Nigerian bank customers have expressed support for the Central Bank of Nigeria (CBN) imposing fines on banks that fail to adequately load their Automated Teller Machines (ATMs) with cash. This follows widespread complaints about persistent ATM cash shortages, which have caused significant inconvenience to customers across the country.
The issue has been particularly frustrating for those in rural and semi-urban areas, where ATMs are a primary source of cash withdrawals. Many customers have reported long queues, frequent machine outages, and limited cash availability, leaving them with no choice but to resort to expensive Point of Sale (POS) operators.
“Banks have a responsibility to provide consistent cash access to their customers,” said Maryam Bello, a civil servant in Abuja. “The CBN’s fines are justified because these shortages are avoidable if banks prioritize proper cash management.”

The CBN has recently introduced penalties for financial institutions that fail to comply with its guidelines on ATM cash loading. Under the directive, ATMs are required to be stocked and functional during operating hours, with penalties imposed for lapses.
Bank officials, however, cite logistical challenges, including cash supply constraints and operational costs, as reasons for the shortages. Some banks argue that the high demand for cash, particularly during peak periods, often exceeds their replenishment capacity.
Financial analysts believe the fines are a step in the right direction to ensure banks meet their obligations to customers. “Penalties create accountability. If banks know they will be held responsible for failing their customers, they’re more likely to put measures in place to address these issues,” said Tunde Afolabi, an economist.
Customers have also called for more transparency and improved communication from banks regarding ATM downtimes and cash availability. “If an ATM isn’t working or out of cash, banks should notify customers early, rather than letting them wait in long queues only to leave empty-handed,” said Emeka Udeh, a Lagos-based trader.
The cash shortage issue has also reignited discussions about the need for increased adoption of digital payment systems. While the CBN continues to promote cashless transactions, many Nigerians still rely heavily on cash for their daily activities, particularly in areas with limited digital infrastructure.
As the CBN pushes for improved ATM services, it remains to be seen whether these fines will lead to lasting changes in banks’ operational practices or if customers will continue to bear the brunt of cash shortages.
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