Adesiji77: With respect to ATMs, i think we are missing a very vital point here;ATMs are costly to set up-Cost of the ATM, Rent for space (offsite ATMs), Cost of construction, Cost of inverters, Cost of power supply, Cost of maintenance and Staff costs of the ATM custodians. These are in addition to the costs that the Bank will bear for switching (Interswitch) now that the N100 charge for use of other banks ATMs has been removed. Each time you use the ATM, your bank pays about N75 to Interswitch. Imagine how much each bank would have to pay Interswitch for all her card holders in a year versus the N100 yearly charge! Now that CBN has pegged it at N100 YEARLY, only time will tell.....This is a populist policy but the last time i checked, banks are not charity organisations...This policy may induce them to find more creative ways of making money out of their customers and the common people will bear the brunt.

Spot on bro.

suniblu:

make we hear word. na me be charity organisation abi. do u kno how much dem dey make for my money wey dey dia hand. i go borrow person money take do business na me go still pay to collect my money. how much interest dem put. if i ve my way na under bed all my money go dey..all of dem be ole.

Cool down bro . It's a pity we don't have much of a choice

Nd ds stewpid First Bank removd d N100 monthly wateva 2dae frm my hard earned money! If dem try ds same shit cum april, na Sanusi go settle our case.

God don catch UBA

Abeg na which one b ATM?

koolguy88: this is a welcome development. welldone to the CBN governor

they will simply look for another means of extorting their customers.

pekelepekele: Well that is just too bad of CBN . I don't own a bank or either a bank staff but [b]one thing I have noticed is that since they canceled the N100 charge on different bank cards on a particular ATM machine the banks are no longer loading all their ATMS and ATM machines are becoming much more non reliable . They should just reduce the price to N50 because the banks won't carry out their proper duties in any area they are not earning from.[/b]

Then such Banks NEEDS TO BE SANCTIONED SEVERELY!

Do your duty or be punished. They cant use that one to blackmail us into giving them extra money.

Lastpage!

BTW: what do you do and how do you benefit from that #100? be honest, if na sms you dey sell or something!

Adesiji77: With respect to ATMs, i think we are missing a very vital point here;ATMs are costly to set up-Cost of the ATM, Rent for space (offsite ATMs), Cost of construction, Cost of inverters, Cost of power supply, Cost of maintenance and Staff costs of the ATM custodians. These are in addition to the costs that the Bank will bear for switching (Interswitch) now that the N100 charge for use of other banks ATMs has been removed. Each time you use the ATM, your bank pays about N75 to Interswitch. Imagine how much each bank would have to pay Interswitch for all her card holders in a year versus the N100 yearly charge! Now that CBN has pegged it at N100 YEARLY, only time will tell.....This is a populist policy but the last time i checked, banks are not charity organisations...This policy may induce them to find more creative ways of making money out of their customers and the common people will bear the brunt.

Show us PROOF of this your assertion please, if it is TRUE!
Naija peeps will just bandy figure around like magician.

#75 naira kooo, #7,000 niii.

Lastpage!

pekelepekele: Well that is just too bad of CBN . I don't own a bank or either a bank staff but one thing I have noticed is that since they canceled the N100 charge on different bank cards on a particular ATM machine the banks are no longer loading all their ATMS and ATM machines are becoming much more non reliable . They should just reduce the price to N50 because the banks won't carry out their proper duties in any area they are not earning from.

I have never experienced such.

sammy.young:
halleluyah

was charged by GTB just one dis year. At midnight, I received a text dat 70.00 was charged.. Omo. My eyes opened wide! I thought I saw 70k in my account ni

Mr Lagido, it seems ur effort is geared toward the non-interest banking(Islamic banking). All your models to me are so unpopular and it is just because of ur political ambition.

lastpage:

Show us PROOF of this your assertion please, if it is TRUE!
Naija peeps will just bandy figure around like magician.

#75 naira kooo, #7,000 niii.

Lastpage!

I concur if interswitch charged that much even withdrawing from ur bank's Atm would also cost money and CBN being aware of this will not abolish d N100 and for goodness sake interswitch would likely be one of the biggest companies in Africa

they used our atm charges to set up branches all over africa(well, some of it). i am glad that CBN has brought this initiative.

Banks are expected to pay interests on deposits, pay staff salaries, settle general running expenses, purchase ATM machines for approx N6m apiece, settle their carriage and installation costs, pay for UPS, inverter purchase and maintenance, etc. Yet are expected to declare mega profits and bonuses to investors year in year out.

If Nairaland has roughly 500,000 unique registered members, I'm sure not up to 80% of that number, regularly maintain above N50,000 as savings. Extrapolate that to the rest of Nigeria's banked population.

If banks incur such costs on ATM installation and maintenance and people expect the services to be free, what makes the survival of that business model any different from those of NITEL and NEPA?

Me I'm patiently watching.

Sanusi just wan wreck some banks. Since he assumed post, he just dey find how he go take kill business.

I believe the question we should ask is how much are banks in other countries charging for using ATM? Nigeria can't be an exception. To Nairalanders in diaspora, are you guys charged for using ATM?

Tinyemeka: Banks are expected to pay interests on deposits, pay staff salaries, settle general running expenses, purchase ATM machines for approx N6m apiece, settle their carriage and installation costs, pay for UPS, inverter purchase and maintenance, etc. Yet are expected to declare mega profits and bonuses to investors year in year out.

If Nairaland has roughly 500,000 unique registered members, I'm sure not up to 80% of that number, regularly maintain above N50,000 as savings. Extrapolate that to the rest of Nigeria's banked population.

If banks incur such costs on ATM installation and maintenance and people expect the services to be free, what makes the survival of that business model any different from those of NITEL and NEPA?

Me I'm patiently watching.

Gud one

Banks are still making N 100 per transaction, your bank will be charged instead of you. ATM business is more competitive than before.

lastpage:

Show us PROOF of this your assertion please, if it is TRUE!
Naija peeps will just bandy figure around like magician.

#75 naira kooo, #7,000 niii.

Lastpage!

He doesn't need to show you anything, you'll do well to find out for yourself. Switching fee isn't exactly cheap.

Are they going to mandate the banks to revert the one they deducted already?

I prefer the initial way intra bank no charge, inter bank charge but the 240naira for foreign withdrawal shud remain o cos 1000naira too much

i was still recieve a text from first bank yesterday that d sum of N100 atm maintenance charge has been deducted from my account and N10 as sms charge.

pekelepekele: Well that is just too bad of CBN . I don't own a bank or either a bank staff but one thing I have noticed is that since they canceled the N100 charge on different bank cards on a particular ATM machine the banks are no longer loading all their ATMS and ATM machines are becoming much more non reliable . They should just reduce the price to N50 because the banks won't carry out their proper duties in any area they are not earning from.

What you do not know is that while the N100 withdrawal charge was removed for atm customers, the CBN also approved a N75 inter bank chage for bank customers using their cards on another bank's ATM. For example, if a GTB customer use her card on firstbank's atm, GTB will have to pay first bank N75. So this will force the banks to either keep cash in their machines or they stop issuing cards as it will be incuring heavy costs for them.

oya pay me for this insider info

Na dem Sabi

pekelepekele: Well that is just too bad of CBN . I don't own a bank or either a bank staff but one thing I have noticed is that since they canceled the N100 charge on different bank cards on a particular ATM machine the banks are no longer loading all their ATMS and ATM machines are becoming much more non reliable . They should just reduce the price to N50 because the banks won't carry out their proper duties in any area they are not earning from.

Imanuelle: And firstbank debited me for Verve Card charges last night?




Damn!

Me too, those impatient corporate shylocks, they couldn't even wait. Kudos to Sanusi, jare.

@pekelepekele you are blaming. Cbn for. Their. Action tell M̶̲̅ε̲̣̣̣̥. When they were. Charging. 100 naira for. Maintenance, haven't the atm ever. bleeped you. Up, so tell M̶̲̅ε̲̣̣̣̥ what they are maintaining. Just imaging your bank has 10 million customers that means they collect close to 100million naira to maintain atm machine. Yet it still Bleep you up when. You need it. Most... Ifully support. Cbn thank u a lot. , if I use. That. 100 recharge just to call. My babe. Tell her good morning she. Go like am

I think the 100 naira per month ATM charge is fair enough. The machines cost money to set up and maintain. I think we all like to take the posture of "we against them". Some of the things Sanusi is doing are questionable. The whole banking system is not and should not be gradually and systematically turned to Islamic system of banking. Commercial banks are there to make money while providing services, and in the process, employ our friends, family and acquaintances. It all trickles down. And if you think policies like this would not have an effect on things like employment in that sector, then think again. We always think of the immediate, and focus on ourselves in situations without looking at the big picture.

Double post

PHIPEX: I believe the question we should ask is how much are banks in other countries charging for using ATM? Nigeria can't be an exception. To Nairalanders in diaspora, are you guys charged for using ATM?

Another question you should also ask is how much do those banks declare as deposits and other liabilities? What is their balance sheet profile?

Since you wish to compare UBA, FBN, Zenith and co with RBS, Barclays, BoNY and Mellon.

You can use Google while you wait for those in Diaspora to respond.

..."It said issuing fee of a debit card should exceed N1,000, while international withdrawals per transaction on debit cards should be charged at N240 rather than N1,000 being currently charged by almost all the banks"

Should exceed 1k? Why not precise CBN. Almost precise the validity period of a newly issued card. If Bank A charges 700 for a card for a validity period of 1yr and Bank B charges 1200 for a period of 2 years, one would think Bank A is cheaper without noticing the number of years\ of the card.

Thanks CBN though for the cancellation.

Finally, somebody pick on this stupid charges on Ordinary Nigerians.

I ask someone at Access bank over the phone "What is all this charges all about about,N200.00 was deducted from my Account because i withdrew money over the counter as well as Fucking charges for checking my account online, SHOCKING.

I also ask, what's the point of online banking if I am going to be charged for DOING NO WRONG but login on to my account.

It's a shame that some Fat Cow in Nigerian Banking industry Deliberately set out to punish Ordinary people, what a relief from the CBN.

OLE, AUTHORITY STEALING....This one pass Arm Robbery.[b]

More reforms Please.