The Central Bank of Nigeria (CBN) has warned that it will impose fines on erring financial institutions over the ongoing cash scarcity at Automated Teller Machines (ATMs).
CBN Governor, Dr. Olayemi Cardoso, made this announcement on Friday during the annual Bankers’ Dinner organized by the Chartered Institute of Bankers of Nigeria. Reports of cash shortages at banks, both at ATMs and over the counter, have been prevalent in recent days.
Cardoso stated, “We also recognise 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 we will impose penalties on underperforming institutions. Effective December 1, 2024, customers are encouraged to report any difficulties with withdrawing cash from bank branches or ATMs directly to the CBN through designated phone numbers and email addresses for their respective states.”
Guidelines will be distributed widely to raise public awareness. We will also urge full regulatory compliance by all stakeholders, including mobile money operators and POS agents, to promote digital transaction channels and improve service delivery. I repeat; financial institutions found engaging in malpractices or sabotage will face severe penalties.”
The CBN will continue to maintain a robust cash offering to meet the country’s needs, particularly during high-demand periods such as the festive season and year-end.”
©CDA News
