Wednesday 14 November 2012

CBN stops N100 Inter-Bank ATM charges nationwide

Managing Directors of banks operating in the country, with the Central Bank of Nigeria (CBN) under the aegis of the Bankers' Committee have unanimously abolished all charges on Automated Teller Machines (ATMs) transactions in a bid to encourage more patronage, particularly from the mass unbanked population in the country. The new development means that the N100 currently charged by banks when customers use their ATM cards on machines other than those of their banks would no longer be charged going forward. Managing Director, First Bank of Nigeria Plc Mr Bisi Onasanya, Managing Director of Union Bank Plc, Mr Emeka Emuwa, Acting Managing Director, Keystone Bank, Dr Shehu Mohammed and CBN Director, Banking Supervision, Mrs Agnes Olatokunbo Martins, who briefed the media at the end of their meeting on Tuesday in Abuja explained that the decision was taken to align with the practice in other parts of the world as well as to promote the financial inclusion strategy and Cashless Lagos Policy of the apex bank. Mr. Onasanya said: "We have decided at the bankers' committee to stop forthwith charges for usage of ATMs. Presently, when you use the ATM of a bank other than your bank, there is a charge of a N100 which is borne by the account holder. We have decided that we will work out the modalities and with immediate effect pass on this cost to the respective banks. We will bear the cost of providing services so that no matter where you are withdrawing your money from you will not incur any charge. If you are a First Bank customer and use your ATM on other banks, it is free, you will no longer bear any cost.

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