Business
Customers Charge Commercial Banks On Improved Services
Bank customers in the country have called on the Central Bank of Nigeria (CBN) to ensure commercial banks live up to their mandate of satisfying customers.
They made the appeal in separate interviews with newsmen on Sunday in various parts of the country.
The Tide reports that many of the customers were at various bank premises trying to withdraw cash from the Automated Teller Machines (ATMs).
A cross section of them decried poor services by the banks, especially in ensuring adequate provision of funds in the ATMs at weekends and public holidays.
A visit by The Tide correspondent to most of the centres at the weekend showed long queues at the very limited ATMs within the various premises.
“The bank management is aware of the usual chaos at ATMs during weekends, holidays or festive periods and ought to have made adequate provision, by ensuring sufficient funds in ATMs.
”It is very unfair that the interest of customers is not considered by the banks and the government should try and look into the matter for the good of the poor masses,” a customer, Adams Malamute said.
It was reported that at the Area 3, Garki, Abuja, where many bank branches were situated, fewer customers were seen making withdrawers and majority of the ATMs were dispensing cash.
A customer at the Guarantee Trust Bank, Mr Alfred Agula,said he drove all the way to town to withdraw money because he wanted to avoid long queues.
”The economy is very tight and one has to manage every resources he has, if only adequate provisions were made by those in power, things will be easier for all of us.
”We are on Sallah holiday and as you can see, very few people are seen withdrawing money, because everybody is broke, there is no money in the economy.
It was also a tale of frustration for many bank customers during the Eid-el-Kabir celebration in the South West zone as many ATMs failed to dispense cash.
Long queues were also a permanent feature at most banks’ premises.
In Oyo State, some of the customers lamented about the long queues and insufficient funds in the machines, urging the banks to evolve new measures aimed at resolving the challenges.
But an official of a commercial bank, who pleaded anonymity because he was not authorised to speak out said that the situation was due to high patronage at ATMs during festive periods .
She said that funds were loaded into the ATMs based on availability, saying an official of the bank had been designated to load the ATMs as soon as fund was available.
”A bank official works at weekends and public holidays to attend to issues at the ATMs,’’ she stated.
In Ogun, customers also faced similar hitches and called on banks in the state to step up measures to ensuring easy cash withdrawals through ATMs.
Most, if not all ATMs in the Ijebu-Ode metropolis, are concentrated on the Folagbade-Ibadan road in Ijebu-Ode, a situation the banks attributed to security reasons.
Mrs Adeola Akinyemi, a teacher in Odogbolu, said residents of the area and the neighbouring Ikenne town always had difficulties using ATMs.
An official of one of the commercial banks in the area, who pleaded anonymity, pointed that the patronage of ATMs was usually high during festive periods.
He, however, said that the bank was trying its best to fix the problems as they came up.
According to him, each ATM takes as much as N8 million with N2 million of N1,000 notes in each of the four trays in each machine.
The bank official said that security guards from private firms were always available around the gallery to offer assistance to customers in need to quicken process of withdrawal.
Business
SMEs Dev: Firms Launch N100m Loan Scheme
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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