Business
Yuletide: ATM Users Bemoan Fate In PH
From Left: Chairman, World Pension summit for Africa, Mrs Grace Usoro; Co-Chairman, World Pension Summit, Mr Harry Smorenberg; acting Director-General of PENCOM, Ms Chinelo Anohu-Amazu; President Goodluck Jonathan; Minister of Finance, Dr Ngozi Okonjo-Iweala; Co-Chairman, World Pension Summit, Mr Eric Eggink and Chairman, Senate Committee on PENCOM, Sen. Aloysius Etuk, at the World Pension Summit in Abuja.
Users of Automated Tell
ers Machine (ATM) have decried what they called disappointment and challenges experienced during the Christmas season while trying to withdraw money for the celebration.
The Tide reporter who moved round Port Harcourt City witnessed crowds that had different experiences at different ATM centers.
To a user, Mrs Peace Amadi, “it was a terrible experience for me because after being on line for more than three hours at Ikwerre Road, First Bank was told there was no money in the machine”.
She also noted that many cards were trapped in the machine, with the bankers refusing to return the cards to the owners, adding that the bankers said that Central Bank of Nigeria circular directed them to destroy other bank cards trapped in their system. Amadi stated that all these stories were not funny when people needed money to take care of needs at the home front.
Another user Mr Daniel Peters said the effect of the cashless policy and use of ATM was both negative and positive, as the policy drastically reduced robbery incident experienced in past years during the celebration time.
Peters said the ATMs only pay N20,000 at a time instead of N40,000, adding that this affected many customers who wished to withdraw N100,000 in the midst of the crowd.
To a user at Aba road, Mrs Chinemerem Ohunta, “I could not access my money for two days and even when I did, I had an ugly experience of being short paid by the machine. “I demanded for N5,000 and the machine paid me N3,000. I thought I made a mistake and had to press for another N2,000, only to be paid N1.500”.
She called on the banks to rectify these funny mistakes, stating that as people are getting used to the cashless policy, serious effort should be made by CBN and other relevant authorities to put things in order.
Another back customer at Trans Amadi Industrial layout, Mr Stanley John, wondered why ATM would be out of service at the time the customers are desperate to collect their money.
He noted that even with the lined up crowd, only one ATM would be working, while three others would be out of service, adding that this was unfair to the newly embraced cashless policy.
Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.