CHAPTER ONE
INTRODUCTION
1.1BACKGROUND OF STUDY
There is no gain saying that the novel corona virus has affected the social, political and economic sectors of countries. Ironically the financial institutions which is a sensitive sector of the economy are part of the most exposed groups to Covid -19 infectious disease in the course of rendering financial services to their clients and customers.The banking sector is an industry and a section of the economy devoted to the holding of financial assets for others and investing those financial assets as a leveraged way to create more wealth. In unprecedented times like this, it is expected that the management, employees and customers adhere to stipulated safety guideline in order to curb the spread of the Coronavirus.
Coronavirus disease 2019 (COVID-19) is a newly emerged disease caused by a highly infectious novel Coronavirus which primarily affects the respiratory system. It was first seen in the Hubei province of China in December 2019.The disease was recognized as a global public health emergency by the World Health Organization (WHO) on March 11, 2020 (UNICEF 2020). The disease is clinically manifested by fever, cough, difficulty breathing, and other flu-like signs and symptoms including runny and stuffy nose, sneezing, and sore throat. In most of the cases, the disease shows mild to moderate manifestations, but it can lead to adverse outcomes including severe complications and/or death in some vulnerable individuals such as the elderly and those having underlying medical conditions.According to current evidences, COVID-19 virus is transmitted between people through respiratory droplets (particularly when coughing). Direct contact with an infected person or indirect contact, (touching a surface or object that has been contaminated with respiratory secretions) and then touching one’s own mouth, nose, or eyes is another route of transmission.
COVID-19 could potentially pose a challenge in the operation of banking sectors. On one end, banks sectors have had to quickly adjust their own operations in accordance with waves of lock downs and re-openings that vary by state and sometimes county. It costs money and creates potential operational deficiencies to migrate so many employees to fully remote work (Pricewater, 2020).Aside reopening of bank operation in the country, there is a rising need to comply to the safe measures to curb the spread of covid-19. These safety measures include washing of hands with water and soap, use of hand sanitizers, face mask and a screening equipment at the entrance of the bank premises. It is the sole responsibility of board of directors and stakeholders to make provision for facilities that is needed to comply to the safety measures.