Bank customers in Ondo State are expressing dismay as banks across the state slash withdrawal limits, leaving them unable to access their deposits for transactions during the yuletide season.
A recent investigation has unveiled the challenges faced by customers who are grappling with reduced withdrawal options.
In Akure, the state capital, where an inquiry was conducted on Friday, it was evident that customers were grappling with limited access to their funds.
Many revealed that the banks have adopted a system of reducing their withdrawal limits based on the amount they intend to withdraw, leading to a significant impact on their holiday transactions.
Customers lamented that the banks, faced with a lack of adequate cash, are advising them to resort to alternative channels to complete their transactions.
This move has led to frustration as customers encounter challenges accessing the cash they require for various purposes.
Observations at several banks in Akure revealed that customers now only have access to cash ranging from N5,000 to a maximum of N20,000, making it difficult for them to meet their financial needs.
Additionally, long queues were witnessed at Automated Teller Machines (ATMs) points, further exacerbating the challenges faced by customers.
The impact extends beyond individual customers to affect operators of Point-of-sale businesses, who find themselves unable to withdraw sufficient cash from banks and ATMs to run their operations effectively.
Some customers noted that the problem began surfacing since the previous week, with Mrs. Toyin Alade sharing her experience, stating, “I came to Access Bank and First Bank branches in Alagbaka to collect N200,000, but I could not do so. Access Bank officials said they could only give me N100,000, and the First Bank officers also claimed they could give me only N100,000.
The two banks claimed there wasn’t enough cash and subsequently advised me to use alternative channels to do my remaining transactions.”
An anonymous bank official in Akure confirmed the shortage of cash and attributed it to the limited supply from the Central Bank of Nigeria (CBN).
The official stated, “What we have resorted to doing is to encourage our customers to use alternative channels and give them the little we have on the ground.
Currently, we are at the end of the year. The demand is huge, and we have to balance it.
The CBN hasn’t been giving us enough cash in recent times, especially since the surge in demand started some weeks ago.”
A business operator, Oliwatoyin, also voiced her concerns, stating, “For the past few days now, I could not attend to a customer who wanted to withdraw over N25,000 at once.
This was because I couldn’t receive much cash from my banks. I was forced to be rationing the little cash I had with me.”
As the yuletide season progresses, the situation raises questions about the ability of banks to meet the financial demands of their customers and the potential implications for businesses and individuals during this festive period.
