Mobile subscribers body against ATM withdrawal charges

ATM

Man withdrawing cash from an ATM in Lagos, Nigeria

from HENRY IFEANYI in Lagos, Nigeria
LAGOS – THE National Association of Telecommunications Subscribers (NATCOMS) has appealed to the Central Bank of Nigeria (CBN) to reverse the newly-introduced charges on automated teller machine (ATM) arguing the tariffs were punitive and unacceptable.

President of NATCOMS, Deolu Ogunbanjo, said that the new CBN governor, Godwin Emefiele’s directive that N65 be deducted from customers account on the fourth withdrawal in a month was not in the interest of ATM users.

“By this action, the new Central Bank Governor, to say the least is not consumer-centric. This singular action does not portray him as a CBN Governor that will care for consumers of banking services in Nigeria.

“This ATM charge regime is not in line with international best practices and is definitely not in the interest of consumers of banking services in Nigeria,” he said.

Ogunbanjo noted that the N65 ATM withdrawal charge was “excessive profit-driven, exploitative and totally unacceptable” as well as being a “terrible welcome gift” from the new central bank Governor to consumers of banking services in Nigeria.

“The welcome gift the new Central Bank Governor should be giving consumers of banking services in Nigeria is bank account profitability as it is currently done in other developed economies.

“He should take a cue from his colleague in the Nigerian Communication Commissions, Dr Eugene Juwah, who introduced mobile number portability in Nigeria’s telecoms sector in line with international best practices,” he said.

The CBN policy takes effect from September 1.

The central bank had explained that it took the latest decision as a result of the unintended consequences on banks.

It had said the earlier arrangement 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 also to cover the remuneration of the switches, ATM monitoring and fit-notes processing by acquiring banks.

– CAJ News

 

 

 

 

 

 

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Posted by on Aug 29 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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