The Central Bank of Nigeria (CBN) says it will investigate the scarcity of funds witnessed by customers in most Automated Teller Machines (ATMs) at various locations in Lagos State, particularly and other states of the federation.
This is even as the gap is being filled as well be exploited by agent banking system through which these services are being provided by agents of the deposit money banks like Point Of Sales (POS) and or others called Pagas, capitalizing on the mood of the moment typified by desperation and inflation being experienced by desperate Nigerians who are embarking on shopping for the Xmas celebrations.
This is even as the gap is being filled as well be exploited by agent banking system through which these services are being provided by agents of the deposit money banks like Point Of Sales (POS) and or others called Pagas, capitalizing on the mood of the moment typified by desperation and inflation being experienced by desperate Nigerians who are embarking on shopping for the Xmas celebrations.
These centre’s charge between N100 to N500, depending on the amount being requested, and in some cases they charge double.
They also peg the amount allowed to be withdrawn since some operators do not carry large amounts of cash due to rising insecurity in the country.
But, some analysts say the development is capable of exposing customers who might fall victims of fraudsters as their ATM PINs can be compromised.
However, CBN is set to tackle the dearth of cash at the various ATMs.
Osita Nwanisobi, CBN‘s Acting Director, Corporate Communications, told the News Agency of Nigeria (NAN), on Wednesday, that ATMs were introduced so as to ease the sufferings of the people.
Nwanisobi spoke on the heels of customers complaining that the proliferation of Agent Banking is responsible for ATMs not having money to dispense any more.
NAN reports that people have alleged this was due to banks conspiracy with CBN.
The director also described as “preposterous” insinuations that the apex bank conspired with commercial banks to ensure there was no money in the machines.
“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.
“I assure the public that CBN will investigate the matter,’’ he said.
It was gathered that beside the fact that some ATMs might be faulty, some have perpetual network issues with the rate of downtime between 75 to 85 percent.
Osita Nwanisobi, CBN‘s Acting Director, Corporate Communications, told the News Agency of Nigeria (NAN), on Wednesday, that ATMs were introduced so as to ease the sufferings of the people.
Nwanisobi spoke on the heels of customers complaining that the proliferation of Agent Banking is responsible for ATMs not having money to dispense any more.
NAN reports that people have alleged this was due to banks conspiracy with CBN.
The director also described as “preposterous” insinuations that the apex bank conspired with commercial banks to ensure there was no money in the machines.
“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.
“I assure the public that CBN will investigate the matter,’’ he said.
It was gathered that beside the fact that some ATMs might be faulty, some have perpetual network issues with the rate of downtime between 75 to 85 percent.
According to CBN, agent banking is “the provision of financial services to customers by a third party (agent) on behalf of a licensed deposit-taking financial institution and/or mobile money operator.
NAN reports that a visit to the Firstbank ATMs at Iganmu, showed the machines in the bank premises were not dispensing, but the ones in the banking hall are working well.
NAN reports that a visit to the Firstbank ATMs at Iganmu, showed the machines in the bank premises were not dispensing, but the ones in the banking hall are working well.
Also at Firstbank ATM in Egbe, Isolo road, the four machines, all in good working conditions, had no cash to dispense.
Customers, who came into the premises, complained that scarcity of funds had always been the order of the day at that particular Firstbank quick service point.
