Starting December 1, 2024, customers facing difficulties withdrawing cash from banks are encouraged to report such issues directly to the Central Bank of Nigeria (CBN) through dedicated communication channels.

This announcement was made by the CBN Governor, Olayemi Cardoso, during the 2024 Bankers’ Night organized by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos on Friday.

Speaking at the event, Cardoso emphasised the CBN’s commitment to addressing operational inefficiencies in the banking sector. “We understand the frustrations customers face when accessing their funds, and this initiative is part of our broader effort to ensure accountability and improve the quality of services offered by financial institutions,” he stated.

Strategic Focus for 2025

Looking ahead to 2025, Cardoso outlined the CBN’s strategic priorities, highlighting advancements in technology and regulatory frameworks. “In the coming year, we will focus on key initiatives such as implementing our Open Banking Framework, advancing contactless payment systems, and expanding our regulatory sandboxes,” he said.

The governor also revealed plans to release revised guidelines for agency banking. These guidelines aim to enhance the role of agency banking in promoting financial inclusion, particularly in underserved communities.

Cardoso noted, “We are not only working to modernize Nigeria’s payment infrastructure but also to ensure that every Nigerian, regardless of location, has access to secure and reliable financial services.”

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In a stern reminder of the CBN’s regulatory oversight, Cardoso disclosed that penalties amounting to 15 billion naira had recently been imposed on 29 banks for violations, including anti-money laundering (AML) and counter-terrorism financing (CTF) infractions. “These fines demonstrate our zero-tolerance approach to non-compliance. The era of leniency is over,” he remarked.

The CBN governor acknowledged the persistent challenges in Nigeria’s banking sector, such as operational inefficiencies and recurring regulatory breaches. However, he expressed optimism that these new measures would drive significant improvements. “Historically, the industry has struggled with recurring issues, but we are confident that this approach will shift the narrative. Our goal is to build a resilient financial ecosystem,” he added.

Reactions from Stakeholders

Stakeholders present at the event commended the CBN’s proactive measures. A bank customer, Tolu Balogun, who attended the event, expressed hope that the initiative would bring about positive change. “It’s frustrating to face difficulties withdrawing your own money. Knowing that the CBN is taking steps to hold banks accountable gives me some relief,” she said.

Next Steps

The CBN has assured the public that the reporting channels will be accessible and efficient. Customers are urged to document their complaints and report them promptly for swift resolution. Cardoso concluded, “This is not just a policy; it is a call to action. We want every Nigerian to feel the impact of a fair and functional banking system.”

The move is expected to complement ongoing reforms aimed at enhancing the reliability of Nigeria’s financial system, while reinforcing the CBN’s role as a customer-focused regulator.

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.

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