See list of banks fined by CBN for not dispensing cash via ATMs | READ MORE
For not adhering to the Central Bank of Nigeria (CBN)’s guidelines on dispensation of cash via Automated Teller Machines (ATMs) during the festive season, nine banks have been fined of N150 million each.
According to a press statement on Tuesday, January 14, 2025 issued by CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, the banks are;
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, totaling N1.35 billion, will be 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 (CBN) has sanctioned Deposit Money Banks (DMBs) for failing to make Naira notes available through automated teller machines (ATMs), during the yuletide season.
“Each bank was fined N150 million 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.”
“Ensuring seamless cash flow is paramount to maintaining public trust and economic stability.
“The CBN will not hesitate to impose further sanctions on any institution found violating its cash circulation guidelines”.
