We reported earlier on “a proposal to limit the over the counter cash withdrawal by bank customers to N10,000 which has been tabled before the Central Bank of Nigeria (CBN). The Sub-committee on Payments Systems and Infrastructure of the Bankers Committee last week sent the proposal to the CBN. The proposal was presented at the committee’s meeting but it is not clear whether it was considered. The CBN is expected to “give feedback on the request”.

The banks by the proposal want to further compel bank customers to use e-banking channels, e.g. ATMs, internet banking etc. However when there is a dispute involving transactions on any of those channels it takes a long time before they are resolved and customers often go through harrowing experiences before a resolution is reached. For instance in cases of ATM dispense errors (i.e. ATM fails to dispense cash but customer account is debited) involving the ATMs of two different banks, it takes sometimes over a month before there is a reversal of the debit and in some instances there is no reversal at all and the banks will go to court insisting that there was a withdrawal without providing conclusive evidence of such withdrawals like ATM camera footages as required by CBN guidelines. See for e.g. the cases of KUME BRIDGET ASHIEMAR vs. GUARANTYTRUST BANK PLC (GTB) & UNITED BANK FOR AFRICA (UBA) PLC, Suit No: MHC/198/14 and BARR. TIMOTHY TION vs.FCMB LTD & UBA PLC. (Suit No. MHC/161/16), pending before the Benue State High Court of Justice, Makurdi.

Further evidence of how it takes long for ebanking disputes between banks and customers to be resolved can be found in my own case where I sent an email to the Central Bank of Nigeria’s (CBN’s) Consumer Protection Department (cpd@cbn.gov.ng) over a disputed ATM withdrawal since December, 2015 and I did not get any response whatsoever from the Consumer Protection Department till date.

It is even doubtful if there are enough ATMs to service customers who will have to resort to ATM withdrawals if across the counter cash withdrawal is limited to N10,000.

I therefore, call on the CBN and bank customers to reject the proposal by Deposit Money Banks to limit over the counter cash withdrawal by bank customers to N10,000.

The following stories illustrate the suffering bank customers in Nigeria go through using e-banking channels especially ATMs:

http://www.financialwatchngr.com/2016/06/13/reject-n10000-withdrawal-limit/

Ok



So finally I made fp. Wow!!

I like the way you presented your argument and I see this post making it to the front page. I would definitely love to see intelligent debate on this issue.

That said, I agree with the point and concern you raised. Cases of debit of customer's account due to ATM errors are rampant. Worst still, ratification of the errors take too long or never.

Agency banking and Mobile money platforms will really help out

Make we reject the 10k withdrawal limit?

As if we get choice...2nd base jare....

i stand with u jare



u've said it all!

What , even the ATM on ground ain't sufficient, don't tell me boosit

I will comment if the debate start.

Rightly said.

This is a dead on Arrival plan. Wonder why I can't withdraw my cash if or when the ATM decides not to obey command

Who still go to banking hall to withdraw less than 140k ?
Cashless is the way to go

Brb

They should also limit over the canter deposit to 10000

That's true

Stop hammer time.

Since the advent of ATM I only step foot into a bank to collect atm card when the old one expires. I have had issues with withdrawal but always had my money refunded without any hassles.

The advent of internet banking changed my life. I grandly use atm anymore. In the long run I t ghink it's better only a few will experience mishaps but the generality would benefit.

Though I still beleive it shouldn't be by force.

Noted

First their dispute resolution unit needs to improve.
secondly the useless convenience fee on transactions should be abolished
thirdly compulsory hardware token should be made optional

What can naija do successfully?

Cool

You have a point.....






Who agrees?

Ok

on a second thought still, why don't we bank customers limit our cash deposit into the bank to #10,000 weekly or monthly. or better still we close our account with the bank.

Nonesense bank people, all I see is laziness in the banking sector and a way of reducing their work load as they r sacking their staffs. If we don't lodge our hard earned funds in d bank there won't be business for them. so why stressing customers over their hard earned money?

armadeo:
Stop hammer time.

Info is key,but I doubt if the sai baba's will agree to reject this infringement,and support anytime they see any form of protest as
Against their business partner pmb,rather than reason,they will soon start discouraging people on this
Watch out...

It does not make any sense to limit OTC cash withdrawals to N10,000. A lot of people are still outside the banking system and you cannot pay them via e-payment channels.

Imagine a case whereby you go to villages to buy products in order to sell in other locations. It will be impossible to pay most of such sellers because a very large number of them do not have bank accounts.

I also think the shortcomings of our e payment channels should first be perfected before we think of implementing such policies.

I think they want to use this method to sack more work again, cus with this pipo won't be Goin over the counter that much and they will use that to downsize there manpower

The banks are now compounding the woes of their customers.
How can one use another ATM at other banks to cash 150K (of 10 by15times @N65) as some of these banks stuff their machines with N500 notes.
Must every organisation introduce her hardship on citizenry ?
Buhari must hear this!

seen

I think the consumer has a right to do what is suitable for their deposits,at least they should be consulted .Some people have no e-banking knowledge and could find it stressful.

Access bank forcefully 'renewed' my ATM for me one year after my last card expired and still did not get the card. Since then I have been withdrawing over the counter. They better think well before the make any decision

The policy, if adopted, will lead to an increase in crime rate. Robberies at ATM sheds, robberies in homes as people will keep cash at home for urgent transactionary purposes (to avoid the possible delay at the ATM sheds due to long queues and faulty machines.),resurgence of highway robberies since traders will choose to carry liquid cash when travelling to avoid the frustration that comes with no network problems. Increase in cybercrimes as many semi-literates, illiterates etc who are novices in IT will be scammed and robbed of their hard earned monies.

The banks will also suffer as they will record low deposits from the masses especially the largely unbanked, informal sector. Besides, getting people to open accounts will be an uphill task. In fact, they might be hit by a tornado of frenzied withdrawals soon! The policy which seems to favour the banks in the short term, appears to have self-destruct tendencies in the medium term.

Moreover, the effort by DMBs to capture the informal sector will fail as these people, largely unlettered, will prefer to keep their physical cash rather than engage in the various e-payment platforms and all the possible issues that may arise.

The Problem: N10,000 limit.
The Solution: Withdraw N9,500
Ten times.