The Central Bank of Nigeria (CBN) has urged bank customers to promptly report any challenges encountered when withdrawing cash from bank branches or ATMs starting December 1, 2024.
This was made known by the CBN Governor, Olayemi Cardoso, during the 2024 Annual Bankers’ Dinner hosted by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos on Friday.
Cardoso explained, “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 further emphasized that financial institutions engaging in malpractices or deliberate acts of sabotage will face strict penalties.
Assuring Nigerians, Cardoso reaffirmed the CBN’s commitment to maintaining a robust cash reserve to meet the country’s demands, particularly during peak periods such as the festive season and the year-end. “We aim to ensure seamless cash flow while fostering trust and stability in the financial system,” he added.
He also shared that the CBN’s “payment system vision initiative for 2025 will further enhance confidence in the nation’s payment system.”
In addition to addressing cash withdrawal issues, Cardoso highlighted the CBN’s ongoing efforts to improve payment gateways. He stated that delays in processing financial transactions would be addressed by 2025. “Trust is fundamental to fostering digital transactions,” he noted, stressing the importance of maintaining consumer confidence.
Cardoso pointed out that delays in transactions often disproportionately affect vulnerable populations, and warned that the CBN would apply penalties to institutions failing to comply, ensuring swift resolution and protecting consumer interests.
For 2025, key initiatives include implementing an open banking framework, advancing contactless payment systems, expanding the regulatory sandbox, issuing revised guidelines for agency banking, and strengthening electronic payment channels.
Cardoso also revealed that Nigeria is on track to exit the Financial Action Task Force (FATF) grey list by the second quarter (Q2) of 2025.
He added that enforcement efforts against money laundering, cybercrime, fraud, and corruption are being intensified to further strengthen Nigeria’s financial system.
