CBN To Investigate Banks Over Scarcity Of Cash At ATMs

The Central Bank of Nigeria is to investigate the scarcity of funds witnessed by customers in most Automated Teller Machines in the country.

The CBN‘s Acting Director, Corporate Communications, Mr Osita Nwanisobi said on Wednesday, that 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 any more.

Findings by THE WHISTLER revealed that people have alleged this was due to banks’ conspiracy with CBN.

The CBN Director described as “preposterous” insinuations that the apex bank conspired with commercial banks to ensure there was no money in the machines.

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.”

Findings revealed 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 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.