CBN Fines Nine Banks N150m For ATM Cash Shortages
The Central Bank of Nigeria (CBN) has sanctioned nine Deposit Money Banks with fines totalling N1.35bn for failing to ensure cash availability via Automated Teller Machines during the festive season.
In a press statement released on Tuesday, the Acting Director of Corporate Communications at the CBN, Mrs Hakama Sidi Ali, emphasised the regulator’s commitment to ensuring seamless cash availability.
Each of the banks was fined N150m following spot checks that revealed 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.
The fines will be directly debited from the banks’ accounts with the CBN.
The statement read, “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.
“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.
“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.”
