Zenith, UBA, Globus… CBN fines nine banks N1.3bn for ATM cash shortages

Zenith, UBA, Globus… CBN fines nine banks N1.3bn for ATM cash shortages

 The Central Bank of Nigeria (CBN) has sanctioned nine
deposit money banks (DMB) with fines totalling N1.35 billion for failing to
ensure cash availability via automated teller machines (ATM) during the festive
season. The banks include Fidelity Bank, First Bank, Keystone Bank,
Union Bank, and Globus Bank. Others are Providus Bank, Zenith Bank, United Bank for
Africa (UBA), and Sterling Bank. In a statement on Tuesday, Hakama Sidi Ali, acting director
of corporate communications at the CBN, said each bank was fined N150 million
following spot checks that revealed noncompliance with the apex bank’s cash
distribution guidelines.Sidi-Ali said the fines will be directly debited from the
banks’ accounts with the CBN. “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,” the statement reads. “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.” She added that the CBN will not hesitate to impose further
sanctions on any institution violating its cash circulation guidelines. The CBN had pledged to intensify monitoring of cash hoarding
and rationing at bank branches and point-of-sale terminals. The regulator said it would collaborate with security
agencies to address illegal cash sales and ensure compliance with the daily
withdrawal limit of N1.2 million for POS operators. On November 29, Olayemi Cardoso, governor of CBN, urged bank
customers to report any withdrawal challenges via designated phone numbers. 



















































Prior to the directive, the financial regulator had asked
banks to prioritise cash disbursement through ATMs or face penalties.

Source: Zenith, UBA, Globus… CBN fines nine banks N1.3bn for ATM cash shortages

 - NigerianEye
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