See why Nigerian banks have decided to shut branches nationwide

• Commercial banks and other financial institutions have decided to close their branches across the country
• The closure comes amid safety concerns amid reports of violence as the nationwide protest enters day 2
• Bank customers have been advised to use other electronic banking channels to carry out their transaction

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Commercial banks and other financial institutions nationwide have decided to close their branches until further notice.

In separate messages to customers, the banks are advising them to use alternative channels for transactions.

Nigerian bank tells staff to stay at home Photo credit: Pius Utomi Ekpei
Source: Getty Images

Banks close branches over protests workers

Legit.ng had previously reported that various groups, including the Take It Back movement, called for a nationwide protest against hunger and bad governance in the country.

In several states, especially in the north, the protest escalated dramatically, with demonstrators attacking government properties and also setting fire to the headquarters of the Kaduna State Traffic Law Enforcement Agency (KASTLEA)

In addition, the protesters looted property at the the Nigeria Commission Office in Kano states.

Banks advise customers

Nigerian banks, including Ecobank for safety concern have sent out messages via email and social media platforms to announce the closure of branches nationwide.

Punch reports that Zenith Bank along Old Ojo Road, close to First Gate, was not open, but its ATMs were available to members of the public.

The banks are advising customers to make transactions using electronic services.

The major types of E-banking are online Internet banking, mobile banking, USSD, and Automated Teller Machines (ATM).

EcoBank's message to customers reads:

"Dear Customer, Due to recent developments, all our branches nationwide will be closed until further notice. We apologize for any inconvenience this temporary closure may cause.We encourage you to use our alternative channels, which remain available 24/7 for all your banking needs. Our digital services include Ecobank Online, the Ecobank Mobile App, *326#, Omnilite, OmniPlus, as well as our Cards and ATMs."

PoS operators announce new withdrawal charges

Earlier, Legit.ng reported that PoS operators hiked charges to over 100% following persistent cash scarcity.

Check showed that the PoS operators, which served as a last resort for cash-strapped Nigerians, increased their fees to N400 for every N10,000 withdrawal instead of the N200 they previously charged.

The situation is worse in some states, especially in Lagos, where most ATMs are dry, or customers form long queues to withdraw.

"

Source: Legit.ng