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Banks break their silence on “hoarding new naira notes” following CBN policyBanks break their silence on “hoarding new naira notes”

On Monday, Nigerian banks rejected claims that they were to blame for the country’s widespread shortage of the newly printed naira notes.

The Association of Corporate Affairs Managers of Banks, or ACAMB, assessed the cashless policy and expressed sympathy to the general people for the difficulties caused by the introduction of the new notes.

Rasheed Bolarinwa, the president, said in a statement that the banks could not be the hindrance to development as they had already contributed about N100 billion to the system.

According to Bolarinwa, as part of the company’s continued commitment to a seamless client experience and real-time digital financial transactions, the fund was recently used in the setup and maintenance of cutting-edge electronic channels.

He pointed out that 80% of Nigerians today take advantage of digital/cashless services, from internet banking to smartphone apps, Automated Teller Machines, ATMs; Point of Sales, PoS, merchants, mobile wallets, Unstructured Supplementary Service Data, USSD, codes, agents, and digital franchising.

According to ACAMB, Nigeria has progressively evolved and is now recognized as having one of the top 10 real-time payment marketplaces worldwide and perhaps Africa’s most sophisticated digital financial services business.

The financial institutions reaffirmed their unwavering support for the Central Bank of Nigeria’s (CBN) expanded cashless strategy.

Bolarinwa stated that in order to urgently address implementation challenges and guarantee citizens experience no unfavorable suffering throughout the transition process, the regulator and other stakeholders were working together.

“ACAMB maintains without any ambiguity that Banks are not acting in any manner that is inconsistent with our professed commitment to an exciting customer experience, including hoarding or holding back Naira notes.”

According to Bolarinwa, cash is distributed under the supervision of CBN Inspectors and anti-graft organizations while ATMs are replenished daily.

The banks listed additional measures such as the deployment of extra technical support for online payments, extra security at ATMs for 24-hour use, technological backup to prevent online outages, additional staff deployment to handle cash transactions, and prompt interbank and inter-branch networking.

The steps, along with the CBN’s efforts, “would result in enhanced ease of access and cash availability,” the statement expressed optimism.

However, ACAMB urged clients to use patience and refrain from using force against any banks, their staff, or financial facilities.

It reminded them that many banks are public companies owned by millions of Nigerians and provide employment to tens of thousands of staff who work to ensure reliable and secured services.


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