Connect with us

Hi, what are you looking for?

E-Financial

Yuletide: CBN Vows to Investigate Scarcity of Money in ATMs

The Central Bank of Nigeria (CBN) has vowed to investigate the scarcity of funds witnessed by customers in most Automated Teller Machines (ATMs) in Lagos State.

The CBN‘s Acting Director, Corporate Communications, Osita Nwanisobi, who disclosed this to the News Agency of Nigeria (NAN), on Wednesday, December 23, said the ATMs were introduced so as to ease the sufferings of the people.

Nwanisobi spoke on the heels of customers complaining that the proliferation of Agent Banking is responsible for ATMs not having money to dispense anymore.

He said: “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.”

It was, however, learnt that some ATMs that are not dispensing cash are those that are either faulty or looted and vandalised during the #ENDSARS protests.

Those ATMs that are not faulty, but due to network issues are also not dispensing cash thus causing scarcity of funds, thereby, leaving customers to patronise agent banking.

According to the CBN, 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.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

ad

You May Also Like

News

Russia’s Ministry of Health has unveiled a revolutionary development in cancer treatment—a personalized mRNA-based cancer vaccine that will be distributed free of charge beginning...

News

Democratic Republic of Congo’s (DRC) health ministry has identified the previously mysterious illness in the Panzi health zone as a severe form of malaria...

News

Nigerian Communications Commission (NCC) has hosted a virtual stakeholders’ forum to discuss the draft Application-to-Person (A2P) licensing framework. The event, held on December 20,...

News

H.E. Dr. Bello Mohammad Matawalle MON, Honourable Minister of State for Defence, has expressed confidence that the administration of President Bola Ahmed Tinubu GCFR...