CBN to Nigerians: Report cash withdrawal issues at ATMs from December 1

The Central Bank of Nigeria (CBN) has asked bank customers to report difficulties experienced with withdrawing cash from bank branches or ATMs from December 1.

Olayemi Cardoso, the CBN governor, spoke on Friday during the 2024 annual bankers dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos.

Cardoso urged customers to make reports through the regulator’s designated phone numbers and email addresses.

“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,” the CBN governor said.

“I repeat, financial institutions found engaging in malpractices or deliberate sabotage will face stringent penalties.”

Cardoso further 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 is to ensure seamless cash flow for Nigerians while fostering trust and stability in the financial system.

The economist said the payment system vision initiative for 2025 will further enhance confidence in the nation’s payment system.

‘FINANCIAL TRANSACTIONS WILL BECOME BETTER IN 2025’

The CBN governor also assured that payment gateways in settling financial transactions will become better in 2025 as delays will be addressed.

Cardoso said trust is fundamental to fostering digital transactions, stressing the CBN will take every necessary step to preserve that trust in payment systems.

He also said delays often disproportionately affect vulnerable segments of the population, adding that apex bank would apply penalties on non-compliant institutions to safeguard consumer trust and ensure swift redress mechanisms.

“In 2025, CBN would prioritise initiatives including implementing an open banking framework, advancing contactless payment systems, and expanding its regulatory sandbox,” he added.

“Additionally, we will issue revised guidelines for agency banking and continue to strengthen electronic payment channels.”

Cardoso said Nigeria would exit the grey list on the Financial Action Task Force (FATF) by second quarter (Q2) of 2025, adding that enforcement plans against money laundering, cybercrime, fraud, corruption, among others are being put in place.

On his part, Pius Olanrewaju, president and chairman of  the CIBN, 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 the federal government had begun to yield fruit.

“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,” he said.

“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.”

Also speaking, Ibrahim Stevens, governor of the Central Bank in Sierra Leone, praised efforts of the CIBN and Nigeria’s apex bank as yielding positive fruits in Africa and globally.

Stevens called for collaboration towards building a sound financial ecosystem.