Banks to stop N100 ATM charge

Users of Automated Teller Machines will no longer pay N100 on withdrawals whenever they use banks other than theirs, the Central Bank of Nigeria said on Tuesday.

The decision was taken at the end of a meeting in Abuja between the CBN and the Bankers Committee.

Managing directors of some banks also attended the meeting.

The Group Managing Director, First Bank Plc, Mr. Bisi Onasanya, told newsmen that the charge as well as others associated with the use of ATMs would be scrapped soon.

He said it was meant to encourage the use of ATMs.

Onasanya said the decision would help to increase the patronage of ATMs, thus deepening the financial inclusion strategy of the apex bank.

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

“When you use the ATM of 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 modality and ensure that with immediate effect we would pass on this cost to the respective banks which bear the cost of providing services.

“No matter where you are withdrawing your money from, you will not be subjected to any charge for using the ATM,” he explained.

According to him, the new policy does not cover withdrawals inside the banking hall when the ATMs are off.

“But for transaction on what we call ‘not on us,’ when you are an FBN customer and you use the ATM of a GTB bank, it is free and it will no longer bear any cost,” he added.

Source: Punch

4 Comments

  • This removal of #100 charges on ATM users is really goodnews. Because workers suffer alot every month because of long queue while removing their salaries,especially on banks like FBN here in Yola,because of large customers!

  • Wrong move at a very wrong time. Some people think they know enough to make decisions at the top, and I would never blame the banking customers; they are outside the system and will only think of the short run that will favour them.
    The cost of deployment and maintenance of these Machines is no joke. Bank branches will actually be making loss on these machine which will result into a big discouragement.
    What you will have is: nil deployment. Poorer maintenance, non-functional off-site ATMs, more ancilliary charges on account maintenance etc. Consumers, welcome to a worse era of ATM experience.

    Bad move!

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