November 18, 2017

CBN stops N100 charge on ATM transactions

Olawale AdeyinaNov 14, 20122min

The Central Bank of Nigeria and the Bankers Committee on Tuesday finally agreed to put a stop to all charges associated with the use of Automated Teller Machines.

The agreement was the highpoint of a meeting between the committee made up of Chief Executive Officers of Deposit Money Banks, and directors and top officials of the CBN.

At the end of the meeting, the Director, Banking Supervision Department, CBN, Mrs. Agnes Martins, addressed journalists in company with the Group Managing Director, Union Bank of Nigeria Plc, Mr. Emeka Emuwa; Group Managing Director, First Bank of Nigeria Plc, Mr. Bisi Onasanya; and acting Managing Director, Keystone Bank Limited, Dr. Shehu Muhammed.

Before now, account holders had been made to pay a flat rate of N100 per withdrawal any time they used ATMs other than the ones that belonged to their banks.

But Onasanya said the decision to stop the charge would help to increase the patronage of ATMs, thus deepening the financial inclusion strategy of the central bank.

He said the modalities for the stoppage were being worked out, adding that within the shortest time possible, the adjustments would be reflected on all the ATMs.

Onasanya said, “We have decided to stop forthwith charges for usage of ATMs. Currently, when you use the ATM for a bank other than your bank, there is a charge of N100, which is borne by the account holder.

“We have decided that we will work out the modalities that will ensure that with immediate effect, we will pass on these costs to the respective banks; we will bear the cost of providing these services so that no matter where you are drawing your money from, you will not be subjected to any charge for using the ATM.”

Source: Punch Nigeria

Olawale Adeyina

Jesus Boy, Tech Enthusiast, Team Lead:, GreenStreetMedia.Ng

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