By Anthony Otaru, Abuja
With barely a few weeks until Yuletide festivities, bank customers across the Federal Capital Territory (FCT) and environs face hectic times attempting to cash monies over the counter as banks have restricted pay-outs.
ThisNigeria’s visit yesterday to several Deposit Money Banks (DMBs) across the Federal Capital Territory (FCT) and its suburbs revealed that most banks pegged their cash over-the-counter pay-outs at between N5,000 and N30,000 daily withdrawals.
The ugly situation has continued to cause severe pain among citizens, especially poor customers who do not request withdrawals of more than N100,000 over the counter at a particular time.
ThisNigeria was informed by some top officers of some banks ( names withheld) that the Central Bank of Nigeria (CBN) instructed to make cash more available to the Point of Sales (PoS) avenues while less be paid at the counters to promote its cashless policy further.
An Access Bank customer in Wuse district, Abuja, Mary Ogidan, told ThisNigeria that she had wanted to withdraw N80,000 at the counter to refill her gas and buy other essential food items but was shocked when the payee cashier said only N5,000 was approved by the bank over the counter.
“The cashier advised that I should go to any PoS operator for the withdrawals; on getting there, I was asked to pay N5,000 as commission. I became helpless; this is not good for Nigerians, especially now that the economy is bitting harder,” Ogidan said.
Another customer with First Bank of Nigeria who had a similar case, Alhaji Abubakar, described his experience at Ecobank in Suleja, Niger State, a suburb of the FCT, as a nasty one.
“I had intended to make N40,000 cash withdrawals but was told only N10,000 was approved by management to be paid at the counter. There was nothing else I could do but accept it. It’s a terrible situation for customers. This is coming at a critical time when inflation has pushed everybody down to his knees,” he explained.
*Seek punishment for erring banks on rights violation
They, however, urged the Monetary Authorities, especially the Central Bank of Nigeria (CBN), to rise to the occasion to enable Nigerians to have access to their funds, whether at the counter or in any of the Point of Sale (PoS) platforms.
ThisNigeria also gathered that some influential officers are using the PoS at the CBN to rip off funds from customers who are made to pay higher commissions.
“People don’t know anything; some CBN power officials are using the PoS to make huge sums for themselves; what they do now is to push millions of naira in cash to the public/ customers through the PoS and ask you to go there for cash withdrawals, you’re then made to pay huge sums as commission, they commissions goes back to the official owners of the PoS,” said Tunji Oseni, a former bank staff.
*CBN, FCCPC pledge to investigate, bring perpetrators to book
Meanwhile, the CBN, in a recent release, warned any of the banks to ensure that cash is made available to customers, especially with the yuletide season already at hand.
The apex bank, in a statement on November 13, said, “As we approach the yuletide season with an anticipated increase in cash demand, DBMs are advised to implement internal controls for responsible disbursement and accountability in respect of mint banknotes pay-out at the counter and PoS.
“To enhance public access to cash, we encourage banks to prioritize cash distributions through ATMs.
The release, signed by CBN Acting Director, Currency Operations Department, Solaja Olayemi, warned, “During this season, the bank, in collaboration with relevant law enforcement agencies, will intensify spot checks and mystery shopping activities to monitor and enforce responsible cash distribution and prevent naira abuse.”
Similarly, the Federal Competition and Consumer Protection Commission (FCCPC) has engaged some commercial banks in rights violations, especially when customers are denied withdrawals and network failures occur.
A statement by the FCCPC Director of Corporate Communications, Ondaje Ijagwu, assured that inquiries are being conducted under the FCCPC Act 2018 to bring perpetrators to book.
Ijagwu said the commission remains committed to safeguarding consumer rights, fostering a fair marketplace, and ensuring accountability across all sectors.
