UBA, Zenith, UBA, GTB, Access, Other Banks to Close All Branches for 24 Hours, Give Reason

UBA, Zenith, UBA, GTB, Access, Other Banks to Close All Branches for 24 Hours, Give Reason

  • Commercial banks and other financial institutions are expected to close their branches across the country on Wednesday
  • The closure is to comply with the public holiday announced by the federal government to mark Democracy Day
  • Bank customers have been asked 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 will be closed on Wednesday, June 12, 2024.

This is in observance of this year’s (2024) Democracy Day celebration.

Nigerian banks observe public holiday
Nigerian banks to observe public holiday on Wednesday Photo credit: Pius Utomi Ekpei
Source: Getty Images

Bank workers to observe public holiday

Legit.ng had previously reported that the federal government declared Wednesday, June 12, as a public holiday to commemorate this year’s Democracy Day celebration.

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Minister of Interior Dr Olubunmi Tunji-Ojo, who made the declaration on behalf of the federal government, congratulated Nigerians on the occasion.

The minister, in a statement signed by Dr Aishetu Gogo Ndayako, the permanent secretary of the ministry and released on Tuesday, June 11, said:

“As we mark another Democracy Day in the history of our dear country, let us all reflect on the efforts of our founding fathers and ensure that Nigeria remains a united, secured, peaceful and indivisible entity”.

Banks advise customers

Nigerian banks, including Access Bank and United Bank of Africa, have sent out messages via email and social media platforms to announce the closure of branches nationwide.

They advised customers expected to make transactions to use electronic banking services.

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

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BREAKING: President Tinubu to address Nigerians on June 12

Stanbic IBTC's message to customers on its X page reads:

"Dear valued customer,​ Please be informed that our branches will be closed tomorrow, Wednesday, 12 June 2024, in observance of the Democracy Day break.
"However, our digital channels are available for all your banking needs.​
"Happy Democracy Day celebration.​"

Also, Wema Bank wrote:

"Please note, in observance of Democracy Day, our branches will be closed on Wednesday, June 12th.
"We will be back to serve you on Thursday, June 13th, 2024. Our alternative banking channels are still here for your convenience. Happy Holidays!."

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.

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Breaking: Tinubu’s govt declares June 12 public holiday to celebrate Democracy Day

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

Proofreading by James Ojo Adakole, journalist and copy editor at Legit.ng.

Source: Legit.ng

Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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