With effect from December 1, 2024, the Central Bank of Nigeria (CBN) has reminded bank clients to report any issues they may have had when taking out cash from ATMs or bank locations.
At the Chartered Institute of Bankers of Nigeria’s (CIBN) 2024 annual bankers’ dinner in Lagos on Friday, CBN Governor Olayemi Cardoso gave this order. “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 starting on December 1, 2024,” Cardoso stated after the announcement.
He further emphasized that financial institutions that are caught committing malpractice or willful acts of sabotage will be subject to severe sanctions.
Cardoso reassured Nigerians that the CBN is still dedicated to keeping a healthy cash reserve to cover the nation’s demands, especially during times of peak demand like the holidays and year-end. According to him, the goal of this action is to promote stability and trust in the financial system while guaranteeing smooth cash flow.
The CBN governor stated, “The 2025 payment system vision initiative will further enhance confidence in the nation’s payment system.
In order to protect consumer confidence and guarantee prompt redress procedures, he cautioned that the CBN will impose penalties on non-compliant banks, pointing out that delays frequently disproportionately impact vulnerable groups.
In 2025, the regulatory sandbox will be expanded, contactless payment technologies will be advanced, and an open banking framework will be put into place. The CBN also intends to improve electronic payment methods and provide updated agency banking standards.
Cardoso added that by the second quarter (Q2) of 2025, Nigeria is expected to be removed from the Financial Action Task Force’s (FATF) grey list. According to him, enforcement strategies are being stepped up to combat corruption, fraud, cybercrime, and money laundering.
