigeria finance sector to be on the lookout when they inadvertently become cohorts with these bad players.

In what ways do strong bad players gain undue advantage?

1. Unchecked and unwholly monopoly
Some industries and players in the space are huge monopolies, not because they are so great at what they do, but because they have been able to learn the rope and understand how to stifle life out of competitors because of their networks and influences. Let us turn the search light on every monopolistic giants today and deliberately look out for ways they play unfairly leading to stifling life out of upcoming competitors.

Some bad players do this by unhealthy pricing. Let us turn on the search light.

Even in the banking sector, if not for strict regulations, some industry giants if they have their way, would swallow smaller players. We must always remember that it is not always about size. What of good corporate governance? Even some seemingly big banks are ticking time bombs if we leave out good corporate governance.

2. Giant industry entrants influencing policies
A giant new insurance entrant recently in Nigeria was already mulling a capital base of about N50 billion Naira for the sector players. You are a new entrant, but you have the financial muscle. But now, you are not a regulator of the sector. But if the regulators should listen to your words and raise the bar, many existing players will die off, giving room for your new firm to gain the grounds you want. You are new.

Now, the fact that this new entrant has the muscle due to networth does not mean the existing players do not know what they were doing.

I call on regulators to watch closely and not fall for these seemingly unfair tactics that has the tendency to make the giants more successful while the existing smaller players got life stifled out of them. That is unfair I believe. This is not mentioning of names, but when some things are unfair, we must nip the practice in the bud.

3. Unhealthy, unhuman HR policies / employment practices
What of employee treatments? Some banks are grooming disgruntle employees who are simply working for the money knowing fully they deserve better. Employees unfair treatments can also be regarded as unhealthy industry practices.

There are banks today who have very bad HR policies. We need regulators who would look into this. While these banks keep declaring humongous profits, how are their employees fairing? Are they being treated fairly? While one may thing this does not have national impact, you can ask the experienced regulators.

There are huge banks who even if an employee who has given over a decade service to now resigns at will, he forfeits all entitlement. No benefits. Any banker reading this will understand. These practices may seem to be sole decision of the privately owned banks. But no, that is wrong. The financial sector is very and strictly regulated. This is a topic that needs to be looked into, and records set straight.

In conclusion
Sanitizing each economic sector should be the responsibility of all of us. From reporting unfair and sharp practices to refusing to partake in such, and not being distracted into becoming cohorts are ways to keep our hands clean and also ensure we carry out our roles in the best interest of the general population.

I rest this pen for now.

Hmm, noted.

Good

Wow nice

You're speaking from experience?

Nice

Happy new year