Starting from December 1, bank customers can now effectively report their banks to the CBN if they experience cash withdrawal difficulties at ATMs or over the counter through designated complaints phone numbers and emails.
At the just concluded 2024 Annual Bankers Dinner by the Chartered Institute of Bankers of Nigeria (CIBN), CBN governor Olayemi Cardoso disclosed this new development amidst the cash availability issues, especially in this period of the year.
Cardoso said, “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 further emphasized the need for banks, mobile money operators, and PoS agents to do better in their service delivery to customers seeking financial services.
Furthermore, Cardoso announced CBN’s plans for the year 2025, which include implementing open banking, contactless payment systems, regulatory sandbox and agency banking.
“Additionally, we will issue revised guidelines for agency banking and continue to strengthen electronic payment channels,” he stated.
CIBN’s President/Chairman, Prof. Pius Deji Olanrewaju, spoke about how strong and resilient Nigeria’s economy is alongside the banking sector despite the heavy economic challenges being faced.
He pinpointed the GDP growth from Q1 to Q3 of 2024 to the excellent 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 percent in Q2 and now 3.46 percent 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.
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