CBN Loses Sleep Over Scarcity of Funds in ATMs

December 24, 2020
ATM card pin with biometrics

By Adedapo Adesanya

The Central Bank of Nigeria (CBN) is moving to investigate the scarcity of funds in most Automated Teller Machines (ATMs) in Lagos State as alleged by several users.

The apex bank had received several complaints from customers in the commercial capital of the country and this made the CBN to quickly move to identify the cause of this.

In a statement issued by the CBN Acting Director of Corporate Communications, Mr Osita Nwanisobi, on Wednesday, it was emphasised that the ATMs were introduced to ease the sufferings of the people.

“It is highly preposterous for anyone to say that CBN connived with banks to deprive people of their money this season.

“The primary purpose, for which ATMs were introduced, is to ease the sufferings of Nigerians and to make banking easier and convenient. I assure the public that CBN will investigate the matter,” the statement noted.

It was alleged that some financial institutions were conniving with operators of agent banking in the country to make funds scarce at the ATMs to force customers to patronise the agent banking owners.

According to the complaints, some ATMs are not dispensing cash or are faulty after they were vandalised during the October 2020 #EndSARS protest in Lagos and other parts of the country.

There has been a growth in the number of banking agents across the country as part of the CBN’s efforts to drive financial inclusion in the country. It brings banking services to the customers’ doorsteps with minimal hassles.

The CBN has encouraged the process of agency banking through the use of technological advancement.

According to the CBN said agent banking is “the provision of financial services to customers by a third party (agent) on behalf of a licensed deposit-taking financial institution and/or mobile money operator.”

The services agent banks provide include the following – account opening; account balance enquiries; payment of salaries; cheque book request and collection of bank mails; bills payments; issuance of mini-statements; and cash deposits, cash withdrawals and funds transfers.

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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