Banks have agreed to commence effective implementation of zero Automated Teller Machine (ATM) charges Monday, December 17, through out the country.

The agreement was sealed at the fourth annual Bankers’ committee meeting held in Calabar this week end. The Governor of the Central Bank of Nigeria (CBN) and Chairman of the Bankers’ committee, Mallam Sanusi Lamido Sanusi, who confirmed this development said the CBN would monitor the effective implementation of the removal of bank charges associated with the use of other banks’ ATMs by customers, adding that the delay all along was to enable some banks to put their house in order as far as information technology is concern.

“We have agreed on a final date of Monday 17 December, 2012 for the kick-off, which every bank will take-off the charges. We allowed some time for banks that have not configured their IT to do so and stop charging and hopefully by 17th of December, you are not going to have any customer pay additional charges,” Sanusi said.

He also informed that the banking sect or lending to the agriculture sector has increased remarkably from 1.5 per cent of total industry portfolio to 3.5 per cent in 2012.

At the Bankers’ committee Retreat titled: “Towards Economic Development and Sustainable Transformation,” Sanusi said banks have outlined strategy to attain 7 per cent agric sector lending by next year and 10 per cent by 2017.

“With a vision for a better future for Nigerians, the Bankers’ Committee is committed to a lead role as catalyst for economic development, improving access to finance by the unbanked and under-banked population and growth of the real sector.


www.tribune.com.ng/news2013/index.php/en/component/k2/item/882-banks-commence-zero-atm-charges-dec-17

I hope all the banks comply with this. I don't know why they will still be charging ATM users when we didn't put a gun to their heads.

witth this policy about to implemented i can assure ATM users that most ATM machines will cease to have network.

I still hope all banks will comply cos some of'em may try 2 do something fishy.

lekzy007: witth this policy about to implemented i can assure ATM users that most ATM machines will cease to have network.

Nah! I think it would even trigger constant operation of ATMs; possibly, more ATMs. Remember, the transaction charges are now to be shouldered by the customer's bank rather that the customer himself. So which bank would want to run out of cash in their ATM, prompting customers to make use of another bank's ATM. Wouldn't a bank want to be paid charges by other banks too?



“We have decided that we will work out the modality and ensure that with immediate effect we would pass on this cost to the respective banks which bear the cost of providing services.

“No matter where you are withdrawing your money from, you will not be subjected to any charge for using the ATM,”
Mr. Bisi Onasanya, Group Managing Director, First Bank Plc.

http://www.punchng.com/business/banks-to-stop-n100-atm-charge/

It's about time. They are making enough money to shoulder the transaction cost.

To stop d charges is nt d problem, bt how many ATM wil b working wen d banks knows d re nt meking any profit 4rm dia again?

sagytarius™:
Nah! I think it would even trigger constant operation of ATMs; possibly, more ATMs. Remember, the transaction charges are now to be shouldered by the customer's bank rather that the customer himself. So which bank would want to run out of cash in their ATM, prompting customers to make use of another bank's ATM. Wouldn't a bank want to paid charges by other banks too?



“We have decided that we will work out the modality and ensure that with immediate effect we would pass on this cost to the respective banks which bear the cost of providing services.

“No matter where you are withdrawing your money from, you will not be subjected to any charge for using the ATM,”
Mr. Bisi Onasanya, Group Managing Director, First Bank Plc.

http://www.punchng.com/business/banks-to-stop-n100-atm-charge/

I beta hope its true.

I cant understand this policy.

Most people have learnt to use their banks ATM and only to use other banks at last resort.

I don't know why they tinkering with the policy.

Even though this is a great move, it may end up being counter productive for customers. Most banks will halt extending their ATM machines to remote areas since there are no extra benefits. Also the existing ones will be "out of service, available shortly" the shortly that will now take days.

Let see how this will work cos I tire for Nigeria banks and their hidden charges, small time now them go dey charge for ATM maintenance fee.

We debated this issue of some ATM becoming dysfunctional because of this development. Some people insisted banks will not be lodging money into ATM.
I still maintain that this will encourage banks to deploy more ATMs. If the customers bank will bear the cost of using other banks ATM then banks will deplore more ATM to avoid such expenses.

No bank wants its banking hall crowded. They even discourage customers from using the banking hall by placing a charge when you withdraw certain amount over the counter. The only crowed place now is the deposit section. And am sure banks will also be aiming to have ATM for depositing money.

What about mitchele elegbe, the last time he came to uniben he told me that was how he makes his money ( switching)
So now how would he make his money?
I'm talking about the brain behing interswitch

ahf: I cant understand this policy.

Most people have learnt to use their banks ATM and only to use other banks at last resort.

I don't know why they tinkering with the policy.

Why are you so afraid of change? Change doesn't bite. Embrace it.

This is more value at no cost.

Techwriter: Even though this is a great move, it may end up being counter productive for customers. Most banks will halt extending their ATM machines to remote areas since there are no extra benefits. Also the existing ones will be "out of service, available shortly" the shortly that will now take days.

Exxactly on point since there is no extra cost any longer.

What is the full meaning of ATM??

let's keep our fingers crossed. dec 17th is not that far away.

lekzy007: witth this policy about to implemented i can assure ATM users that most ATM machines will cease to have network.

not having network isnt d issue but some bank's ATM will deny non customers access to withdraw cash. after all what is going to be their gain.

emiye:

Why are you so afraid of change? Change doesn't bite. Embrace it.

This is more value at no cost.

Please kindly explain

fittty: What is the full meaning of ATM??

check it here>> www.google.com

lekzy007: witth this policy about to implemented i can assure ATM users that most ATM machines will cease to have network.

In this modern age, its cheaper to use machines than to hire more labor. I see a situation where banks will deploy More ATMs. Particularly ATMs that accept cash deposits too. Hence there wont be need for much labor. Your banker will always be ahead of you. Either way, you cant beat them.

ahf:

Please kindly explain

It simply means you can use your ATM card at whatever bank, and you wont be charged a penny.

Unlike before, if you use your ATM card at any other bank apart from your operating bank, you will be charged N100.

mrkels: What about mitchele elegbe, the last time he came to uniben he told me that was how he makes his money ( switching)
So now how would he make his money?
I'm talking about the brain behing interswitch

Very good point, Interswitch are really the brains behind ATM's not the banks, so I am not sure how this decision was agreed but let's wait and see

fittty: What is the full meaning of ATM??

Athletico Madrid

Take it or leave it. STANBIC IBTC's ATM will still be in full operation A̶̲̥̅̊₪D̶̲̥̅̊ still dispense 40k at a go. Thumps up to the pple's bank.

fittty: What is the full meaning of ATM??

Automated teller machine

emiye:

It simply means you can use your ATM card at whatever bank, and you wont be charged a penny.

Unlike before, if you use your ATM card at any other bank apart from your operating bank, you will be charged N100.

Let's see how it plays out.

The banks with poor ATM service would get poorer

The banks with good ATM service would become poor, cos it no longer brings them the benefit of charging "other
banks customers", time would tell. Let's see what the regulators would do to address this.

The only urge for banks is to make "their own customers" by all means use their own ATM, because in that case,
probably no cost would be borne by anyone.(bank inclusive)

beta

So no use of ATM for me till Dec 17. 1st to comment [color=#006600][/color]

Haaa...This is good news. what a way to start the week?

ahf:


Let's see how it plays out.

The banks with poor ATM service would get poorer

The banks with good ATM service would become poor, cos it no longer brings them the benefit of charging "other
banks customers", time would tell. Let's see what the regulators would do to address this.

The only urge for banks is to make "their own customers" by all means use their own ATM, because in that case,
probably no cost would be borne by anyone.(bank inclusive)

Why are you too concerned about the banks getting poor or poorer ? Do you own a bank?

What is important is you can use your ATM card at any bank at no charge! Kapish!!

Thank God I will hold on till that time before I withdraw from my account