Thursday, August 14, 2014

CBN Reintroduces Withdrawal Fees On Other Banks' ATM

Na wa o! The Central Bank of Nigeria will now have bank customers charged 65 Naira for every ATM transactions when they use the ATMs of other banks as from September 1.

In the past, customers were charged 100 Naira for every transaction on ATMs of other banks but that was scrapped by the then leadership of former CBN governor, Sanusi Lamido Sanusi in December, 2012.

The Central Bank which is now led by Paul Emefiele said it is re-introducing the ATM charge because cost of transaction is becoming too burdensome for banks to continue to bear.

The Director of Banking and Payment Systems Department of CBN, Dipo Fatokun was quick to state however that customers will not be charged for the first three withdrawals on other banks’ ATM in a month but will be charged N65 subsequently.

A statement on the official website of the Apex bank reads:

“The CBN hereby issues the following directives: The re-introduction of ‘Remote-on-us’ ATM cash withdrawal transaction fee, which will now be N65 per transaction, to cover the remuneration of switches, ATM monitoring and fit-notes processing by acquiring banks; the new charge shall apply as from the fourth ‘Remote-on-us’ withdrawal (in a month) by a cardholder, thereby making the first three ‘Remote on us’ transaction free for the cardholder, but to the paid by the issuing bank.

September 1, 2014 shall be the effective date for the implementation of the new charge; banks are expected to conduct adequate sensitisation to the customers on the introduction of the new fee; all ATM cash withdrawals on the ATM of issuing banks shall be at no cost to the cardholder.”

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