Starting December 1, 2024, the Central Bank of Nigeria (CBN) has urged Nigerians to report any issues related to cash withdrawals from ATMs or bank branches directly to the bank. Customers will be able to contact the CBN through designated state-specific phone numbers and email addresses. This step aims to tackle the persistent issues surrounding cash availability at ATMs, which have been a major source of frustration for many Nigerians. By implementing this reporting system, the CBN hopes to provide a more efficient way for consumers to voice their complaints and ensure that banks are held accountable for any service failures .
The move follows widespread concerns about cash shortages at ATMs, particularly in urban areas, where many Nigerians rely on these machines for their daily transactions. CBN Governor Olayemi Cardoso acknowledged the challenges Nigerians face in accessing cash, especially in light of increased demand during festive periods. To address this, the CBN will be conducting spot checks across Deposit Money Banks (DMBs) to assess their performance and penalize institutions that fail to meet cash availability standards. These measures are part of the CBN’s broader strategy to improve the efficiency of the banking system .
In addition to addressing ATM-related issues, the CBN is taking a strong stance against financial institutions involved in malpractices, such as deliberate cash shortages or other forms of sabotage. Cardoso warned that banks, mobile money operators, and Point-of-Sale (PoS) agents who engage in such behavior will face strict penalties. This move is intended to ensure that financial institutions provide better services to Nigerians, enhancing the overall trust in the banking system. The CBN’s commitment to curbing such issues reflects its determination to improve service delivery across the financial sector .
To further strengthen the financial ecosystem, the CBN is also focusing on fostering digital transactions and improving payment infrastructure. Cardoso highlighted the importance of maintaining a robust cash buffer to meet demand during high-pressure periods, such as the festive season. The CBN is also working to modernize payment systems and expand digital payment options, which will help improve the overall experience for customers who rely on electronic transactions. These efforts align with the CBN’s broader strategy to enhance financial inclusion and reduce dependency on cash-based transactions .
Finally, the CBN’s recent steps also reflect its commitment to regulatory compliance and enhancing the integrity of Nigeria’s financial system. The bank is implementing new measures to combat fraud, money laundering, and cybercrime, and it aims to exit the Financial Action Task Force (FATF) grey list by mid-2025. These reforms are crucial for Nigeria’s financial sector, as they help build trust and ensure a stable, transparent banking environment. The CBN’s actions are expected to contribute significantly to the resilience and growth of Nigeria’s economy in the coming years .
