Nigerians will be delighted to know that they would no longer pay extra charges for transportation withdraws they make with Automated Teller Machine (ATM) othan than that of their financial institution as the House of Representatives has asked the Central Bank to suspend the policy.
The apex bank had in a circular to financial institutions last month said beginning from March 1st, “The three free monthly withdrawals allowed for remote-on-us (other bank’s customers/not-on-us consumers) in Nigeria under Section 10.6.2 of the Guide shall no longer apply.”
Thy noted that any customer that withdraws at the ATMs of their banks and financial institutions would not pay any charge but those who withdraw from other banks ATM would be charged ₦100 per every ₦20,000.
It added that for automated teller machines not on a bank’s premises – like those at shopping malls, eateries and other public places — a surcharge of not more than ₦500 per every ₦20,000 will apply in addition to the statutory ₦100 fee will apply for withdrawals by customers of other banks’ ATMs.
“This review is expected to accelerate the deployment of ATMs and ensure that appropriate charges are applied by financial institutions to consumers of the service,” the circular stated.
Backing it’s reason for the policy, the CBN had linked it to rising costs and the need to improve the efficiency of ATM services.
However, as a matter of public interest, in a motion by Marcus Onobun the increase will be a burden to Nigerians, which led to the house asking the CBN to suspend the policy until it has carried out proper engagement with relevant committees on banking, finance, and financial institutions.
See popular reactions:
For standing to oppose what will drain the masses, the house of reps should be applauded. What is your opinion about the suspended hike by the Reps?
