Banks Not Shutting Down Services For Elections — ACAMB

The Association of Corporate Affairs Managers of Banks (ACAMB), the umbrella body of corporate and marketing communications professionals working in Nigeria’s banking sector, has debunked rumours trending on social media that the Central Bank of Nigeria (CBN) will shutdown banking services for five days between February 23 and 27 because of the general elections.

In a statement signed on Wednesday by its president, the association said that no Deposit Money Bank (DMB) or other institutions providing financial services in the country has received such a directive from the CBN.

Bolarinwa said, “Up until this moment, no Deposit Money Banks (DMBs) or other institutions providing financial services have received any directive or communication from the CBN to close the doors of their physical banking halls or shut their digital platforms and online banking channels against their customers because of elections.”

While urging Nigerians to avoid panic spending, Bolarinwa also noted that banks have put measures in place to ensure seamless financial transactions during the electioneering period.

“Customers who wish to carry out transfers or use electronic banking services will have unhindered access to these services before, during, and after the elections.

“ACAMB urges Nigerians not to panic and to also avoid uncontrolled spending as a result of the fake news about the alleged plan to shut down bank branches and all digital banking channels.