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Customers Storm Banks Over Shortage of Redesigned Currency as Traders Reject Old Notes

Nigerians have continued to express worry over the shortage of the redesigned N1,000, N500 and N200 naira notes.

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Retail banking

Exactly seven days to the January 31 deadline for the return of old notes to banks across Nigeria, Nigerians have continued to express worry over the shortage of the redesigned N1,000, N500 and N200 naira notes.

Most banks have been issuing old notes despite threat of sanctions by the Central Bank of Nigeria (CBN).

While Nigerians rush to meet up the deadline by thronging banks to deposit the old notes, they have been complained bitterly as banks keep giving them old notes whenever they withdraw either from the counter or at the Automated Teller Machines (ATMs) points.

In Birnin Kebbi, the capital city of Kebbi, customers reportedly stormed banks to either deposit or receive money, saying they have limited access to the new naira notes.

In their large number, customers at various banks, were sighted making efforts to make transactions.

In Osun State, some traders have started rejecting the old notes and opting for cashless means of payment.

When Investors King visited some markets in Ilesa and Osogbo, buyers complained that some traders no longer collect the old notes and explained that the traders feared not to be caught up in the web of the deadline.

Some traders were even said to hike the price of their goods in the situation where the buyer is paying with the old notes while others would easily accept mobile bank transfer.

“I visited Atakunmosa Market in Ilesa on Monday and I was shocked when the woman selling rice rejected the N1,500 old notes I gave to her. She said I should pay with the new notes. We had to argue before I left her because everyone knows that the new notes is scarce and banks are not helping matter. If you go back to return this old money, one will still withdraw the old money. so, I wonder why traders are now rejecting the old notes when it’s not as if the deadline is here,” a resident of Ilesa who identified himself as Dare Atoyebi said.

Also lamenting the development at a commercial bank in Birnin Kebbi, Malam Musa Gero from Kukaru, Gulma in Argungu Local Government Area of Kebbi State said there was a long queue at the bank because people are rushing to return the old notes.

Gero said most of the people that had been paid were paid with the old notes, adding that hundreds of residents who besieged the bank overwhelmed the officials.

While appealing to the Federal Government and the Central Bank of Nigeria to consider the plights of Nigerians and extend the time to a certain period to accommodate all, Gero said if there is no extension, many people would be counting loses even before the deadline.

He said with the rush, most customers would not be able to deposit the old cash while those who were able to do so would still be given the old notes.

In his remarks during an interview at another commercial bank visited, Malam Muktar Sambo from Zogirma Village, Bunza Local Government Area, lamented that in the whole of Zogorma, they didn’t have a single bank to do any transaction, adding that many residents had to travel far distance to deposit their money.

He also begged the CBN for extension of the expiration date saying that most inhabitants of rural communities were yet to understand the new policy nor find it easy to take their money to the banks.

Another customer, Ibrahim Hassan, from Birnin Kebbi Local Government Area of the state, also noted that many people may not be able to deposit their old notes before the deadline.

He complained of long queues at the bank and also lamented the non-availability of the new naira notes in circulation in the state.

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Banking Sector

Kuda Bank Says Customer Deposits Are Safe Despite Mobile App Issues

The fintech company assured that the application glitches will soon be fixed and customers will gain access to their money again.

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Kuda Bank - Investors King

Kuda Bank, a leading digital microfinance bank, has said there is no cause for alarm as their customers’ money is safe despite the mobile application issues.

The fintech company operating in Nigeria further assured that the application glitches will soon be fixed and customers will gain access to their money again.

Investors King gathered that currently, users of Kuda are having difficulties in accessing the bank app. Some have bitterly complained that their account balance reads zero despite having money in the account.

The Kuda bank management has, however, responded to the complaints by its customers through its official Twitter handle.

The digital bank admitted that the application was having issues and apologised to its customers for their inability to access their money or use the application adequately.

It stated that the company is aware of the mobile app malfunctioning, as well as the zero account balance error.

According to its statement, work is ongoing to rectify the issue and when properly completed, customers will be alerted. It stressed that their money has not been tampered with and the glitch will soon be resolved.

The company’s response on its Twitter handle, @joinkuda reads, “We are sorry that you still haven’t been able to use your Kuda app. 

“We are working with our cloud services provider to sort out the downtime, and we will let you know when it’s been fixed. Your money remains safe and you will be able to access it as soon as services are restored.

“We know that the ₦0.00 balance error reported by several people is worrying but we assure you that it’s just what the app is displaying because of the downtime, not the amount of money you actually have. We will keep sharing updates as we make progress.”

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Banking Sector

Nigerians Lament Long Queues at ATMs, Cash Withdrawal Limits

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ATM machine

Since last week, the long queues at banks’ Automated Teller Machines (ATMs) have increased as Nigerians lament scarcity of the redesigned naira notes.

Despite the announcement of the Central Bank of Nigeria, CBN, on the extension of the deadline for the acceptance of old notes from January 31, 2023 to February 10, 2023, the crowd has persisted at Banks and their ATM galleries.

Investors King gathered that there is a gross scarcity of the new naira notes in the Southwest states as seen in the data obtained in Lagos, Ogun and Osun by its sources.

Lagosians expressed displeasure over the non-availability of funds at the ATMs and Point of Sale, POS agents which have caused them to be stranded even though they have loaded bank accounts.

They stated that both the new and old notes are no longer dispensed at the ATMs. The people of Ogun have similar experiences as they could not make withdrawals due to the lack of funds in the machines.

Meanwhile, some banks were said to be giving their customers N50 and N100 notes at the counter with a daily limit of N20,000 cash.  

Investors King observed that this did not go down well with the people who had spent several hours on the queue but went home with not more than N20,000. 

According to a Zenith Bank user in Akute, Ogun state, N5000 was the pegged daily withdrawal limit over the counter without an assurance of receiving it after the frustrating queue.

“We went to Zenith bank at Akute but could not get any money. We went inside the bank and we were told they could only pay us a maximum of N5,000 in N50 notes but the notes were torn and dirty.

“Even to collect the N5000, we queued for hours and eventually we were not paid. We went to the bank’s ATM and were given numbers, after staying in the queue, they later said there was no money. We can’t get new notes and we still can’t get old notes. We are tired and frustrated,” he lamented.

In Osogbo, Osun State capital, ATMs were filled with large numbers of people from the early hours of the day, as early as 3am to 4am. Number tags were issued as users arrived before the machines started dispensing money by 8:30am.

Though the machines dispensed new naira notes, there are withdrawal limits for various banks while some didn’t dispense for other bank users.

At Zenith Bank, Aregbe area in Osogbo, the withdrawal limit is N20,000 for their customers while other bank users can only withdraw N1000 at once for five times which makes it N5000. This angered several residents as they grudgingly withdrew their money with N35 bank charge on each N1000 withdrawal.   

Meanwhile, at GT Bank Ogo oluwa area in Osogbo, their ATMs did not accept nor dispense for other bank users. Only their customers returned home with smiles, though not without long hours under the scorching sun.

Nigerians have questioned why the scarcity of new naira notes persist in the midst of fuel scarcity worsening the hardship in the country.

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Banking Sector

Jaiz Bank Reports N5.946 Billion Profit in 2022 Financial Year

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Jaiz Bank

Nigeria’s leading digital bank, Jaiz Bank Plc has announced a 45.58% increase in profit after tax to N5.946 billion for the financial year ended December 31, 2022.

In the unaudited financial statement obtained by Investors King, the lender’s income from financing contracts grew to N21.589 billion in 2022, a 41.98% increase when compared to N15.205 billion recorded in 2021 financial year.

Income from investment activities inched higer from N8.972 billion filed in the corresponding period to N9.862 billion, representing a 9.92% growth. Therefore, gross income stood at N31.450 billion in the period under review.

Bank’s share as equity investor improved by 34.73% to N27.562 billion from N20.457 billion. Net spread after provision also expanded to N20.656 billion.

The bank’s total income appreciated by 31.73% to a combined N22.635 billion in the period under review. As expected, total expenses rose by 24.63% to N15.965 billion from N12.809 billion in 2021.

Profit before tax increased to N6.669 billion while the bank paid income tax of N583.595 million. The bank declared N5.946 billion profit after tax.

In September 2022, the  Managing Director/CEO, Dr. Sirajo Salisu, who commented on the bank’s performance, said the “bank remained committed to providing value-creating ethical banking services to its growing customer base.  He assured that the Bank is positioned to continue its remarkable earnings streak for the remainder of the year, by leveraging on technology and extending its touch points across the country.”

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