Report delays withdrawing cash from bank’s ATMs, says CBN
Agency Report
Central Bank of Nigeria has called on bank customers to report any difficulties withdrawing cash from the commercial bank branch or through Automated Teller Machines to the apex bank from December 1, 2024.
The CBN Governor, Olayemi Cardoso, who made statement in Lagos during the 2024 annual bankers’ dinner organised by the Chartered Institute of Bankers of Nigeria said
that the information would be distributed widely to create public awareness.
He advised customers to make their reports through designated phone numbers and email addresses for their respective states.
He said, “We also recognize the ongoing challenges with cash availability at ATMs, which disproportionately affect ordinary Nigerians. To address this, we are conducting spot checks across Deposit Money Banks and will impose penalties on underperforming institutions. Effective December 1, 2024, customers are encouraged to report any difficulties withdrawing cash from bank branches or ATMs directly to the CBN through designated phone numbers and email addresses for their respective states. I repeat, financial institutions found engaging in malpractices or deliberate sabotage will face stringent penalties.’’
According to him, the CBN will continue to maintain a robust cash buffer to meet the country’s needs, particularly during high-demand periods such as the festive season and year-end.
The CBN governor said the focus was to ensure seamless cash flow for Nigerians while fostering trust and stability in the financial system.
He explained the payment system vision initiative for 2025 to further enhance confidence in the nation’s payment system.
He assured that payment gateways in settling financial transactions would become better in 2025 and delays addressed.
He said delays often disproportionately affect vulnerable segments of the population, adding that CBN would apply penalties on non-compliant institutions to safeguard consumer trust and ensure swift redress mechanisms.
He said in 2025, CBN would prioritise initiatives including implementing open banking framework, advancing contactless payment systems, and expanding its regulatory sandbox.
He added, “Additionally, we will issue revised guidelines for agency banking and continue to strengthen electronic payment channels.”
He also disclosed that Nigeria would exit the grey list on the Financial Action Task Force (FATF) by Q2 of 2025 while reeling out enforcement plans against money laundering, cybercrime, fraud, corruption, among others.
President/Chairman of the CIBN, Prof. Pius Olanrewaju, said that 2024 had been an eventful year for the banking industry and the economy.
He said various policies and regulations of the apex bank and the federal government had begun to yield fruit.
He stated, “For example, the Nigerian economy continues to be more resilient and agile as shown in the steady growth from 2.98 per cent in Q1 to 3.19 per cent in Q2 and now 3.46 per cent in Q3 of 2024. Likewise, the Nigerian banking industry has also shown resilience this year despite the macroeconomic pressures such as rising inflation, and exchange rate fluctuations, amongst others. The bank recapitalisation exercise also attests to the fact that we are well on our way towards not only strengthening the financial sector but also supporting a $1 trillion economy envisaged by 2030.’’
