The Central Bank of Nigeria (CBN) has penalized nine Deposit Money Banks (DMBs) with a total fine of N1.35 billion for failing to ensure cash availability through their Automated Teller Machines (ATMs) during the festive period.
Each of the affected banks, including Fidelity Bank, First Bank, Keystone Bank, Union Bank, Globus Bank, Providus Bank, Zenith Bank, United Bank for Africa (UBA), and Sterling Bank, was fined N150 million for breaching the CBN’s cash distribution directives.
According to a statement issued on Tuesday by the Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, the penalties followed spot checks at bank branches that revealed non-compliance with the apex bank’s guidelines
The statement emphasized the CBN’s commitment to ensuring seamless cash distribution, particularly during peak demand seasons, stressing that the enforcement action sends a strong message to financial institutions about the importance of complying with cash availability regulations.
