The Central Bank of Nigeria (CBN) has urged bank customers to report any difficulties in withdrawing cash from bank branches or ATMs starting December 1, 2024. This directive was given by CBN Governor, Olayemi Cardoso, during the 2024 annual bankers’ dinner in Lagos, organized by the Chartered Institute of Bankers of Nigeria (CIBN).
Cardoso emphasized that customers experiencing challenges should reach out directly to the CBN using designated phone numbers and email addresses specific to their states. He assured that guidelines on how to report these issues would be widely distributed to ensure public awareness.
Speaking on the current issues around cash availability, particularly at ATMs, Cardoso acknowledged that these difficulties are having a disproportionate impact on ordinary Nigerians. To address this, the CBN is conducting spot checks on Deposit Money Banks (DMBs) and will impose penalties on institutions that fail to meet performance standards.
From December 1, 2024, customers are encouraged to report cash withdrawal difficulties to the CBN, which will take necessary action against banks involved in malpractices or deliberate sabotage, including stringent penalties.
The CBN Governor assured that the bank would maintain a robust cash buffer to meet the country’s demands, especially during high-demand periods such as the festive season and year-end. He also highlighted the CBN’s ongoing efforts to ensure seamless cash flow and enhance trust and stability in the financial system.
In his address, Cardoso also unveiled the Payment System Vision for 2025, which aims to strengthen Nigeria’s payment infrastructure. He stated that payment gateways would be improved to address delays in financial transactions, which often negatively affect vulnerable groups. The CBN plans to implement penalties for non-compliant institutions, ensuring swift redress and preserving consumer trust in the system.
As part of its 2025 goals, the CBN will prioritize key initiatives, including the implementation of an open banking framework, the expansion of contactless payment systems, and the growth of its regulatory sandbox. The bank will also issue revised guidelines for agency banking and continue to enhance electronic payment channels.
Additionally, Cardoso revealed that Nigeria is on track to exit the Financial Action Task Force (FATF) grey list by the second quarter of 2025. He outlined enforcement measures against money laundering, cybercrime, fraud, and corruption as part of the country’s efforts to improve its financial integrity.
