BREAKING: CBN Threatens To Sanction Access Bank, Others Over Cash Scarcity At ATMs

CBN has threatened to sanction Access Bank and others over cash scarcity at ATMs.

 

NewsOnline Nigeria reports that the Central Bank of Nigeria (CBN) has threatened to impose serious fines on Access Bank and all other erring players in the financial sector over cash scarcity at Automated Teller Machines.

 

This Nigeria news platform understands that CBN Governor, Olayemi Cardoso made the threat on Friday at the annual Bankers’ Dinner organised by the Chartered Institute of Bankers of Nigeria in Lagos.

 

There have been recent reports of cash scarcity at ATMs and over the counter in Access and other banks in Nigeria.

 

ALSO: Woman Narrates How Access Bank Abused Her, Lied About Late Brother’s N500M

 

Cardoso stated, “We also recognise the ongoing challenges with cash availability at ATMs, which disproportionately affect ordinary Nigerians.

 

“To address this, we are conducting spot checks across the Deposit Money banks, and we impose penalties on the underperforming institutions. Effective December 1. 2024, customers are encouraged to report any difficulties with joint cash from bank branches or ATMs directly to the CBN through designated phone numbers and email addresses for their respective states.

 

“Guidelines will be distributed widely to raise public awareness. We will also urge full regulative compliance by all stakeholders, including mobile money operators and POS agents, to promote digital transaction channels and improve service delivery. I repeat, financial institutions found engaging in malpractices or sabotage will face changing penalties.

 

“The CBN will continue to maintain a robust cash offering to meet the country’s needs, particularly during high demand periods such as the festive season and year-end.”

The CBN governor also stated that so far, nearly N1tn has been recovered from development programmes.

Cardoso had announced the discontinuation of intervention programs at the 2023 Bankers Dinner and revealed that CBN pumped over N10tn into the economy through different initiatives in sectors ranging from agriculture, aviation, power, youth and many others.

 

He said, “As previously noted, the Central Bank’s return to orthodox monetary policy means that we will refrain from direct intervention in developmental initiatives. That said, I am pleased to report that as of October 2024, nearly N1tn has been recovered or repaid under previous development finance programs, thanks to the enhanced monitoring and enforcement of the guideline.

 

“Our focus remains on ensuring the effective utilization and recovery of outstanding loans within the framework of established guidelines. While development finance has a role in the economy of Nigerians, it must be approached with proper governance to achieve meaningful impacts.”

 

“On the outlook, Cardoso projected that with the improved framework for deploying products targeting the Nigerian diaspora and efforts to establish a well-founded FX market, “We anticipate increased diaspora and foreign investment over the next 12 months building on more resilient and liquid FX markets.”

 

He added that the apex bank has in its sight a monthly inflow of $1m in diaspora remittance.

 

“I recall when we took the view that it was important to focus on the diaspora remittances, and at that time, we said double. People thought it was an impossible thing to do, and it happened. As a result of that, we are even more happy to look at a target of $1m per month in the not-too-distant future,” he added.

Meanwhile, the CIBN conferred fellowship of the institute on the CBN governor and the governor of Lagos State, Babajide Sanwo-Olu.

 

Some dignitaries at the event include the Minister of Budget and Economic Planning of Nigeria, Atiku Bagudu, Chairman, the Senate Committee On Banking, Insurance and Other Financial Institutions, Senator Tokunbo Abiru, among others.