The Central Bank of Nigeria (CBN) has urged bank customers to report any difficulties withdrawing cash from bank branches or ATMs starting December 1, 2024. CBN Governor Olayemi Cardoso announced this order at the 2024 Annual Bankers Dinner in Lagos, which was hosted by the Chartered Institute of Bankers of Nigeria (CIBN).
Cardoso says the CBN is aware of the problems people are having with cash availability at ATMs, especially for ordinary Nigerians. To address this, the apex bank will check on the banks that give out money and penalize underperforming institutions.
Customers should inform the CBN about any issues they face while withdrawing cash by calling the state-specific phone numbers or emailing the designated addresses. Instructions on how to report these problems will be shared widely to raise public awareness.
The CBN Governor stressed the importance of everyone following the rules, including banks, mobile money services, and PoS agents, to improve service quality. Financial organizations that break the rules or cause problems on purpose will be punished severely.
To encourage digital transactions and build trust, Cardoso emphasized the CBN’s dedication to solving payment delays, particularly for vulnerable populations. The central bank plans to keep a strong reserve of cash to handle increased demand during busy times like holidays.
Important steps in the Payment System Vision 2025 involve setting up an open banking system, improving contactless payment options, growing the regulatory testing area, and updating rules for agency banking.
Cardoso also mentioned that Nigeria hopes to be removed from the Financial Action Task Force (FATF) grey list by the second quarter of 2025. The Central Bank of Nigeria (CBN) plans to fight against money laundering, cybercrime, fraud, and corruption to create a strong financial system.
Professor Pius Deji Olanrewaju, President/Chairman of CIBN, praised the strength of Nigeria’s economy and banking industry, even with difficult economic conditions. He pointed out that the country’s GDP grew steadily from the first to the third quarter of 2024, attributing it to government policies and CBN initiatives.
