The Central Bank of Nigeria (CBN) urges bank clients to report ATM and department money withdrawal difficulties beginning December 1, 2024, by designated state-specific cellphone numbers and e-mail addresses.
The CBN Governor Olayemi Cardoso introduced this directive in the course of the 2024 Annual Bankers Dinner organized by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos.
Cardoso acknowledges money availability points at ATMs, which affect peculiar Nigerians. To deal with this, the apex bank will conduct spot checks on Deposit Cash Banks (DMBs) and penalize underperforming establishments
“We acknowledge the continuing challenges with money availability at ATMs, which disproportionately have an effect on peculiar Nigerians.
“To deal with this, we’re conducting spot checks throughout Deposit Cash Banks (DMBs) and can impose penalties on underperforming establishments.
“Efficient December 1, 2024, clients are inspired to report any difficulties withdrawing money from bank branches or ATMs on to the CBN by designated cellphone numbers and e-mail addresses for his or her respective states,” he said
He assured that pointers with reporting procedures might be broadly distributed to boost public consciousness.
Regulatory compliance and penalties
Cardoso emphasised the necessity for compliance from all stakeholders, together with Deposit Cash Banks (DMBs), Cellular Cash Operators, and PoS brokers, to reinforce service supply.
“I repeat, monetary establishments discovered participating in malpractices or deliberate sabotage will face stringent penalties,” he warned
The governor added that the apex bank would preserve a strong money buffer to fulfill demand throughout high-pressure intervals just like the festive season.
To foster digital transactions and belief, Cardoso reiterated CBN’s dedication to addressing fee delays, significantly for susceptible populations.
He defined that belief is prime to fostering digital transactions, and the CBN should take each crucial step to protect that belief in fee methods.
Cardoso assured that Cost gateways for monetary transactions will turn into higher in 2025. Key initiatives underneath the Cost System Imaginative and prescient 2025 embody:
- Implementing an open banking framework.
- Advancing contactless fee methods.
- Increasing the regulatory sandbox.
- Issuing revised pointers for company banking.
“Moreover, we’ll challenge revised pointers for company banking and proceed to strengthen digital fee channels,” he said
Anti-money laundering and monetary system reforms
- Cardoso disclosed that Nigeria goals to exit the Monetary Motion Process Drive (FATF) gray checklist by Q2 2025.
- He outlined plans to fight cash laundering, cybercrime, fraud, and corruption, guaranteeing a sound monetary ecosystem.
- Prof. Pius Deji Olanrewaju, President/Chairman of CIBN, praised the resilience of Nigeria’s economic system and banking sector regardless of macroeconomic challenges. He highlighted regular GDP progress from Q1 to Q3 of 2024, attributing it to authorities insurance policies and CBN initiatives.
“For instance, the Nigerian economic system continues to be extra resilient and agile as proven within the regular progress from 2.98 per cent in Q1 to three.19 per cent in Q2 and now 3.46 per cent in Q3 of 2024.
“The bank recapitalization train additionally attests to the truth that we’re properly on our method in direction of not solely strengthening the monetary sector but additionally supporting a $1 trillion economic system envisaged by 2030,” he mentioned.
Olanrewaju famous that the Nigerian banking business has demonstrated resilience this yr regardless of macroeconomic challenges, together with rising inflation and trade charge fluctuations.
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