The Central Bank of Nigeria (CBN) has ordered customers to report any withdrawal issues from banks or ATMs directly to its branches.
This was announced by the CBN governor, Olayemi Cardoso at the 2024 Annual Bankers Dinner, organized by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos State.
Mr. Cardoso stated that he is not unaware of the challenges with cash availability at ATMs, and how it affects ordinary Nigerians.
Hence, to address the issue, they are going to conduct spot checks across Deposit Money Banks (DMBs) and will impose penalties on underperforming institutions, with effect from December 1, 2024.
He also promised to make sure cash is made available for all banks to ease burden of withdrawal especially during this festive period, and encouraged customers to report any difficulties encountered in withdrawing cash from bank branches or ATMs.
Reports are to be made directly to the CBN through designated phone numbers and email addresses for customers’ respective states.
“We recognize the ongoing challenges with cash availability at ATMs, which disproportionately affect ordinary Nigerians,” he said, “to address this, we are conducting spot checks across Deposit Money Banks (DMBs) 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,” the CBN governor said.
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He reemphasized the penalties that would follow if any financial institution is found engaging in malpractices or deliberate sabotage.
“I repeat, financial institutions found engaging in malpractices or deliberate sabotage will face stringent penalties,” Mr. Cardoso said.
Since the inception of POS (Point of Sales), where customers have to pay a charge to get their money – an unconventional practice that is not seen anywhere in advanced countries – ATMs have started becoming useless.
There have been rumors about banks and its staff owning POS stations, and also sell funds to those running POS businesses. Hence, making money less available at ATMs but more to be paid for at POS cubicles.
Meanwhile, you can contact CBN using CPD via email at [email protected] or [email protected], call 234 7002255226, or directly complain on its website.
