The Central Bank of Nigeria, CBN, has issued fines to at least nine Deposit Money Banks for failing to ensure cash availability via automated teller machines, ATMs, during the festive season.
A statement released by CBN acting Director of Corporate Communications, Mrs Hakama Sidi Ali, on Tuesday, read: “In a clear message of zero tolerance for cash flow disruptions, the Central Bank of Nigeria has sanctioned Deposit Money Banks for failing to make naira notes available through automated teller machines during the yuletide season.
“Each bank was fined N150m for non-compliance, in line with the CBN’s cash distribution guidelines, following spot checks on their branches. The enforcement action follows repeated warnings from the CBN to financial institutions to guarantee seamless cash availability, particularly during periods of high demand.
“The affected banks include Fidelity Bank Plc, First Bank Plc, Keystone Bank Plc, Union Bank Plc, Globus Bank Plc, Providus Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, and Sterling Bank Plc.”
The fine will be debited directly from the banks’ accounts with CBN.
The fines total N1.35bn, with each of the banks fined N150m.
The banks were found culpable after spot checks revealed non-compliance with the Central Bank’s cash distribution guidelines.
A statement released by CBN acting Director of Corporate Communications, Mrs Hakama Sidi Ali, on Tuesday, read: “In a clear message of zero tolerance for cash flow disruptions, the Central Bank of Nigeria has sanctioned Deposit Money Banks for failing to make naira notes available through automated teller machines during the yuletide season.
“Each bank was fined N150m for non-compliance, in line with the CBN’s cash distribution guidelines, following spot checks on their branches. The enforcement action follows repeated warnings from the CBN to financial institutions to guarantee seamless cash availability, particularly during periods of high demand.
“The affected banks include Fidelity Bank Plc, First Bank Plc, Keystone Bank Plc, Union Bank Plc, Globus Bank Plc, Providus Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, and Sterling Bank Plc.”
The fine will be debited directly from the banks’ accounts with CBN.
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Very very good
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Hello iya Boys
Good. Some of these POS operators are thieves.
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DeleteCynthia we pay them extra money.
DeleteNice one 👍
ReplyDeletenice one, they are busy selling cash to POS people.
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DeleteHello iya Boys
😂😂 plus access
DeleteOrange bank dey try Sha for my area.
DeleteYou are allowed to withdraw 5k to 20k a day
Very good
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ReplyDeleteHello iya Boys
That's what banks are doing now
ReplyDeleteThey hoard cash and sell it POS operators
Pearl
Very annoying behaviour.
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True talk dear
DeleteGood, they should continue checking them. All the banks in my side don’t load money in their machine.
ReplyDeleteI hope they won't be paying with our money.
ReplyDeleteVery good.
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Oh,So Orange bank didn't make the lists
ReplyDeletePlus orange
ReplyDeleteVery good
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ReplyDeleteThe issue with the Nigerian system is the system itself. There are around three banks near me, however their ATMs do not always have cash available. The previous time I went to an ATM, I could only withdraw a maximum of N1,000 because I was using another bank's ATM.
ReplyDeleteVery Wicked Institution’s
ReplyDeleteThank God UBA is on the Chopping Board.
FCMB should be added to the List