Speaking with you yesterday, many bank customers reported difficulties accessing cash from Automated Teller Machines (ATMs) and Point of Sale (PoS) agents.
Mary Isaac, a PoS operator in Mabushi, recounted spending over five hours at the bank, only to receive insufficient cash for her business. “For every transaction, the charge is now N200 or more, and it’s likely to increase in December,” she lamented, blaming the Central Bank of Nigeria (CBN) for the inadequate cash circulation.
Paul Uzor, a businessman, expressed displeasure over the N500 charge for withdrawing N10,000, describing it as unfair given the tough economic climate. He urged the CBN to ensure that Deposit Money Banks (DMBs) provide sufficient cash through ATMs and banking halls.
Similarly, trader Isah Abba highlighted how the scarcity is crippling small businesses dependent on cash transactions. “We cannot run our businesses like this. Both sellers and customers are struggling to access cash,” he said, calling on the CBN to address the issue before the festive season.
In response, CBN Governor Yemi Cardoso announced strict measures during the annual Bankers’ Dinner hosted by the Chartered Institute of Bankers of Nigeria in Lagos. He revealed that the apex bank would impose fines on banks failing to ensure adequate cash availability.
“To address these challenges, we will conduct spot checks on DMBs and sanction underperforming institutions,” Cardoso stated. Effective December 1, customers can report cash access issues to the CBN via dedicated phone numbers and emails for prompt action.
The CBN governor emphasized the importance of regulatory compliance, urging financial institutions, PoS agents, and mobile money operators to enhance service delivery and promote digital transactions.
“The CBN remains committed to maintaining adequate cash flow, especially during high-demand periods like the festive season,” Cardoso added, warning that institutions involved in malpractices or sabotage would face penalties.
