In a recent investigation by Leadership Weekend, bank customers in Ondo State are facing a significant challenge as they struggle to withdraw their deposits for transactions during the yuletide season. Across the state, banks have reportedly slashed withdrawal limits, leaving many customers unable to access the amounts they require.
Customers who visited banks in the state capital, Akure, revealed to Leadership Weekend correspondents that they were unable to withdraw their desired amounts over the counter due to a shortage of adequate cash in the banks. Bank officials, it seems, have resorted to reducing withdrawal limits based on the intended amount, advising customers to use alternative channels for their transactions.
A firsthand observation at various banks in Akure unveiled that many were operating with insufficient cash, limiting customer access to amounts ranging from N5,000 to a maximum of N20,000. Long queues were also observed at Automated Teller Machine (ATM) points, further exacerbating the inconvenience faced by customers.
This situation has not only affected individual customers but has also impacted operators of Point-of-sale businesses who are struggling to withdraw sufficient cash from banks and ATMs to run their operations effectively.
The problem reportedly started surfacing last week, causing frustration among customers attempting to conduct transactions during the festive season. Mrs. Toyin Alade, a customer, expressed her dissatisfaction, stating that she could not collect the intended N200,000 from Access Bank and First Bank branches in Alagbaka. Both banks allegedly cited a shortage of cash and advised her to use alternative channels for the remaining transactions.
An anonymous bank official in Akure confirmed the shortage of cash, attributing it to insufficient supply from the Central Bank of Nigeria (CBN). The official mentioned the surge in demand in recent weeks, especially towards the end of the year, and explained that the banks are encouraging customers to use alternative channels while dealing with the limited cash on hand.
Oliwatoyin, an operator, highlighted the impact of the cash shortage on her business, noting that she couldn’t fulfill a customer’s request to withdraw over N25,000 due to the limited cash received from her banks. The situation has forced her to ration the available cash, affecting her ability to serve customers effectively.
