Report Cash Withdrawal Issues at ATMs from December 1, CBN tels Nigerians

Effective December 1, 2024, customers encountering difficulties in cash withdrawals from banks are advised to promptly report such issues directly to the Central Bank of Nigeria (CBN) through designated communication channels.

This directive was issued by CBN Governor Olayemi Cardoso during the 2024 Bankers' Night event hosted by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos on Friday.

During his address, Cardoso reaffirmed the CBN’s dedication to resolving operational inefficiencies within the banking sector. “We recognize the frustrations customers encounter when trying to access their funds, and this initiative is part of our comprehensive strategy to enhance accountability and improve the quality of services provided by financial institutions,” he stated.

Strategic Focus for 2025

Looking forward to 2025, Cardoso outlined the CBN’s strategic objectives, emphasizing advancements in technology and regulatory frameworks. “In the upcoming year, we will concentrate on key initiatives such as the implementation of our Open Banking Framework, the advancement of contactless payment systems, and the expansion of our regulatory sandboxes,” he noted.

The governor also announced plans to issue updated guidelines for agency banking, aimed at strengthening the role of agency banking in fostering financial inclusion, especially in underserved areas.

Cardoso remarked, “We are committed to modernizing Nigeria’s payment infrastructure while ensuring that every Nigerian, regardless of their location, has access to secure and dependable financial services.”

In a firm reminder of the CBN’s regulatory authority, Cardoso revealed that penalties totaling 15 billion naira had recently been levied against 29 banks for various violations, including anti-money laundering (AML) and counter-terrorism financing (CTF) infractions. “These fines reflect our zero-tolerance stance on non-compliance. The time for leniency has passed,” he asserted.

The governor of the Central Bank of Nigeria (CBN) recognized the ongoing difficulties facing the country's banking sector, including operational inefficiencies and frequent regulatory violations. Nevertheless, he conveyed a sense of optimism that the newly introduced measures would lead to substantial improvements. "The industry has historically faced persistent challenges, but we believe this strategy will change the narrative. Our aim is to establish a robust financial ecosystem," he stated.

Reactions from Stakeholders

Participants at the event praised the CBN's proactive initiatives. Tolu Balogun, a bank customer in attendance, shared her hope that the initiative would result in positive changes. "It’s frustrating to encounter issues when trying to access your own funds. Knowing that the CBN is taking steps to hold banks accountable provides me with some reassurance," she remarked.

Next Steps

The CBN has promised that the reporting mechanisms will be user-friendly and effective. Customers are encouraged to document their grievances and report them promptly for quick resolution. Cardoso concluded, "This is more than just a policy; it is a call to action. We want every Nigerian to experience the benefits of a fair and functional banking system."

This initiative is anticipated to support ongoing reforms aimed at improving the reliability of Nigeria’s financial system while strengthening the CBN’s role as a customer-centric regulator.