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The Central Bank of Nigeria (CBN) has urged bank customers to report any challenges they face in withdrawing cash from bank branches or ATMs starting December 1.
This announcement was made by the CBN Governor, Olayemi Cardoso, during the 2024 annual bankers’ dinner held in Lagos and organized by the Chartered Institute of Bankers of Nigeria (CIBN).
Governor Cardoso emphasized that customers should use the dedicated phone numbers and email addresses provided for their respective states to lodge complaints.
He added that comprehensive guidelines would be widely disseminated to increase public awareness about this initiative.
In his address, the governor stressed the importance of strict regulatory adherence from all financial stakeholders, including mobile money operators and point-of-sales agents, to enhance digital transaction channels and improve service delivery.
He acknowledged the persistent cash availability issues at ATMs, which disproportionately impact ordinary Nigerians, and assured that spot checks on Deposit Money Banks would be conducted.
Penalties will be imposed on institutions failing to meet standards.
Cardoso stated, “Effective December 1, 2024, customers are encouraged to report any cash withdrawal issues to the CBN through the designated channels.
Financial institutions found engaging in malpractice or deliberate sabotage will face severe consequences.”
He also noted that the CBN would maintain a robust cash reserve to meet demand during periods of increased need, such as the festive season and year-end.
The governor outlined plans to enhance Nigeria’s financial systems, including the Payment System Vision 2025 initiative, which aims to build public confidence and address transaction delays.
He highlighted that trust is fundamental to fostering digital transactions and assured that the CBN would penalize non-compliant institutions to protect consumer trust and ensure timely redress.
Looking ahead to 2025, Cardoso said the CBN would focus on advancing initiatives such as implementing an open banking framework, expanding contactless payment systems, and refining agency banking guidelines.
He also mentioned plans to improve the regulatory sandbox for financial innovation and strengthen electronic payment channels.
Cardoso revealed that Nigeria is set to exit the Financial Action Task Force (FATF) grey list by the second quarter of 2025 and announced stricter measures to combat money laundering, cybercrime, fraud, and corruption.
Meanwhile, CIBN President, Prof. Pius Olanrewaju, described 2024 as a pivotal year for Nigeria’s banking sector and economy.
He noted that various policies from the CBN and federal government have started yielding positive outcomes.
According to him, the Nigerian economy has shown resilience, with steady GDP growth from 2.98% in Q1 to 3.46% in Q3 of 2024.
He also highlighted the success of the bank recapitalization exercise as a step toward achieving a $1 trillion economy by 2030.
Additionally, Dr. Ibrahim Stevens, the Central Bank Governor of Sierra Leone, commended the CIBN and Nigeria’s apex bank for their efforts, which he said have had positive effects both within Africa and internationally.
He called for greater collaboration to build a robust financial ecosystem.