Banks Face Penalties for Cash Shortages
The Central Bank of Nigeria (CBN) warned financial institutions to address persistent cash shortages at Automated Teller Machines (ATMs). CBN Governor, Olayemi Cardoso, delivered this message on Friday during the annual Bankers’ Dinner hosted by the Chartered Institute of Bankers. Nigerians have expressed widespread concern following recent reports of cash shortages across banks. Cardoso emphasised the urgency of resolving these issues to ensure smoother access to cash for citizens.
Addressing Customer Complaints
Cardoso emphasised how cash shortages disproportionately affect everyday Nigerians, urging immediate action. The CBN began conducting spot checks to identify underperforming banks. Starting December 1, 2024, customers can report cash withdrawal difficulties to the CBN using designated state-specific phone numbers and emails. These measures aim to address concerns and ensure accountability across financial institutions.
Public Awareness Campaign
The CBN will distribute guidelines to inform customers about complaints. Cardoso stressed the need for regulatory compliance by financial institutions. He urged mobile operators and POS agents to enhance service delivery. The governor encouraged increased adoption of digital channels for improved transactions.
Severe Penalties for Malpractice
The CBN warned financial institutions against malpractice or sabotaging cash availability, threatening severe penalties. Cardoso emphasised the CBN’s resolve to ensure sufficient cash circulation. He stressed the need for institutions to align with public demand during peak seasons. The governor assured Nigerians of adequate cash supply, especially during festive periods. Cardoso highlighted the importance of compliance to stabilise cash availability nationwide effectively.
Improving Cash Availability
Cardoso assured Nigerians the CBN would maintain adequate cash supplies to meet the country’s needs. He urged financial institutions to collaborate effectively with the CBN. Cardoso emphasised the importance of stabilising cash availability to address the ongoing shortages. He called for swift action from banks to align with the central bank’s directives.
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