UBA offers tips to beat CBN ATM charges


United Bank for Africa (UBA)

from HENRY IFEANYI in Lagos, Nigeria
LAGOS – UNITED Bank of Africa (UBA) has dissuaded its clients in Nigeria from using automated teller machines (ATMs) belonging other banks following the introduction of N65 ATM withdrawal charge by the Central Bank of Nigeria (CBN).

To help its customers avoid the cost, UBA has sent notifications to its customers informing them of the locations of its ATMs and advising them to only use its ATMs.

The notification to customers by the bank reads, “The CBN has issued a directive on the introduction of N65 ATM cash withdrawal transaction fee , from September 1, 2014. This fee will be applied when a cardholder uses his/ her Card on another Bank’s ATM, after the third transaction within every month.”

“As a UBA cardholder, you do not have to pay this fee. Just use your Card on UBA ATMs at all times, and you pay abolutely nothing, no matter how many transactions you do.”

The CBN had issued a directive last week reintroducing the ATM withdrawal charges on customers using any ATM belonging to other banks where their accounts are not domiciled.

The policy is expected to commence on September 1.

Customers and stakeholders have criticised the reintroduction of the policy which had been previously banned by former CBN Governor, Sanusi Lamido Sanusi.

Although the CBN has offered reasons for the new measure, many see the policy as exploitative and contrary to the CBN cashless policy drive.

– CAJ News









Short URL: http://cajnewsafrica.com/?p=1139

Posted by on Aug 19 2014. Filed under Featured, 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

Connect to CAJ News on Facebook

Subscribe to our Newsletter

Photo Gallery

Log in
All material © CAJ News Africa. Material may not be published or reproduced in any form without prior written permission.