Attention @StanbicIBTC, some staff at some of your branches are illegally profiting from backdoor FX exchange by hoarding high-value currencies from your customers.
It’s a practice I’ve suspected for years but one I finally confirmed yesterday.
1/11
It’s a practice I’ve suspected for years but one I finally confirmed yesterday.
1/11
Every single time I’ve had to withdraw USD at your Allen Avenue branch, it always came with a caveat: “Please we only have small notes; hope you don’t mind.”
Since these were usually small amounts (often payments for pieces for overseas newspapers), I never minded.
2/11
Since these were usually small amounts (often payments for pieces for overseas newspapers), I never minded.
2/11
Yesterday afternoon, though, I did.
The @StanbicIBTC branch at Allen had claimed to have only $20 notes, all totalling no more than $600, which was inadequate for my need.
3/11
The @StanbicIBTC branch at Allen had claimed to have only $20 notes, all totalling no more than $600, which was inadequate for my need.
3/11
They called the Opebi branch and came back to tell me that Opebi also had ONLY $20 notes but they had the sum I needed.
After the hours of heavy traffic I surmounted to get to Allen, I didn’t want to go to Opebi; but I did, reluctantly.
4/11
After the hours of heavy traffic I surmounted to get to Allen, I didn’t want to go to Opebi; but I did, reluctantly.
4/11
There, the first question the teller asked was whether I’d previously gone to any branch. I deliberately answered no.
Surprisingly, he told me that for the sum I needed to withdraw, they had 66.7% $20 notes and 33.3% $100 notes.
5/11
Surprisingly, he told me that for the sum I needed to withdraw, they had 66.7% $20 notes and 33.3% $100 notes.
5/11
This wasn’t what Allen told me; Allen had said Opebi had ONLY $20 notes.
I collected the cash but when it was turned down by my BDC man right inside the bank, I was left with no option but to return it to the bank, with serious protestations.
6/11
I collected the cash but when it was turned down by my BDC man right inside the bank, I was left with no option but to return it to the bank, with serious protestations.
6/11
It was just before 4pm but I insisted I wouldn’t leave the bank if I didn’t get the high-value $100 notes.
A senior official subsequently intervened; he told me to wait a while for the bank to find a solution.
7/11
A senior official subsequently intervened; he told me to wait a while for the bank to find a solution.
7/11
At about 4:30pm, this male official, accompanied by another female official, called out to me. They claimed a customer had walked in to pay $100 notes amounting to EXACTLY the contentious 66.7%. This was a lie because no new customer walked in.
8/11
8/11
I was right in that banking hall and no new cash deposit in USD was made.
In very simple terms, your staff hoarded the high-value notes so they could exchange them backdoor while stuffing uninfluential customers with the low-value ones.
9/11
In very simple terms, your staff hoarded the high-value notes so they could exchange them backdoor while stuffing uninfluential customers with the low-value ones.
9/11
Due to their greed, a simple 15-minute procedure cost me three hours across two branches!
If this is happening at the low level of branches, I’m wondering what’s happening in @StanbicIBTC’s power offices.
10/11
If this is happening at the low level of branches, I’m wondering what’s happening in @StanbicIBTC’s power offices.
10/11
This is the kind of corruption and irresponsibility we often associate with public office; how then is the private sector better?
I hope @StanbicIBTC investigates these branches and puts an end to this shady practice.
11/11
I hope @StanbicIBTC investigates these branches and puts an end to this shady practice.
11/11
