₦airaland Forum

CBN tells Nigerians to report cash withdrawal issues from December 1, banks to face penalties

The Central Bank of Nigeria (CBN) urges bank customers to report ATM and branch cash withdrawal difficulties starting December 1, 2024, through designated state-specific phone numbers and email addresses.

The CBN Governor Olayemi Cardoso announced this directive during the 2024 Annual Bankers Dinner organized by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos.

Cardoso acknowledges cash availability issues at ATMs, which impact ordinary Nigerians. To address this, the apex bank will conduct spot checks on Deposit Money Banks (DMBs) and penalize underperforming institutions

“We recognize the ongoing challenges with cash availability at ATMs, which disproportionately affect ordinary Nigerians.

“To address this, we are conducting spot checks across Deposit Money Banks (DMBs) and will impose penalties on underperforming institutions.

“Effective December 1, 2024, customers are encouraged to report any difficulties withdrawing cash from bank branches or ATMs directly to the CBN through designated phone numbers and email addresses for their respective states,” he stated

He assured that guidelines with reporting procedures will be widely distributed to raise public awareness.

Regulatory compliance and penalties

Cardoso emphasized the need for compliance from all stakeholders, including Deposit Money Banks (DMBs), Mobile Money Operators, and PoS agents, to enhance service delivery.

“I repeat, financial institutions found engaging in malpractices or deliberate sabotage will face stringent penalties,” he warned

The governor added that the apex bank would maintain a robust cash buffer to meet demand during high-pressure periods like the festive season.

To foster digital transactions and trust, Cardoso reiterated CBN’s commitment to addressing payment delays, particularly for vulnerable populations.

He explained that trust is fundamental to fostering digital transactions, and the CBN must take every necessary step to preserve that trust in payment systems.

Cardoso assured that Payment gateways for financial transactions will become better in 2025. Key initiatives under the Payment System Vision 2025 include:

- Implementing an open banking framework.

- Advancing contactless payment systems.

- Expanding the regulatory sandbox.

- Issuing revised guidelines for agency banking.

“Additionally, we will issue revised guidelines for agency banking and continue to strengthen electronic payment channels,” he stated

Anti-money laundering and financial system reforms

- Cardoso disclosed that Nigeria aims to exit the Financial Action Task Force (FATF) grey list by Q2 2025.

- He outlined plans to combat money laundering, cybercrime, fraud, and corruption, ensuring a sound financial ecosystem.

- Prof. Pius Deji Olanrewaju, President/Chairman of CIBN, praised the resilience of Nigeria’s economy and banking sector despite macroeconomic challenges. He highlighted steady GDP growth from Q1 to Q3 of 2024, attributing it to government policies and CBN initiatives.

“For example, the Nigerian economy continues to be more resilient and agile as shown in the steady growth from 2.98 per cent in Q1 to 3.19 per cent in Q2 and now 3.46 per cent in Q3 of 2024.

“The bank recapitalization exercise also attests to the fact that we are well on our way towards not only strengthening the financial sector but also supporting a $1 trillion economy envisaged by 2030,” he said.

Olanrewaju noted that the Nigerian banking industry has demonstrated resilience this year despite macroeconomic challenges, including rising inflation and exchange rate fluctuations.

Source: https://nairametrics.com/2024/11/30/cbn-tells-nigerians-to-report-cash-withdrawal-issues-from-december-1-banks-to-face-penalties/

I repeat, financial institutions found engaging in malpractices or deliberate sabotage will face stringent penalties

Una don start again.

The other day we saw was it a minister with several bundles of stacked cash, what was he doing with such amount of cash when we have a cashless policy?



When you people are ready, you'll start going after the politicians who are responsible for all these.

Once again if you voted for Buhari and then Tinubu, it will not be well with you. If you did the above and have traveled out of Nigeria, you'll be deported by God's grace to enjoy the change you supported.

Wizkid, Davido, Burna Boy these guys juz dey live most people dream lives...
That Burna lyrics wey him sey "inu private jet ni mo ma nfaa gbo! 🍁 omo mehn... e hit hard.. do u know that kind of feeling wey u dey puff ur Cana into the air while you're in the air?... juz dey play

Nonsense people
This yeye Public Administration graduate just want make noise make e be like say he are working

Stable the economy first


Na who get money da withdraw

AmazingGenius:
Source: https://nairametrics.com/2024/11/30/cbn-tells-nigerians-to-report-cash-withdrawal-issues-from-december-1-banks-to-face-penalties/

Lamba

Government of Comedy

Indiscipline only occurs when there are no repercussions for actions

Na today?
Nigeria's deliverance is far from reach seeing abnormalities taking over normality.

Another audio lamba that will end up frustrating the victims.

Soon I’m closing my accounts to withdrawals for the year, once bitten…

Give us a hot line and dedicated email to report. The hotlines on your site are a joke.

Hopefully they comply Cash has been scarce these few weeks

Make CBN help resolve the issue of 500m between that woman and access Bnk,. Lets start the seriousness from there.

AmazingGenius:
Source: https://nairametrics.com/2024/11/30/cbn-tells-nigerians-to-report-cash-withdrawal-issues-from-december-1-banks-to-face-penalties/

Where is the number. Lemmee report Zenith ASAP.

O

Why not now?
What about the 10k limit over the counter?

Every December we keep on facing shortage of cash why. It’s now becoming a norm.

We need action, not just putting out statements.

EFCC chairman put out statements that his boys should stop breaking into peoples houses at night, they are still doing it till date even with all the reports and complaints we keep dishing out.

CBN take action
Because dem don turn de whole thing to business and the big ones are involved.

As for people saying it happens to only Yahoo boys, just pray your innocent family doesn’t get to encounter EFCC illegal activities

Nothing will change

The CBN is just fooling itself.

As if he wasn't aware this problem has been ongoing since last year.

Yesterday afternoon
Ikeja computer village,
All the banks on medical road,no ATM has cash,none at all.

December is loading,cash shortage issues again.

Our own money not USD ooo

With special focus on Access Bank

Report to whi exactly

AmazingGenius:
Source: https://nairametrics.com/2024/11/30/cbn-tells-nigerians-to-report-cash-withdrawal-issues-from-december-1-banks-to-face-penalties/

Me, I've left ATM for POS people.
If you can't accept transfer, me and you cannot do business. I stopped going to the ATM since the time of Emefiele. No be me una go kill.

G

CBN could send is staffs to random ATM and do their own reporting. Nonsense

Ebimpawa oohh

Druggie is looking to distract from his economical woes

Na lie, this government only say good things publicly BUT does the opposite in reality, believe them to your own peril.

Not just bank alone but all these microfinance "POS" banks