The Financial institution Clients Affiliation of Nigeria has stated that the banks that have been penalised by the Central Financial institution of Nigeria for not making certain money availability through their Automated Teller Machines deserved the punishment.
This was disclosed in an unique chat with the president of BCAN, Dr. Uju Ogubunka, on Wednesday.
CBN sanctioned 9 deposit cash banks with fines totalling N1.35bn for failing to make sure money availability through automated teller machines throughout the festive season. Every of the banks was fined N150m following spot checks that exposed non-compliance with the apex financial institution’s money distribution pointers.
The affected banks embrace Constancy Financial institution Plc, First Financial institution Plc, Keystone Financial institution Plc, Union Financial institution Plc, Globus Financial institution Plc, Providus Financial institution Plc, Zenith Financial institution Plc, United Financial institution for Africa Plc, and Sterling Financial institution Plc. The fines might be immediately debited from the banks’ accounts with the CBN.
Talking on the fines, Ogubunka stated, “We all know that CBN was critical about what they stated as a result of, on the final Bankers’ Dinner, the CBN governor talked about it; he stated that they weren’t going to tolerate any disobedience to guidelines and rules. That they’ve sanctioned them exhibits that they’re critical.
“The banks which can be victims have nobody however themselves in charge, for they have been forewarned so far as November final yr. They deserve it. Perhaps they’ll study their classes, and in the event that they don’t, they’ll fall sufferer to the following spherical of penalties.”
He added, “We’re comfortable. If the banks have learnt their classes, they need to be capable of put cash within the ATMs. That doesn’t imply that the point-of-sale terminal operators mustn’t have cash, however now we have to be wise about it as a result of they’re additionally a creation of CBN. We’ve to handle the system, however I’m comfortable that the CBN has began to impose penalties. It’s a reward for disobedience.”
Dismissing claims from bankers that they have been now not getting sufficient money, the previous registrar of the Chartered Institute of Bankers of Nigeria requested, “Did they go to the central financial institution and never get money? In the event that they didn’t, they will justify their place. The CBN would know if the banks had come for money and didn’t get it, through which case it was not their fault, but when the banks gave that as an excuse however it was found that CBN had given them money at totally different occasions, then the CBN would know that they have been telling lies. CBN wouldn’t have penalised any establishment with out verifying. They can’t penalise you for what you didn’t do.”
In the meantime, there have been stories that the sanctioned banks loaded their ATMs with money on Wednesday.