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Cynthia Charles

Frustration, anger, as shortage of cash, ATMs network failure Nationwide

ATM Nationwide2

There appeared to be frustration, anger, long queues and anxiety at the weekend among bank customers due to network failure and shortage of cash at automated teller machines, ATMs across the nation, especially in Lagos State where the technology has been fully deployed.

This is even as the  apex bank, the Central Bank of Nigeria, CBN,  continues  to encourage the banking public to use electronic payment solutions such as automated teller machines, PoS terminals, web banking, telephone banking and mobile money transfer to reduce cash in circulation.

A close monitoring of commercial activities  in major cities in  Lagos  at  the Christmas eve yesterday  showed   how many bank customers were running from one ATMs cash point to another making frank efforts to either transfer or withdraw cash.

According to findings, many bank ATMs cash points were either experiencing long queues,  network issue or cash shortage , causing frustration, anger and anxiety  across the nation among  bank customers.

According to keen observers, banks may have been reluctant to re-load ATMs cash point because of incessant network failures among banks and fear of possible attacks by street urchins who were seen  parading all nooks and crannies of commercial nerve centers for possible prey.

Following cash crises that ensured last week, industry watchers have advised banks on timely response with regard to re-loading money in ATMs especially during crisis or emergency periods as experienced.

With this development, customers  who thronged ATMS cash points in major cities across the nation, especially in Lagos to withdraw money for different reasons especially, Christmas shopping  were deeply frustrated.

Sun  Tech News findings revealed that people were scampering from one ATMs cash point to another, looking for machines that could discharge cash.

Meanwhile, commercial banks in the major cities of Lagos on Friday witnessed massive patronage as customers rushed  inside the banking halls to make withdrawal of cash in preparation of the  holidays.

“But the banks should have prepared for  the Christmas holidays. They ought to have arranged for technical staff that will attain to cash shortage  or network failures. Nigerians do not deserve this of kind situation.

“I am here to withdraw money for medical emergency but cannot . It is frustrating indeed. It is sad that we are still experiencing this kind of mess. It is important that the banks deploy robust technologies for e-banking”,  a young man who claimed to be a phone seller at the Computer Village Ikeja but did not want to disclose his name  told Sun Tech news.

According to him, network failure and shortage of cash experienced by the customer have become a regular feature during Christmas period or any other celebration in  the country.

Also speaking with anger and frustration, Obi Okere, a civil servant working in while narrating his experience said that it was time Nigerian banks prepare for situation like this.

“This kind of thing cannot happen in the developed economy. Nigeria banks lack customer care. I do not see the reason why banks cannot brace up for this kind of challenge. Do we derseve this kind of suffering? It is very said that the banks cannot invest in the right technology to save the customers”he said.

For Dayo Balogun, a student at the University of Lagos, despite low key celebration which has become a regular feature during the Christmas , Nigerian banks are frustrating the banking publics as a result of network failure, shortage cash experienced by the customers.

“The government is preaching cashless economy but has not put in place the right infratsructure to do that. It is sad to experience difficulty in an apparent attempt to withdraw money this holidays. The CBN must act”he explained.

Despite current challenge, one thing is clear.  The adoption  of ATM card as an alternative and faster means of withdrawing instant cash has grown to appreciable level among Nigerians where even market women and artisans are now getting familiar with the service.

The new technology is seen as bail out option having reduced the number of customers at the banking hall, thereby making Nigeria a cashless economy.

 

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This post was last modified on December 20, 2018 2:29 PM

Categories: BANKING
Cynthia Charles: She is a prolific writer and has special interest on writing about business and opportunities. She can be contacted via cynthiaadigwe@financialwatchngr.com
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