House Orders Commercial Banks To Halt Planned Introduction Of N100 ATM Fee

imagesThe House of Representatives yesterday asked commercial banks in Nigeria to halt the planned introduction of N100 monthly maintenance fee on ATM cards.

The House further mandated its Committee on Banking and Currency to investigate all approved bank charges on all accounts and compliance by banks and report back in two weeks.

Also, the Governor of the Central Bank of Nigeria (CBN) Sanusi Lamido Sanusi and other relevant authorities were asked to “urgently look into the issue and act as appropriate.”

Rep Aliu Babatunde Kazeem who moved the motion disclosed that the Bankers’ Committee during a meeting in November 2012 had scrapped the N100 interbank charges on the use of ATM cards wondered why other charges are being introduced through the back door.

Rep Kazeem particularly mentioned First Bank of Nigeria Plc which was on the verge of commencing a monthly deduction of maintenance fee on their ATM cards with effect from March 2013.

“If this maintenance fee is introduced, it will reduce the patronage of ATMs thereby affecting adversely the financial inclusion strategy of the Central Bank of Nigeria,” he said.

3 COMMENTS

  1. Some banks have been collecting this fee for a long period of time, even before CBN halted the N100 interbank Atm charges……… I actually stopped saving money in a particular bank not to talk of using the atm.