The Central Bank of Nigeria (CBN) has penalized nine Deposit Money Banks a total of N1.35 billion for failing to ensure adequate cash availability at Automated Teller Machines (ATMs) during the festive season. Each bank was fined N150 million, reflecting the CBN’s zero-tolerance stance on cash flow disruptions.
In a statement issued on Tuesday, Mrs. Hakama Sidi Ali, the acting Director of Corporate Communications, confirmed that the fines followed spot checks that exposed non-compliance with the apex bank’s cash distribution guidelines. 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.
According to the CBN, the fines will be directly debited from the banks’ accounts with the central bank. The move is part of a broader enforcement strategy aimed at ensuring seamless cash access, particularly during peak demand periods such as the yuletide.
This enforcement action comes after repeated warnings from the CBN to financial institutions to maintain adequate cash supplies at ATMs, ensuring customer convenience and confidence in the banking system.
The development has sparked public discussions on the need for stricter monitoring of cash distribution systems and greater accountability among financial institutions to avoid similar occurrences in the future.
