CBN re-introduces ATM charges



from HENRY IFEANYI in Lagos, Nigeria
LAGOS – BANK clients using the Automated Teller Machines (ATMs) will now have to pay for the service after the Central Bank

of Nigeria (CBN) directed deposit money banks to re-introduce the charge.

The charge of N65 per transaction on all interbank ATM cash withdrawals is effective September 1.

The re-introduction of the ATM charges is coming almost two years after the CBN and the Deposit Money Banks cancelled the N100 ATM charge.

Dipo Fatokun, CBN Director, Banking and Payment System Department, signed the circular announcing the re-introduction of the ‘Fees on Remote-on-Us ATM Withdrawal Transactions.’

The Central Bank however explained that it took the latest decision as a result of the “unintended consequences” on banks.

This, it said, had resulted in substantial cost burden incurred by banks in defraying the cost for the service.

According to the CBN, the re-introduction of the fee was to cover the remuneration of the 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 card holder, thereby making the first three remote-on-us transactions free for card holders, but to be paid for by the issuing bank.

“September 1, 2014 shall be the effective date for the implementation of the new fee,” it added.

To this end, it urged banks to conduct adequate education of their customers on the policy.

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Posted by on Aug 14 2014. Filed under Finance, Finance & Banking. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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