Unavailability Of Cash In ATMs: CBN Investigates Alleged Conspiracy Among Regulator, Banks, Agents

-by our correspondent.

The Central Bank of Nigeria (CBN) would soon look into numerous complaints, by bank customers, of many Automatic Teller Machines (ATMs) in Lagos not having enough cash to dispense, and allegation of possible collusion of banks with their representatives under the Agent Banking scheme.

The apex bank‘s Acting Director, Corporate Communications, Osita Nwanisobi, told the News Agency of Nigeria (NAN), on Wednesday, that ATMs were introduced to ease the sufferings of the masses while accessing cash.

He however, described as “preposterous” insinuations that the CBN is conspiring with commercial banks and their agents to underfeed the dispensing machines with cash while assuring the public that the apex bank will investigate the matter.

mobile money outlet in Nigeria

“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.” Nwanisobi said.

Meanwhile, a report has revealed that some faulty ATMs and those vandalised during the #ENDSARS protests are the major ones not dispensing cash, alongside those having network issues. According to the report, this situation could have led to scarcity of funds, thus, leaving the banks’ customers with the option of going to mobile money operators.

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