Customers besiege cashless ATMs over Christmas as Banks deny illiquidity

Commercial bank customers in Lagos and Ogun States over the weekend decried the lack of money in many Automated Teller Machines (ATMs), as they besieged banks to withdraw funds for the Christmas celebrations.

Deposit money banks (DMBs) deny allegations of a cash crunch in the system, but many of their customers in Lagos and Ogun States said they could not withdraw money from the ATMs.

Our reporter on sight observed long queues in most of the Deposit Money Banks (DMBs) ATM points across the two states.

Practically all the banks in different parts of Lagos on Friday and Saturday recorded a huge crowd of customers, with most of them waiting to withdraw funds for the long holiday.

In Ikeja, Oshodi, and other areas in the Lagos metropolis, there were long queues of customers lamenting that they have visited several ATMs since morning but could not withdraw their money.

Similarly, in Agege, Egbeda, and Iyana Ipaja, also in Lagos, depositors were seen fighting among themselves, with security men attached to the banks finding it difficult to curtail the huge crowd.

Findings, however, revealed that some depositors could not withstand the stress and later left, while those that had no alternative waited patiently for hours for their turn and eventually got access to their funds.

An official of one of the banks, who would not want his name mentioned because he was not authorized to speak to the press, said: “This is not surprising because this is what we face anytime when there is an annual celebration or long holiday.”

Some of the banks visited were First Bank, Guaranty Trust Bank, Ecobank, and Zenith Bank.

Other banks visited were Diamond Bank, Wema Bank, Stanbic IBTC, Sterling Bank, First City Monument Bank and Access Bank across Abule-Egba, Lagos and Sango Ota in Ogun State.

At Wema Bank in the Ifo area of Ogun State, a customer, Mr. Faseluka Akinlowo, said he had been waiting under the sun for more than two hours and had been unable to withdraw money due to the long queue.

“The bank management is aware that Wema Bank is the only commercial bank in this area and ought to have made adequate provision, especially making funds available in ATMs during this festival season,” Akinlowo bemoaned.

Also, a customer of GTB at Sango Ota branch, Mr. Kayode Agunbiade, said that the bank should have made adequate preparation by ensuring that all the ATMs are working effectively because of its  huge customer base and the fact that its branch in Abule –Egba had been demolished by the Lagos State government due to the ongoing constructing in the area.

However, another bank customer expressed surprise at the large turnout of depositors, even as many Nigerians were complaining about the downturn in the nation’s economy and lack of money in the country.

At most of the Heritage Bank ATM points, it was observed that no customer was seen at the ATM, as they were not dispensing cash.

Meanwhile, a visit to Diamond Bank in Iyana-Ipaja and its branch at Singer in Ota showed that many customers were several long queues waiting to withdraw.

A customer, Chigozie Ifiekandu, said the management of the various banks and the Central Bank of Nigeria (CBN) should do something about the queues at the banks during festive periods.

“I regretted coming down to Sango on Friday, I could have withdrawn all I needed for the entire holiday, even though there were long queues in some part of Lagos, it was not as bad as this,” he lamented.