Central Bank of Nigeria (CBN) has asked bank customers to report difficulties experienced with withdrawing cash from bank branches or ATMs from December 1, 2024.
Gatekeepers News reports that CBN Governor, Olayemi Cardosa said this on Friday during 2024 annual bankers dinner organised by Chartered Institute of Bankers of Nigeria (CIBN) in Lagos.
The CBN governor said customers should make reports through regulator’s designated phone numbers and email addresses.
He said, “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.”
“I repeat, financial institutions found engaging in malpractices or deliberate sabotage will face stringent penalties.”
Cardoso noted that the apex bank will continue to maintain a robust cash buffer to meet the country’s needs, especially during high-demand periods such as festive season and year-end.
The CBN governor said the focus is to ensure seamless cash flow for Nigerians while fostering trust and stability in the financial system.
He added that the payment system vision initiative for 2025 will further enhance confidence in the nation’s payment system.
Cardosa assured that payment gateways in settling financial transactions will become better in 2025 as delays will be addressed.
The CBN governor noted trust is fundamental to fostering digital transactions, adding that CBN will take every necessary step to preserve that trust in payment systems.
Cardosa said delays often disproportionately affect vulnerable segments of the population, and CBN would apply penalties on non-compliant institutions to safeguard consumer trust and ensure swift redress mechanisms.
He said, “In 2025, CBN would prioritise initiatives including implementing an open banking framework, advancing contactless payment systems, and expanding its regulatory sandbox.”
“Additionally, we will issue revised guidelines for agency banking and continue to strengthen electronic payment channels.”
The economist said Nigeria would exit the grey list of Financial Action Task Force (FATF) by second quarter (Q2) of 2025, stressing that enforcement plans against money laundering, cybercrime, fraud and corruption, among others are being put in place.
President and chairman of CIBN, Pius Olanrewaju on his part, said 2024 had been an eventful year for the banking industry and the economy.
Olanrewaju said various policies and regulations of the apex bank and federal government had begun to yield fruit.
He said, “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.”
“Likewise, the Nigerian banking industry has also shown resilience this year despite the macroeconomic pressures such as rising inflation, and exchange rate fluctuations, amongst others.”
“The bank recapitalisation 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.”
Governor of Central Bank in Sierra Leone, Ibrahim Stevens acknowledged efforts of CIBN and Nigeria’s apex bank as yielding positive fruits in Africa and globally.
