The Central Bank of Nigeria (CBN) has set a December 1 deadline for bank customers to report any issues with cash withdrawals from bank branches or ATMs.
This announcement was made by CBN Governor Olayemi Cardoso during the 2024 annual bankers’ dinner in Lagos, organized by the Chartered Institute of Bankers of Nigeria (CIBN).
According to the apex bank, customers are encouraged to report difficulties via designated phone numbers and email addresses specific to their states starting December 1, 2024.
Cardoso emphasized the need for full compliance from all stakeholders, including Mobile Money Operators and PoS Agents, to enhance digital transaction channels and service delivery.
The CBN will conduct spot checks across Deposit Money Banks (DMBs) and impose penalties on institutions that fail to meet performance standards. Financial institutions engaging in malpractices will face stringent penalties.
The CBN aims to maintain a robust cash buffer to meet demands, particularly during peak periods like the festive season. Cardoso acknowledged ongoing challenges with cash availability at ATMs affecting ordinary Nigerians.
The apex bank is focusing on the Payment System Vision (PSV) 2025, which includes improving payment gateways, implementing an open banking framework, advancing contactless payment systems, and strengthening electronic payment channels.
The banking industry has shown resilience amid macroeconomic pressures, with Nigeria’s economy growing from 2.98% in Q1 to 3.46% in Q3 of 2024. This growth reflects the positive impact of various policies implemented by the CBN and federal government.
The CBN’s initiative aims to enhance customer trust and ensure a seamless cash flow while addressing delays in cash withdrawals. The emphasis on regulatory compliance and the introduction of new payment systems are part of a broader strategy to modernize Nigeria’s financial landscape as it moves towards a more digital economy.
