Onwe101: LAGOS—The Central Bank of Nigeria, CBN, yesterday said it has not
reintroduced charges on the use of Automated Teller Machines, ATMs as
being speculated.
The Director, Banking & Payments System Department of CBN, Mr. Dipo
Fatokun, who explained this to Vanguard after his remarks at the
meeting held by Nigeria Electronic Fraud Forum in Lagos, said: “It is
not a reintroduction per se . You have to agree with me that when the
amendment was made in November 2012, it used to be a N100 for any
remote-on-us withdrawal that you did. And you know that the remote-
on-us is when you as a card holder goes to the ATM of a bank other
than your bank to withdraw cash. It was removed then so that people
would be encouraged to go to other ATMs without paying for it.
But the truth is that as we said in the circular on the Introduction of
Fees on Remote-On-Us ATM Withdrawal Transactions recently, that
N100 included the N35 that goes to the issuing bank, which has now
been completely waived. The issuing bank does not make any thing, but
in going to other ATMs to make withdrawal , your bank, that is, the
acquirer bank incurs cost of N65 which they pay to the switches and the
owner of the ATM that you are using.
Continuing, he said: ”Between 2012 and recently when the review was
done, it was discovered that people have actually turned ATMs into their
personal purses because nothing is charged. Somebody needs N500, or
N1000, he will go to ATM and withdraw, he needs N2000, he will go to
ATM and withdraw, so that in a day some people can patronise ATM
for up to four or ten times. That has created a huge cost burden for the
banks that issue the cards. It was becoming discouraging to them.
“So that is why we said, you can go to an ATM other than your bank
ATM to withdraw up to three times and no charges would be imposed
on you, but it is when you make the fourth withdrawal that you will
pay the N65 that ordinarily your bank would have paid on your behalf.
But of course if you go to your bank’s ATM, the issuer, for withdrawal
you can withdraw as many times as you like without being charged. So,
it does not discourage financial inclusion. You should bear in mind that
when you talk of cashless regime, you are encouraging people to do
their transactions electronically other than the use of cash. So it is a
motivation for people to patromise the ATM. “ source http:// http://www.vanguardngr.com/2014/08/weve-reintroduced-atm-charges-cbn/#sthash.vMZRrOVF.dpuf

lat4real: CBN is still saying the same thing but with better explanation this time. You can withdraw thrice in a month without being charged, but your subsequent withdrawal will attract N65 charges.

holluwai: This man has just said nothing but nonsense!!! I don't get any explaination from this.

lat4real: CBN is still saying the same thing but with better explanation this time. You can withdraw thrice in a month without being charged, but your subsequent withdrawal will attract N65 charges.

“So that is why we said, you can go to an ATM other than your bank
ATM to withdraw up to three times and no charges would be imposed
on you, but it is when you make the fourth withdrawal that you will
pay the N65 that ordinarily your bank would have paid on your behalf.
But of course if you go to your bank’s ATM, the issuer, for withdrawal
you can withdraw as many times as you like without being charged. .

femcruz: Admist of all the crisis in the country, this is what cbn has to contribute.

holluwai: This man has just said nothing but nonsense!!! I don't get any explaination from this.

lat4real: CBN is still saying the same thing but with better explanation this time. You can withdraw thrice in a month without being charged, but your subsequent withdrawal will attract N65 charges.