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Banks have taken measures to quicken flow of Naira notes, says ACAMB

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2 years ago

February 5, 2023

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The Association of Corporate Affairs Managers of Banks (ACAMB) has said the nation’s banks have taken additional measures to quicken the flow of naira notes into the financial system.

The association said some of these measures include deployment of extra technical supports for online payments, additional security at ATMs to ensure all-clock usage, technological back-up to reduce online downtime to the barest minimum, additional staff deployment to counters to attend to cash transactions and timely interbank and inter-branch networking to bridge any gap.

A statement issued by the association weekend and signed by ACAMB President Rasheed Bolarinwa, expressed confidence that these measures, in addition to efforts by the CBN, would result in greater ease of access and cash liquidity.

It said the federal government and the CBN had reiterated similar readiness to address any constraint in the cyclical flow, including making adjustments, where necessary.

While urging the Nigerian banking public to exercise patience that normalcy would return to the banks soon, they called on them not to resort to any untoward behaviour against bank staff or banking facilities.

The statement said the majority of Nigerian Banks “are publicly quoted, are owned by millions of Nigerians and provide employment to several millions of staff, who work 24/7 to ensure that the generality of Nigerians have reliable and secure, globally competitive banking services.”

The association also pointed out that “the cashless policy is generally in line with the yearnings of most Nigerians for the elimination of corrupt practices in financial transactions, adequate security and improvements in law enforcement and general integrity of the wealth creation process.”

Listing the benefits of the policy, it said, “as shown by global evidence, cashless policy helps in curbing crimes such as kidnapping, banditry and official sleaze, among others,” adding that “cashless or digital transaction is also a boost to commerce and industry; as well as public finance.”

The association also noted that “digitization of public finances of many states and at national level has led to phenomenal improvement in revenue generation which forms the basis of improved infrastructure renewals Nigerians now cherish.”