Fake currency dispensed through ATM and CBN foul play – Globasure News Updates.

Central bank has performed tremendously in introduction of ATMs to the Banking operation system in the country. Many positives has been achieved, seamless transaction in banking sector, reduction in turn around time, de-congestion of customers in banking hall and availability of cash to customers during holidays an on weekends.

Cash-less policy was introduced to the economy in order to enhance the usage of electronic channels likes of POS, Web Payment, ATMs to consummate the transaction and reduction in the heavy usage of cash in the circulation.

A welcoming idea to our great nation Nigeria! Of course good, but some unscrupulous element, bad eggs has been emerged or been employed by some commercial banks, trying to put evil chemistry together in stunning this innovation (Cash-less policy).

The rate at which some banks ATMs are dispensing fake currency note is alarming. Several complain has been received by the Nigeria House of Assembly, CBN and commercial banks on this devilish happen.

Globasure News Updates  findings revealed that, some commercial banks are still operating out of bank ATMs business which in so many ways give rooms to fraudulent act.

They authorized the less motivated, out sourcing staffs of the banks to be an Alpha and Omega of ATMs loading and its operations outside the banking premises with low or no supervision. This operation process should be checked by the CBN, because it’s a great channel to create series of evil scene while cash in transit to various ATMs locations.

The last time CBN revoked the license or authorized the commercial bank to cease from out of banks ATMs business was a strident steps and a splendid achievement in the history of apex bank. Lesser complains were received from customers on ATMs operation, no complain of ATMs dispensing fake currency or mutilated note,  ATMs in their premises were properly monitored and maintained by the assigned core staffs. We are all excited with the policy and hurray.

Why did CBN enact the policy again? Why is the apex bank exposing customers to unnecessary risk? Is it because of Cash-less policy? If yes, we don’t need to revalidate the out of bank ATMs business to achieve the fullest cash-less policy introduced.

Many banks were able to built a well structured gallery for ATMs within their premises with adequate security in place, and high supervision which give customers confidence to do their cash transaction compare to out of banks ATMs with no supervision that unnecessary exposed customers to risk of theft, withdrawing fake currency funnels by staff of the bank when there is low or no supervision.

It’s high time for CBN, commercial banks to wake up from their slumber and fight for this issue critically before the customers started loosing confidence in ATMs and rubbishing the idea of cash less policy.

To curb the rampant issue of fake currency dispense through ATMs, the license must be revoked by the apex bank and a committee must be set up to look into the process of cash loading in the various banks.