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| The CBN Governor Godwin Emefiele |
The reintroduction of the ATM charges by the apex bank in Nigeria, the Central Bank of Nigeria recently was welcomed with mixed feelings.
Experts in the industry argued for the reintroduction (i do not expect them to do otherwise...anyway) noting that the banks all loosing their targeted revenue as a result of the money they had to pay other banks when their customers make use of ATM machines other than the bank their account is domiciled.
In view of the cashless policy introduced by the former CBN governor (Mallam Sanusi Lamido Sanusi - now Emir of Kano), the withdrawal of the charges on ATM withdrawal was supposed to encourage customers in other to embrace the cashless policy (so is this a give and take back thing since the policy have been accepted).
In a reaction to the reintroduction of the charges, a lot of Nigerians have come to condemn the policy, saying it is harsh on the customers of banks. The charges apply when a customer (say of Guaranty Trust Bank) uses the ATM machine of another bank (like Access Bank) more than thrice. At the fourth withdrawal, the customer is charged #65 and so on. This withdrawal is spread over a month which implies that, if you need to make a withdrawal you had better find the location of the ATM machine for your bank or the entire money needed for the month must be withdrawn once, twice or just about thrice. I think this purpose defeats some issues the cashless policy was to address (just thinking aloud).
However, the CBN through its Director, Corporate Communications Department, Mr. Ibrahim Mu'azu in its press release cleared some grey issues on the reintroduction of the charges.
You can read the full version of the press release here CBN press release on ATM charges.
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