sassysure:
There shouldn't be any charges in the first place

do u know why the charges were there in the first place?
Eg u bank with union bank and use your Union Babk issued ATM card to withdraw money from UBA ATM. U want it to be for free? It's UBA's money. They pay their staff to put the money there. From monday to sunday. How are they going to recover the expense? Are they charity organisation? And if u go to the ATM and there's no cash, u will be the first to insult UBA, that UBA is not efficient.
Nothing comes for free.

itsme01:



Nigerians would still complain after a while... but this is great i hope this wont force banks to reduce ATM location to save cost incured on managing the machine

since the introduction of the 65 naira charges ATM centers have being increased astronomically with private business centers and shopping malls having functional ATM, i pray we dont go back to days of where out of 10 ATM machines on a block only 2 would dispense, while some places ATM wouldnt even have power and no bank official would be willing to come



.

exactly. Nothing comes for free. The banks incur expenses putting their money in the ATM and maintaining them

obembet:


This slashing is called corruption; because they're trying to ease the tension that would surely rise in January when tax will reach to climax in the country. So I really don't care!

The new taxes will not substantially affect SMEs and a wide range of businesses.

They are largely designed for high networth companies and corporations.

So, I don't get your point.

it was zero until dat man with big eyes increased it to 65

thatigboman:
do u know why the charges were there in the first place?
Eg u bank with union bank and use your Union Babk issued ATM card to withdraw money from UBA ATM. U want it to be for free? It's UBA's money. They pay their staff to put the money there. From monday to sunday. How are they going to recover the expense? Are they charity organisation? And if u go to the ATM and there's no cash, u will be the first to insult UBA, that UBA is not efficient.
Nothing comes for free.

You are arguing a terrible argument. A normal and functioning country has a certain number of free ATM machines

new charges, Director, Corporate Communications, CBN, Isaac Okorafor explained that the current NIP charges apply to use of Unstructured Supplementary Service Data (USSD), purchase with cash-back will attract a charge of N100 per N20,000 subject to cumulative N60,000 daily withdrawal. Also, for cards linked to savings account, a maintenance fee has been reduced to a maximum of N50 per quarter from N50 per month amounting to only N200 per annum instead of N600.
Furthermore, he hinted that there will be no more charges for reactivation or closure of accounts such as savings, current and domiciliary accounts while status enquiry at the request of the customer (like confirmation letter, letter of non-indebtedness and reference letter) will now attract a fee of N500 per request.
On Current Account Maintenance Fee (CAMF), the Guide expressly stated that this would be applicable only to current accounts in respect of customer-induced debit transactions to third parties and debit transfers/lodgments to the customer’s account in another bank. It emphasized that CAMF is not applicable to Savings Accounts.
According to the Director, the CBN carried out the review of the Guide, which also prescribes charges permissible for Other Financial Institutions and non-bank financial institutions, in order to align with market developments.
To guard against excess, unapproved or arbitrary charges by banks and other financial institutions, the Guide stipulates a penalty of N2,000,000 per infraction or as may be determined by the CBN from time to time for financial institutions that breach any provision of the guide. The Guide also emphasized that failure by any bank to comply with CBN’s directive in respect of any infraction shall attract a further penalty of N2,000,000 daily until the directive is complied with or as may be determined by the CBN from time to time.
Consequently, the CBN directed banks to log every complaint received from their customers into the Consumer Complaints Management System (CCMS) in addition to generating a unique reference code for each complaint lodged, which must be given to the customer. Failure to log and provide the code to the customer, it added, amounts to a breach and is sanctionable with a penalty of N1,000,000 per breach.
The charges prescribed in the Guide were arrived at after extensive consultations with stakeholders and is expected to enhance flexibility, transparency and competition in the Nigerian banking industry.
This Guide, which replaces the Guide to Charges by Banks and Other Financial Institutions issued in 2017, takes effect from January 1, 2020, and maybe reviewed from time to time to reflect changes in the business environment.
The CBN, therefore, urged financial services providers and their customers alike to acquaint themselves with the provisions of the Guide and be properly guided accordingly.

BrutusOj:
That should be the banks responsibility. How many people work with interswitch compared to the number of customers who pay for ATM maintenance fees monthly? What our banks do here is not obtainable in other part of the world. The deduction is too much.

Banks responsibility?
To take a charged incurred by you?

Next time you open and account, take your time and read the terms and conditions

setting d stage for new vat & fuel price hike in January 2020

sassysure:
There shouldn't be any charges in the first place

yea, because unlike sanusi"s regime it was zero charges!

*CBN reduces ATM withdrawal, electronic transfer charges, warns banks*

https://speakersden2..com/2019/12/cbn-reduces-atm-withdrawal-electronic.html

Lastanza:
Good move but total removal should be the right thing. U can't be preaching cashless economy and at the same time be raping us in the process.

Total removal of all this charges is the easiest answer to cashless economy.

Really!! Because banks are rather Christmas abi? Do u even know how much a single atm costs and what it takes to keep them running...Nigerians and free things sha.

You forgot Bankers are very smart people
Give them one week and their ATM machines will be re-programmed to dispense N10,000 as maximum allowed withdrawal
And if they are not making enough money, they can reduce it further to N5,000
And they could end up making more money from their customers than before
It is called business in a capitalist environment, where making profit is the overriding objective
Are you still celebrating?

Hmmm.


Wonder what the catch is.

Ugo4hotish:


Banks responsibility?
To take a charged incurred by you?

Next time you open and account, take your time and read the terms and conditions

How did I incur the charges? For withdrawing my own money through the bank's ATM? Please, stop justifying the criminality going on in the banking sector. Which terms and conditions while opening account?

They continue scratching on the surface like dj lambo

obajoey:
Ogbeni remove am completely.
I know they can't do that. Imagine 65 x 100,000,00million people let's say in a month.
They stylishly reduced to 35

@bolded Nigeria does not have such a huge number of bank users

komodapson:


@bolded Nigeria does not have such a huge number of bank users

Baba 71. 7m active bank accounts in naija na still ever flowing source for this people even at 35naira

midnighter:


You are arguing a terrible argument. A normal and functioning country has a certain number of free ATM machines

paid by who?

thatigboman:
paid by who?

An ATM machine supplier or an independent business who pays the difference

Putting machines in areas with plenty of crowds encourages spending which is beneficial to both parties

That's a good move.

midnighter:


Whoever supplies the machines is supposed to provide a certain amount of free ones.

The entirety of ATM machines charging people to use them just because of belonging to an alternate bank is abnormal.

Like I said, you do not know how these things work

rexandyke:


Like I said, you do not know how these things work

Nobody needs to know how your precious server system works. We are not all bankers but we all need to use our money

If the supplier wants to recoup their costs they should offer to put them in places that need people to spend money

You shouldnt be arguing that its necessary for every ATM machine to charge. No decent place does that.

sassysure:
There shouldn't be any charges in the first place

for ur shop or office, na free service u dey offer?

UDOKABESTLUV:


How Much Do You Charge

It depends on your niche, your product or service.
kindly WhatsApp me your website and lets see

Bewiseedet:
Good development

They started it

BrutusOj:
How did I incur the charges? For withdrawing my own money through the bank's ATM? Please, stop justifying the criminality going on in the banking sector. Which terms and conditions while opening account?

If you are a first bank customer and you went to zenith to withdraw,,, is it zenith that you gave your money??
Don't you know that a communication is thee one transmitting the information from first to zenith.