On Sunday, March 29, 2020, mixed social media reactions trailed the news about Keystone Bank’s donation of the sum of N1 billion towards facilitating Nigeria’s fight against COVID-19.
The bank had made the donation following a recent emergency meeting that was held by the CBN’s banker’s committee in a bid to rally support for the Nigerian economy, amid the Coronavirus pandemic.
The bank’s comment: According to Keystone Bank, the N1 billion will enable the Nigerian Government to buy essential relief materials and other important medical equipment which are needed by health professionals in the country to fight the virus.
Keystone Bank’s Acting Chief Executive Officer, Olaniran Olayinka, noted that the Coronavirus pandemic requires concerted effort, hence the contribution. He said:
“What we have is a situation that calls for inclusive support for humanity. A time that all hands must be on deck to support the assiduous effort the government is making to manage the situation. The decision to support the government’s effort is consistent with our unshakable resolve to promote health initiatives which is very key pillar in our corporate social responsibility plans. It is also crucial in our role as a signatory to the principles of responsible banking by the United Nations Environment Finance Initiative working to achieve a sustainable future.”
Nigerians reacted: As expected, many Nigerians were quick to react to the development on Twitter. Interestingly, a lot of people were wondering where Keystone Bank got the money from. One Twitter user even went as far as claiming that the bank is broke, even as she wondered about the safety of her savings.
Because this keystone is a broke bank so I dunno where they saw 1b to donate.
— Su (@osasuu_) March 29, 2020
Others simply wondered why the bank decided to donate the money to the Federal Government instead of simply crediting their customers’ bank accounts.
Instead of Keystone to credit Nigerians,they are busy sending money to Aboki wire. Funny country
— London used boyfriend (@london_used) March 29, 2020
For the records, Keystone Bank is not broke. Agreed, the bank is not among the top ten most profitable banks in the country. Yet, it is doing fairly okay in its own lane.
In the meantime, other Twitter users were quick to defend the bank’s donation. One of those people is Ayo who went as far as reeling out the facts, as you can see below.
People legit think Keystone Bank cannot donate N1bn or are too small to donate N1bn?
A bank that has N25bn minimum share capital with CBN, has 2,130 employees and 4th among it's top 10 competitors with an estimated annual revenue of $400M (N147bn)?
Lmaooo who are these people?
— Ayo FBI (@PureMinD__) March 29, 2020
Other people also defended the donation by arguing that a N1 billion donation is not a big deal for a bank that has over N300 billion in assets. Apparently, Keystone Bank is so financially buoyant to the extent that it pays spousal allowances, another Twitter user claimed.
All of you dragging Keystone for the donation are utterly senseless.
Have you forgotten that Keystone bought Bank PHB and they have an asset of over 300bn.
Is 1B too big for them to give.
Sense is far from alot on this app.
— Oga Web Designer (@isipvodka) March 29, 2020
#Keystone Bank is underrated bank. The bank that pays wife allowance, children allowance, 13th month salary etc. My cousin works in keystone bank & has a wife who is a full time housewife. She earns more than most ppl in civil service. Welldone keystone bank. We appreciate you.
— SPICEGUTS (@dearchisom) March 29, 2020
It should be noted that Keystone Bank Limited is not the only Nigerian bank that has recently made donations towards the fight against COVID-19. Earlier this week, United Bank for Africa Plc said it was donating as much as N5 billion in the fight against the virus. Other banks such as First Bank of Nigeria Ltd have also provided varied supports, including the provision of e-learning facilities to enable children learn online from their homes during this period.
BREAK DOWN OF COVID DONATIONS
BUA Group N1B
Dangote Group N1B
Access Bank N1B
Union Bank N180M
Tuface Idibia N10M
Total = 8.5 Billion
— Kiss (@Zubestmodric9) March 29, 2020