ABUJA (Sundiata Post) – Some small business operators and residents in the Federal Capital Territory (FCT), have decried the scarcity of Naira notes for various transactions.
Over the past few days, bank customers had experienced difficulty trying to get cash from banks’ Automated Teller Machines (ATMs) Point of Sale (POS) agents.
This has resulted in the hike in withdrawal charges by some of the POS operators.
Mary Isaac, a POS operator in Mabushi, complained that she spent more than five hours in the bank on Friday trying to get cash.
According to her, at the end, I only got very little cash which was not adequate for her business..
“For every transaction, now the charge is from N200 and above, and it will go higher this December.
” This is not our fault but the Central Bank of Nigeria (CBN) which has not put more cash in circulation,” she said.
Mr Paul Uzor, a businessman who came to withdraw cash from a PoS agent said that he was charged N500 to withdraw N10,000 .
Uzor said that the extra charge was not fair on the masses, considering the harsh economic situation.
He called on the CBN to prevail on all Deposit Money Banks (DMBs) to make enough cash available, both in the Automated Teller Machines (ATMs) and the banking halls.
Isah Abba, a trader, said that the scarcity of cash was particularly hurting small business owners who rely on cash for their daily business transactions. .
“We can not run our business like this.
“Both businesses and customers do not have enough cash, and when we go to the POS, they also do not have cash,” he said.
He urged the CBN to address the acute scarcity of cash before the festive season sets in.
Meanwhile, the CBN has threatened to impose fines on erring banks over scarcity of cash at the ATMs.
The CBN Governor, Yemi Cardoso, said this at the annual Bankers’ Dinner organised by the Chartered Institute of Bankers of Nigeria in Lagos at the weekend.
Cardoso said that the apex bank would be conducting spot checks across the DMBs, and would
impose sanctions on underperforming banks.
He urged customers to report any difficulties in accessing cash directly to the CBN for prompt action.
“We also recognise the ongoing challenges with cash availability at ATMs, which disproportionately affect ordinary Nigerians.
“To address this, we are conducting spot checks across the DMBs, and we impose penalties on the underperforming institutions.
“Effective December 1. 2024, customers are encouraged to report anytime difficulties withdrawing cash from bank branches or ATMs directly to the CBN through designated phone numbers and email addresses for their respective states,” he said.
He said that guidelines would be circulated widely to raise public awareness.
He called for full regulative compliance by all stakeholders, including mobile money operators and POS agents, to promote digital transaction channels and improve service delivery.
He emphasised that financial institutions found engaging in malpractices or sabotage would face penalties.
“The CBN will continue to maintain a robust cash offering to meet the country’s needs, particularly during high demand periods such as the festive season and year-end,” Cardoso said. (NAN)
