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Queues disappear as banks increase cash payout to customers

by Ikenna Ngere

Banks, yesterday, increased cash payout to customers leading to sharp reduction in the long queues and massive crowds that characterised the cash dispensary points in the last two and half months.

This followed the sustained cash evacuation from the Central Bank of Nigeria (CBN) to Deposit Money Banks since Friday last week.

Vanguard visits to several banks in some major cities yesterday showed that most of the banks’ branches had enough cash to meet customers’ withdrawal needs.

Vanguard visits to four banks on Broad Street on   Lagos Island showed that all the banks allowed customers to withdraw as much as N200,000, a departure from the situation last week when customers could not withdraw more than N5,000 in most cases.

FirstBank branches paid  N10,000 from the Automated Teller Machines (ATM)   to both   customers and non customers while United Bank of Africa, UBA paid N100,000 over the counter and N20,000 in  ATMs to customers and N10,000 to non customers.

However, a visit to Guaranty Trust Bank, GTB, revealed that the bank only paid  N15,000 to customers over the counter with withdrawal slip. Meanwhile, some Point of Sale, PoS,   agents in the Lagos Island area had set the maximum withdrawal limit to N5,000 per customer.

SOURCE: VANGUARD

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