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Nigerians Kick Against Introduction Of N65 Charges On Cash Withdrawals From ATMs

Thu, August 14, 2014 | Views: 2268

Nigerians, especially bank customers have strongly kicked against the new directive by the Central Bank of Nigeria, CBN, that commercial banks in the country should re-introduce a charge of N65 per transaction on remote-on-us Automated Teller Machines (ATMs) cash withdrawals.

The apex bank had on Wednesday announced that the policy would take effect from September 1, 2014.

Explaining why it is reintroducing the policy, CBN in a circular released on Wednesday noted that the fee will cover the remuneration of the switches, ATM monitoring and fit-notes processing by acquiring banks.

“The new charge shall apply as from the fourth remote-on-us withdrawal (in a month) by a card holder, thereby making the first three remote-on-us transactions free for card holders, but to be paid for by the issuing bank.

“September 1, 2014 shall be the effective date for the implementation of the new fee,” it added. To this end, it urged banks to conduct adequate sensitisation of their customers on the policy.

“All ATM cash withdrawals on the ATM of issuing banks shall be at no cost to the cardholder,” it explained.

However, this new policy does not go down well with many bank customers who have been calling for the head of the new CBN Governor, Godwin Emefiele, describing his action as pure wickedness.

Reacting to the development, a certain Ceeflo in a Twitter post described the policy as total ‘rubbish’

According to her, “this is rubbish! Do they consider the common man when they come up with these new policies? Its very difficult for a CBN governor with his six figure salary to understand that 65 naira matters to a lot of Nigerians….its hard to fathom…but its true.”

Venting his anger on the management of CBN,another Nigerian who gave his name as Nxy Godwin in a post on his Facebook wall said, “We take one step forward but 150 steps backwards. Why isn’t any policy stable in this country? These people should understand that it is not their personal property, this is rubbish ! I am sure the three free times wont even work because some banks will charge the 65 naira, knowing fully well that nobody will fight for 65naira.”

A Nairalander who gave his name as Ral Roy stated that the new management of the apex bank does not mean well for the country.

According to him, “Inconsistency is always the problem in Naija. No continuation of any policy. As soon as power changes hands, another policy is introduced.

“I am also expecting the new IG of Police to come around and do his own crazy policy to mess up the good works of his predecessor. Maybe, he will return the boys back to the road too who knows.

“Another season of long and crazy queue to return to the ATM machines. As most people will be wary of using another bank’s ATM,” he lamented.

When this newspaper visited some commercial banks in Lagos, many customers were spotted debating on the issue.

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