The Central Bank of Nigeria (CBN) has directed Nigerians to report any difficulties in withdrawing cash from ATMs and bank branches starting December 1, 2024.
CBN Governor, Olayemi Cardoso, made the announcement during the 2024 Annual Bankers’ Dinner in Lagos, organized by the Chartered Institute of Bankers of Nigeria (CIBN).
The CBN has provided dedicated phone numbers and email addresses for customers in each state to lodge their complaints.
CBN Targets Cash Withdrawal Challenges
Cardoso acknowledged that many Nigerians continue to face challenges with cash availability at ATMs.
He expressed concern that these issues disproportionately affect ordinary citizens who rely heavily on cash transactions.
“We recognize the ongoing challenges with cash availability at ATMs, which disproportionately affect ordinary Nigerians,” Cardoso said.
He assured Nigerians that the CBN would conduct spot checks on banks and penalize those failing to meet cash withdrawal demands.
“Effective December 1, customers are encouraged to report any difficulties withdrawing cash from bank branches or ATMs directly to the CBN,” Cardoso stated.
Spot Checks and Penalties for Banks
The apex bank plans to carry out surprise inspections on Deposit Money Banks (DMBs) across the country.
Cardoso warned that financial institutions engaging in malpractices or deliberate sabotage would face strict penalties.
“I repeat, financial institutions found engaging in malpractices or deliberate sabotage will face stringent penalties,” he said.
The CBN aims to ensure that banks comply with regulations and improve service delivery, especially during the festive season.
Cardoso assured Nigerians that the CBN would maintain a robust cash buffer to meet the increased demand.
Push for Digital Transactions
Beyond cash availability, Cardoso emphasized the need to foster trust in digital transactions.
He explained that building trust is essential for the success of electronic payments and financial inclusion.
“Trust is fundamental to fostering digital transactions, and the CBN must take every necessary step to preserve that trust in payment systems,” he noted.
As part of the Payment System Vision 2025, the CBN plans to introduce several initiatives to improve electronic payments.
These include:
- Implementing an open banking framework.
- Advancing contactless payment systems.
- Expanding the regulatory sandbox.
- Issuing new guidelines for agency banking.
Cardoso assured that these efforts would enhance the reliability of payment gateways and make transactions smoother in 2025.
“We will issue revised guidelines for agency banking and continue to strengthen electronic payment channels,” he added.
Fight Against Money Laundering and Cybercrime
The CBN is also focused on combating money laundering, cybercrime, and financial fraud.
Cardoso revealed that Nigeria aims to exit the Financial Action Task Force (FATF) grey list by the second quarter of 2025.
He outlined plans to reform the financial system and ensure compliance with global standards.
Praise for Economic Resilience
Professor Pius Deji Olanrewaju, President of the Chartered Institute of Bankers of Nigeria (CIBN), commended Nigeria’s economy and banking sector for their resilience.
Olanrewaju highlighted steady GDP growth in 2024, attributing it to effective government policies and CBN initiatives.
“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,” he said.
He also praised the CBN’s bank recapitalization exercise, describing it as a step toward achieving a $1 trillion economy by 2030.
“The bank recapitalization exercise attests to the fact that we are well on our way toward strengthening the financial sector,” Olanrewaju added.
