On Friday banks will close early, customers advised to use digital channels

Banks and other financial institutions have notified their customers regarding an early closure scheduled for Friday in light of the impending New Year celebration. 

The purpose of this communication is to inform patrons that the institutions will be concluding their regular business operations ahead of the standard closing hours on that particular Friday.

This decision has been taken in recognition of the festive occasion associated with the New Year and is intended to allow both customers and employees to partake in and enjoy the celebrations.

As a result, individuals are advised to plan their financial transactions and activities accordingly, taking into consideration the adjusted operational hours of these financial establishments on the specified Friday in anticipation of the upcoming New Year festivities.

Instead of the usual 8 am to 4 pm banking hours, customers now have until 1 pm or 3 pm, depending on the bank, to carry out their transactions.

In light of this change, banks are advising customers to utilize alternative channels for their banking needs during this period.

These alternatives include Automated Teller Machines (ATMs), Point of Sale (PoS) services, mobile banking, and Internet banking, among others.

Noteworthy banks like GTBank and First Bank of Nigeria have issued official notifications regarding the early closure.

For instance, First Bank stated, “Our branches nationwide will close to customers at 1 pm on Friday, December 29, 2023. Please be assured that you can still bank with us through our alternative channels.”

GTBank similarly emphasized the importance of alternative channels, saying, “We encourage you to take advantage of our secure, convenient, and always-on alternative channels for your banking needs.”

The decision to close early on this specific day aligns with the Central Bank of Nigeria’s cashless policy introduced in December 2011.

“We encourage you to take advantage of our secure, convenient and always-on alternative channels for your banking needs, GTBank stated.

This policy aims to address various issues associated with the extensive use of physical cash in the economy, including the high cost, increased risks, subsidies, informality, inefficiency, and corruption.

By promoting alternative banking channels, the policy seeks to mitigate these challenges and enhance the overall efficiency of the financial system.