The Central Bank of Nigeria (CBN) announces that Nigerians can report issues with cash withdrawals at ATMs and bank branches starting December 1, 2024. The bank provides state-specific phone numbers and email addresses for customers to lodge complaints as part of efforts to improve cash availability across the country.
CBN Governor, Olayemi Cardoso, makes this announcement at the 2024 Annual Bankers Dinner organized by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos. Cardoso acknowledges ongoing challenges with accessing cash and outlines measures to hold banks accountable.
Addressing Cash Withdrawal Challenges
Cardoso notes that cash availability at ATMs remains a pressing concern for Nigerians, particularly those in vulnerable groups. To tackle this, the CBN is conducting unannounced checks on Deposit Money Banks (DMBs) and promises to penalize those failing to meet customer expectations.
“From December 1, 2024, customers experiencing difficulties with cash withdrawals can report directly to the CBN using contact details assigned to their states. We are monitoring these issues closely and will enforce penalties for underperforming banks,” Cardoso says.
He assures the public that guidelines for reporting challenges will be widely disseminated to ensure transparency and ease of access.
Strengthening Compliance and Accountability
The governor emphasizes the importance of compliance from all financial service providers, including banks, mobile money operators, and PoS agents. Institutions found engaging in malpractice or deliberate disruption of services will face strict penalties.
“We remain committed to maintaining sufficient cash reserves, particularly during high-demand periods like the festive season. At the same time, we are addressing delays in payment systems to build trust, especially for vulnerable users,” he adds.
Enhancing Payment Systems
Cardoso outlines plans to improve payment infrastructure under the Payment System Vision 2025, which include:
- Introducing an open banking framework.
- Expanding contactless payment options.
- Strengthening the regulatory framework for innovative financial solutions.
- Updating guidelines for agency banking operations.
“These initiatives aim to make electronic transactions more efficient and reliable, fostering greater trust in the system,” he explains.
Fighting Financial Crimes and Boosting Economic Growth
Cardoso confirms that the CBN is working to remove Nigeria from the Financial Action Task Force (FATF) grey list by mid-2025. He highlights plans to combat money laundering, fraud, and cybercrime to ensure a secure and transparent financial system.
CIBN President, Prof. Pius Deji Olanrewaju, praises the resilience of Nigeria’s banking sector despite economic challenges. He notes consistent GDP growth throughout 2024, attributing it to proactive policies and reforms.
“The economy shows steady progress, with GDP rising from 2.98% in Q1 to 3.46% in Q3. Initiatives like the bank recapitalization exercise are critical to achieving the $1 trillion economy projected for 2030,” Olanrewaju states.
The CBN reaffirms its commitment to addressing operational challenges and ensuring stability in the financial system, prioritizing the needs of Nigerians.