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.”
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. Akin Adegbite, President of the CIBN, lauded the initiative to encourage customer feedback, noting that it would foster greater transparency and accountability in the banking industry. “By giving customers a voice, the CBN is reinforcing its commitment to protecting the interests of Nigerians,” Adegbite commented.
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.
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