Customers Groan Once More, As Cash Crunch Hits Banks

Bank customers are experiencing difficulties withdrawing cash from their banks in Osun as the banks are claiming non-availability of physical cash, while in others, there are limits to the amount of cash you can withdraw from the ATM.

Residents are already entertaining fears of the problem stretching to the festive period as this will affect shopping.

The situation is not different with old generation banks and new generation ones as they all complaint of none availability of raw cash to customers.

In some banks, it was observed that bank officials rely on daily cash deposit to ration among customer who came to withdraw cash.

A customer of one of the old generation banks, Mr Kola Adeyi who spoke with me in Osogbo lamented his inability to withdraw cash at his bank.

Adeyi who was preparing for a marriage ceremony for his son noted that lack of cash is making it difficult for him to make adequate and prompt preparation for the wedding ceremonies.

He complained of rejection of bank transfers at most of his point of purchase of items for the ceremony, which is making things difficult.

A civil engineer, Alhaji Aromire Irewumi’s experience is worse as he explains how he always faces the wrath of his labourers whom he must pay off daily with cash after a tedious day’s work. Majority of his casual labourers claim not to have a bank account. This is affecting his business as labourers now decline to work for him.

An economic expert, Tayo Ikumapayi, in Ilesa told me though cashless policy is a welcome development, for Nigeria to embrace it, certain steps must have been perfected. Issue of failed delivery of transferred monies and inability to transfer money with ease due to network problems has to be addressed for effective policy execution.

Ikumapayi lamented lack of communication between government and the governed and even banks and their customers, adding that with effective communication, conflicts due to unwarranted disappointment will be minimised.

A banker who spoke on condition of anonymity said physical cash is not available because the Central Bank is not responding promptly and effectively to demand for cash despite their reserves with the apex bank.

He noted that efforts made by his bank to receive cash has remained a mirage as their demands were not met, which according to him led to rationing of limited cash available at their disposal.