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. “

“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.

Yomieluv: The CBN is confused,why discourage multiple withdrawal,yet they are clamouring for cashless society. I for one,I can withdraw many times a day,I only withdraw only what I need for a purpose,cos one of my weakness is spendthrift when with huge amount..this is nothing short of policy somersault.

[b]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.

stinggy: 'It is when you make your fourth withdrawal that you'll be charged'


I hate how this sounds
We all know how banks try all their best to cheat customers. [size=18pt]I bet some people will be charged right from their first withdrawal![/size]

You can't be pushing for a cashless economy and yet come up with the thoughtless charges.
*pissed off*

”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.

Bluetooth2:


Sometimes you tend to question if southerners have human face when implementing policies. The same CBN that encouraged the poor man on the street to open a bank account, discouraged him from queueing in the banking and forced him to apply for an Atm card is now telling him he's disturbing the commercial banks on top of his money.

The North always consider their people whenever they find themselves in positions but the south is always concerned about profit-making. Obj increased the price of fuel same as Jonathan but Yardua brought it down and now the southern CBN governor just re-introduced a charges that once made accessiblity to Atm convinient for the ordinary man.

really zo who z dis person carrying false news all about

egopersonified: Correct me if i'm wrong, but I think some banks used to charge N100 per month, while others charged per withdrawal. How did those that charged monthly pay for this N65 then?

truth4meal: whoever made this useless and greedy policy just made Sanusi a hero...

Bluetooth2:


Sometimes you tend to question if southerners have human face when implementing policies. The same CBN that encouraged the poor man on the street to open a bank account, discouraged him from queueing in the banking and forced him to apply for an Atm card is now telling him he's disturbing the commercial banks on top of his money.

The North always consider their people whenever they find themselves in positions but the south is always concerned about profit-making. Obj increased the price of fuel same as Jonathan but Yardua brought it down and now the southern CBN governor just re-introduced a charges that once made accessiblity to Atm convinient for the ordinary man.