Banks have commenced implementation of the new Automated Teller Machine (ATM) transaction fee charge on customers following the Central Bank of Nigeria (CBN’s) directive.
The News Agency of Nigeria (NAN) correspondent, who monitored some banks’ ATM galleries in Abuja and environs on Sunday, reports that some customers were lamenting the increase.
NAN reports that all the banks’ ATMs visited had monies loaded in them.
Luke Abudu, a customer at First Bank along Nyanya-Jikwoyi road, said the implementation would only affect the poor masses struggling to make a living.
Mr Abudu said the move would discourage customers from lodging monies in the banks.
”I came to withdraw N20,000, but I found out that I was charged N100 for the withdrawal.
‘”This is too much for a small business owner like me,” he said.
Another customer, Victoria Adejo, seen at Zenith Bank, Mararaba branch, said that withdrawal from a Point of Sale (PoS) agent was now cheaper than an ATM.
”It is unfortunate that our government formulate policies without feeling the pulse of the people.
”I read that the CBN said the decision is in response to rising cost and to improve efficiency of ATM services but banks still bill us for service charge.
”They (banks) declare profit in billions and trillions from our monies, and the CBN does not consider that.
”This is not good enough at all, ” she said.
Nurudeen Ehimotor, a customer at Guaranty Trust Bank (GTB), Asokoro, said he was at the bank to use the ATM due to the bank’s poor online network.
”I came to use ATM because I tried to transfer money from my bank using USSD since yesterday but it didn’t go through.
”I have an issue with my app, so I have been using USSD codes for my transfer.
”I think they (the bank’s) are trying to make people use ATM now for them to make more money,” he said.
Mr Ehimotor appealed to banks to reduce incessant charges on customers’ accounts.
NAN reports that the CBN released a circular on 10 February to all banks and other financial institutions to apply the fees, effective from 1 March.
CBN, in the circular titled ‘Review of ATM transaction fees’, said the move was in response to rising costs and the need to improve the efficiency of ATM services in the banking industry.
On-Us (customers withdrawing at the ATM of the customer’s financial institution) in Nigeria at no charge.
”Not-on-Us ( withdrawal from another institution’s ATM) in Nigeria; On-site-ATMs: A charge of N100 per N20,000 withdrawal.
”Off-site ATMs: A charge of N100 plus a surcharge of not more than N500 per N20,000 withdrawal.
”The income, which is an income of the ATM acquirer/deployer, shall be disclosed at the point of withdrawal to the consumer,” it said.
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Meanwhile, banks had informed their customers through various electronic mails (e-mails) of the increase.
GTB told its customers that they would no longer be allowed to make free monthly withdrawals in addition to the ATM transaction fee.
”Please note that the three free monthly withdrawals at other banks’ ATMs (for GTBank customers) and GTBank ATMs ( for other bank customers) will no longer apply,” the bank said.
Also, Access Bank, in their official X handle, told customers that ”All Access Cards now work seamlessly across all ATMs and POS machines so that you can make payments without hassle”.
(NAN)
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