CBN Urges Bank Customers to Report Cash Withdrawal Difficulties Using Designated Channels
The Central Bank of Nigeria (CBN) has introduced designated contact channels for customers to report difficulties encountered while withdrawing cash from automated teller machines (ATMs) or over the counter at bank branches.
This initiative follows a directive from the CBN governor, Olayemi Cardoso, on November 29, urging bank customers to report any issues they face when attempting to access cash. The CBN’s move aims to address the challenges of cash disbursement and improve the circulation of currency within the economy.
Before launching this reporting system, the CBN had already instructed banks to prioritize cash disbursement through ATMs, threatening penalties for non-compliance. The central bank’s focus on efficient cash distribution comes as part of ongoing efforts to ensure smooth operations within the financial system, especially as it continues to monitor and regulate the disbursement process. The recent circular issued by CBN further underscores its commitment to tackling cash accessibility issues and improving the overall currency flow.
The CBN has outlined specific guidelines for the public on how to report ATM or over-the-counter withdrawal challenges. Affected customers are required to provide essential information such as their account name, the bank’s name, the amount, and the time and date of the incident. Reports can be made through a designated phone number or by sending an email to the relevant CBN state branch. This system aims to streamline the reporting process and help the CBN address the issues impacting the availability of cash at banks.
By establishing these communication channels, the CBN hopes to resolve the problems faced by bank customers and enhance the efficiency of cash disbursement across the country. This initiative is part of the central bank’s broader strategy to improve currency circulation and ensure that Nigerians have easier access to cash when needed. The CBN’s continued oversight will focus on ensuring that Deposit Money Banks comply with the directives and improve the cash withdrawal experience for all customers.
