The Central Bank of Nigeria (CBN) will sanction banks who fail to make cash available at their branches or ATM, making access to cash difficult for Nigerians.
The apex bank advised bank customers to report any difficulties withdrawing cash from bank branches or ATMs from December 1.
CBN Governor, Olayemi Cardoso, said this during the 2024 annual bankers dinner organised by the Chattered Institute of Bankers of Nigeria (CIBN) in Lagos, on Friday.
He urged customers to make reports through designated phone numbers and email addresses for their respective states.
Cardoso, who was confered fellowship of the CIBN, said the guidelines would be distributed widely to raise public awareness.
He called for full regulatory compliance by all stakeholders, including Mobile Money Operators and PoS Agents, to promote digital transaction channels and improve service delivery.
“We also 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.
“I repeat, financial institutions found engaging in malpractices or deliberate sabotage will face stringent penalties,” he said.
Cardoso said the CBN will continue to maintain a robust cash buffer to meet the country’s needs, particularly during high-demand periods such as the festive season and year-end.
He said the focus was to ensure seamless cash flow for Nigerians while fostering trust and stability in the financial system.
The CBN governor explained the Payment System Vision initiative for 2025 to further enhance confidence in the nation’s payment system.
He assured that payment gateways in settling financial transactions will become better in 2025 as delays will be addressed.
Cardoso said that trust was fundamental to fostering digital transactions, and CBN must take every necessary step to preserve that trust in payment systems.
He said delays often disproportionately affect vulnerable segments of the population, adding that 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 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,” he added.
