Customers Groan As Cash-strapped Banks Slash Withdrawal Limits
Amid a surge in demand for more cash by bank customers as the Yuletide season approaches, some Deposit Money Banks have slashed the withdrawal limits of their customers.
Findings across bank branches in some key cities in the country revealed that many customers could not withdraw the total amount they needed over the counter due to lack of adequate amount of cash on the part of the banks.
Some bank customers said bank officials simply reduced the amount their customers wanted to withdraw and asked them to use alternative channels to carry out their outstanding transactions.
Furthermore, it was learnt that most of the banks did not load all their ATMs, a situation that worsened the plight of the customers.
The development, it was learnt, affected several operators of Point of Sale business who could not withdraw enough cash from the banks and the ATMs to run their businesses properly.
Customers from several parts of the country including Lagos, Ogun, Ondo, Taraba, and Abuja shared their grievances on Tuesday with reporters.
Some of the customers observed that the problem had started since last week.
“I was at Access Bank and Gtbank branches inside Redemption Camp in Ogun State to collect N500,000 on Monday but I could not do so. Access Bank officials said they could give me only N100,000. Gtbank officers also claimed they could give me only N150,000. The two banks claimed there wasn’t enough cash and subsequently advised me to use alternative channels to do my remaining transaction,’” one Shola Adekunle, a PoS operator in Mowe told one of our correspondents.
Bank officials, who confirmed the development and said the surge in demand occasioned by the Yuletide season had made it difficult for banks to meet the demands of their customers.
“What we have resorted to doing is to encourage our customers to use alternative channels. The CBN hasn’t been giving us enough cash in recent times especially since the surge in demand started a few days ago. But the truth is that people should be encouraged to use alternative channels.”
