The Central Bank of Nigeria (CBN) has directed bank customers across the country to report any difficulties with ATM or branch cash withdrawals starting December 1, 2024. Reports can be submitted through designated state-specific phone numbers and email addresses.
CBN Governor Olayemi Cardoso made this announcement during the 2024 Annual Bankers Dinner hosted by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos.
Highlighting the ongoing cash availability issues at ATMs, Cardoso acknowledged that these challenges disproportionately impact ordinary Nigerians. He assured the public of the apex bank’s commitment to resolving the issue through stringent monitoring and enforcement.
“We recognize the ongoing challenges with cash availability at ATMs, which disproportionately affect ordinary Nigerians,” Cardoso said. “To address this, we are conducting spot checks across Deposit Money Banks (DMBs) and will impose penalties on underperforming institutions.”
Reporting Mechanisms and Public Awareness
From December 1, customers are encouraged to report any cash withdrawal difficulties to the CBN. Guidelines detailing the reporting process, including state-specific contact information, will be widely disseminated to ensure public awareness.
Regulatory Compliance and Penalties
Cardoso also emphasized the need for regulatory compliance from stakeholders, including Deposit Money Banks (DMBs), Mobile Money Operators, and Point of Sale (PoS) agents. The CBN plans to enhance service delivery by enforcing stricter compliance measures and penalizing institutions that fail to meet required standards.
This move underscores the CBN’s determination to address cash access challenges and improve the overall efficiency of Nigeria’s banking system.
