The Central Bank of Nigeria has re-introduced ATM charges for cash
withdrawals made on other banks’ Automated Teller Machines. In a
circular dated August 13rd 2014 and signed by the Director, Banking and
Payment Systems Department, CBN, Mr. Dipo Fatokun , the re-introduced
ATM deduction pegged at N65 per withdraw would take effect from September 1st 2014.
The circular states that the first three withdrawals in the month of September on other banks ATM would be free but the charges would start counting from the fourth withdrawal. Read parts of the circular after the cut...
The circular states that the first three withdrawals in the month of September on other banks ATM would be free but the charges would start counting from the fourth withdrawal. Read parts of the circular after the cut...
"The CBN hereby issues the following directives: The re-introduction of ‘Remote-on-us’ ATM cash withdrawal transaction fee, which will now be N65 per transaction, to cover the remuneration of 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 cardholder, thereby making the first three ‘Remote on us’ transaction free for the cardholder, but to the paid by the issuing bank. September 1, 2014 shall be the effective date for the implementation of the new charge; banks are expected to conduct adequate sensitisation to the customers on the introduction of the new fee; all ATM cash withdrawals on the ATM of issuing banks shall be at no cost to the cardholder.” it read
This reintroduction of ATM withdrawal charges comes almost 2
years after the CBN and the Deposit Money Banks cancelled the N100 ATM
charges in December 2012.
107 comments:
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...buh its true
Rubbish. (Linda's Man)
Rubbish. (Linda's Man)
for what na!
Haba! This is serious ..why re-introducing again now..whatsoever the reason(s) might be. Phil 4:19. BishopDammy#
SHIT!! Nigeria which way nao! When av being enjoying this now. This is really fucked mehn
we take one step forward but 150 steps backwards, y isn't any policy stable in dis country? dis pple shud understand dat its not dier personal property, dis is rubbish ! d 3 free times sef wunt work! cos sum banks will charge d 65 naira knwin fully well nobody will fight for 65naira,
we take one step forward but 150 steps backwards, y isn't any policy stable in dis country? dis pple shud understand dat its not dier personal property, dis is rubbish ! d 3 free times sef wunt work! cos sum banks will charge d 65 naira knwin fully well nobody will fight for 65naira,
a.k.a EDWIN CHINEDU AZUBUKO said...
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Me and ATM no get business for nw, ebola is real
.
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***CURRENTLY IN JUPITER***
chai
They should also work on Atm machines debiting people without given the their Cash,before taking weeks to return the money when you transact with another bank's Atm.....For your Current News on Football visit The Newest Blog in Town,Inspired By Linda's story and Libers www.thegoalmac.blogspot.com
http://thegoalmac.blogspot.co.uk/2014/08/meet-david-beckham-and-is-beautiful.html
This is absurd, simply a one step forward, two steps back policy.
Thieves... i'll uses that #65 nd take taxi to my bank, to nd fro. A n'ako Ebola a n'ako ego ha ga eri.
queenreigneth@gmail.com
Haaba! Haabatically!
What rubbish! Sanusi left and everything he's achieved is beginning to crumble.This current CBN governor had better tighten his seat belt.We've become too comfortable with the no charges that I've failed to see the wisdom behind the re-introduction.
One step forward, .... Steps backward I guess
I knew that this charges would come back. There was no way they could just let it go but its okay sha...
It was good while it lasted. lol
Haba! What is going on?
A reason to remember Sanusi Lamido Sanusi.
What a considerate government we have.
~BONARIO~says so via NOKIA LUMIA
Seriously?
Ooooooh....this is going to be more stressful for me. Okay,thanks for the info.
Why will they do that again
One of the reasons why you hate Sanusi Lamido Sanusi who removed the 100 Naira charges right? Solid thieves!
When you have someone at the top that really fight for the pocket of few, this is what happens.
Can you then ensure that all ATMS can dispense 200 Naira so that people can be able to withdraw any amount while paying their charges.
They have come again,!!!!!!!!!!
Free designer perfume samples when you place order for your colognes. Www.chrisernboms.com 228D1c88.
After all is said and done, Nigeria still seeks loan from foreign countries. So, what's the aim? Pfft! MB.C. DORIS
Bad news!!!
Not good. There will now be queue in ATM centres especially UBA, GTB & others. Banks should better build more ATM centres.
why na.... aint fair o
Stealing from mid and low class.fela nah prophet ooo.
Ruru
Some pple now go dey say sanusi na bad man nd a traitor.. Etii madment.
Is it give away monday yet? :D
OlaTijani
Dis country is just going for d worse...Oga ooo..mtscheew
Hmmmm my Emefiele we see you ooo. Hmm anyways . ... The fear of Ebola is the beginning of proper hygiene which also reduces the transmission of other communicable diseases..
This is absurd, if you are trying to introduce a cash less society, and charging heavily for over the counter deductions, why try to discourage ATM withdrawals by putting charges, whether is 1st or 4th withdrawal it makes no sense, what's the benefit of the cash less policy if the CBN is charging heavily on both sides.. It makes no sense to me, just my opinion though.
fools!
Na dem sa bi,all we need is quality service
This is one of the achievements of Sanusi being taking away over night. The bank chiefs have beenable to romance the new governor to do their wish.
This will affect the populace of the rural environ where there are few banks
###################GOD punish###########devil
this people are so confused
Na to drop atm card B dah #dip hands inside pocket#
This ain't cool. Sounds Like a repackaged fraud to me. Just saying.
na there cup of tea be that jor
This is absolute rubbish
This ain't cool. Sounds like a repackaged fraud line to me.
This is not fair @ all,na wa. For. Naija sha
AND SOME PEOPLE CANT APPLAUD LAMIDO SANISI LAMIDO WHO MADE IT FREE FOR US ALL. ITS A QUESTION OF TIME - THE FEE WILL INCREASE!
Charges here and there, why did this new cbn governor not leave it like he met it? Must nigerians pay 4 everything? Let's learn from the developed countries.
Chai, the removal of that N100 atm charge was such a relief to me ehnnn. Now thats gone! Well God ll bring more money, so I wont av to worry about the N65
Some 'back n forth policies' we do witness atimes in this country leaves me bewildered...This interbank surcharge was removed initially after it was deemed unnecessary and the cost passed on to the respective banks which bear the cost of providing services,some banks then introduced the 100 naira monthly charges for having an ATM card. What is the reason for its re-introduction (regardless of the amount) and will the 100 naira monthly charge be stopped? There has to be a way to checkmate these 'thoughtless' policies otherwise we are going to wake up someday to discover that our thinking and freedom of expression,has been mortgaged by these 'sightless' decision makers!
Hmmm.... We will survive.
ma country is bcomin a real mess
Really huh I don't get what the money is meant for anyway,for the past few months that the fee wasn't deducted was anything affected? 65 is even annoying that 100naira,dem go just dey spoil money for person,this is why I don't use ATM! Lauhrex
Really huh I don't get what the money is meant for anyway,for the past few months that the fee wasn't deducted was anything affected? 65 is even annoying than 100naira,dem go just dey spoil money for person,this is why I don't use ATM! Lauhrex
Jonathan's government is the government against the masses and poor people. They just don't care
CBN thunder fire ol yo!
haba no naaaa
This is totally lugrubious, total rubbish, haa are we going foward or backward? wat nonsense is this, a new avenue to embezle funds. Let them have concience oo becos THEREEE ISS GOD OO chai !!! i pray God will arrest that man.
I can't find a reason for the charges. Mtcheeew I now see reasons why some people hate banking. Can't something be free forever in Nigeria?
TQueen
I don't really know what is wrong with this new CBN Governor, he's making thgs difficult for people. We can't even see dollar to buy for biz, and the price is so high.
And they said Sanusi Lamido was a thief,we know better nw.
Awon people yi wicked gan sha...Do they know that some people actually withdraws 100-200 naira when they're broke? Na wa oo...
CBN thief thief thief people
rrrrrrrrubishh.
Hmm.. Emefiele's new legacy is at work.
Hmmmm Nigeria my country i tire
Modupe say so
Iranu
This new boss is a criminal, why will he bring back what SLS trashed?
Nonsense.. Cbn lack ideas. Community banks get ideas pass una.
as sanusi don commot now
This is bad! Sanusi who stopped it wasn't stupid! The man wants to make money for his bank(zenith)! When are we going to behave properly in this country?
God will punish you ppl.bastard ppl lookn for money. Kmft
This is all you have to get when you employ a capitalist as your central bank Governor. Lack of continuity of policy has been bedeviling Nigeria for long. instead of progressing we are retrogressing. Do Sanusi owe anybody explanation? absolutely NO. Emefiele is just a stooge coming to destroy.
Ndigbos! Does it mean mallam beta pass una! Abi werrin b dis! #IboThingsWithMoney.
this bank people are usless
thats what you get when you put a selfish person with personal interests into such positions. Remember the new CBN governor was the boss of a commercial bank before he was appointed so therefore he will do what he can to increase income for commercial banks at the expense of the population
If sanusi didn't work at all,at least this one thing alone is worth commending him for...Scrapping out ATMs charges has been a wonder step in d right direction..Bringing it back would only compound the problem of bad network we've been battling with whenever we go to withdraw money...Mr sunny
why the reintroduction for God's sake
flexycouture@yahoo.com
Wetin u dey talk oga *what a considerate gini?
Stupid Cbn governor....why bring back what's been taken away for the past 2yrs again. 65naira may be small to him but that's something for one that's finding it hard to feed himself and families. Are we moving forward in this country or going backward cos I really don't get some kinda things happening.
Just few days I was wondering how these banks make money from Atm's since any card can be used on any atm. I guess my question has been answered.
Three steps forward, two steps backward. They said it's from the fourth withdrawal from a different bank that its going to be taking effect each month. My question is; Is it the banks that charges directly or Interswitch?
If it's the bank that deduct the charges, then no cause for too much alarm na....Just limit your withdrawal from any particular bank to three in a month, the move to the next available one......LOL
Viewing it from another angle, these people are preaching cashless economy, they want us to carry less cash, i'm sure the average Nigerian would make sure he starts withdrawing cash in bulk, so as not to go back to the ATM frequently.
7 figure, u mean?
@ d 3 free times sef wunt work! cos sum banks will charge d 65 naira knwin fully well nobody will fight for 65naira.
I can see how dumb you are. Which bank will charge customers for such, when CBN's sanction on such Bank (offender) is in millions. Which Bank will do that and then pay a CBN sanction fee of millions of naira. Try and educate yourself in all sectors and not only reading gossips on blogs.
U get into office as d Governor n d first tin u do is re-introduce ATM fee...wat a good start
Nigeria we hail thee, GEJ kip it up o,2015 is by d corner. All d 65naira I pay while withdrawing will vote for u. Foolish man, foolish advisers foolish policies
When sanusi was there people chased him away...now Jona's nominee is there we can all see...you made a cashless policy so that people can use pos / ATM...then abolish the ATM charges...the you do a u-turn and re-introduce those charges....na wa oooo.....banks make. Only off COT / SMS each time you transact...is that not enough?....even the gsm guys charge 5naira for text...but bank charges 10naira...na wa ooo
it now dawns on me that it was a blank skulled being that was picked as cbn leader if it was this best he could come up with in his 1st few months in office then we should expect a ruin of the entire financial system.... just the dumbest thing have seen in a while..... if he lacked initiative, a tweet, fone call or text to Lamido would have just helped his cloudy confusion than create a mess of a developing running economy............... Crap in Bullshit
I really like the policy simply because it will make some banks improve their ATM services.
When we have no ATM charges, we have bad ATM services in the country.
Am sure Bonario meant "Inconsiderate"..take am easy...
WHAT HAPPENS WHEN I USE MY CARD ABROAD?
Anony, it's called sarcasm. Google the word and thank me never
Una just start. I commented about this guy when he was appointed. We bank customers go hear am. This chap will do anything to please his bank owner boss.
wondering wat, whn most bank charge 100 for atm per month, i use 1stbank and dey charge me for atm monthly.
Oh pls, what is unfair about this? Banking is business, people go into it to make money. If N65 is too much for the common man then he should withdraw from his own bank, it's really that simple.
D banks are losing from ATM withdrawals whn their customers use other banks. I think dis new decision will reduce d number of trapped cards kn d machine and having 2 pay 4 a new card. Use ur bank...
Why withdraw 200 naira n get a charge of 65 naira?
Information is power. Understand d way ATM transactions run and then u cn comment more intelligently
fuck u 4 not postin coment dat kick agaisnt d govt...PDP fool
Rubbish what a fuck
Y remove it at all initially...nigeria different policies everyday. veno.brightheart@ymail.com
WHERE IS APC WHEN YOU NEED THEM....SMH
Stop the insults, since when ha the cbn sanctions stopped banks from acting crazy. You are the one that needs to be educated
Get ur facts right before sharing. Dey will only charge the 65N on ur fourth withdrawal for the day which isn't bad. Next time confirm before u update all these blind readers that comment like fools
But Seriously, when are the YOUTH going to take over.... They don't know what we are facing, they judge the current economy by the 19's.
But Seriously, when are the YOUTH going to take over.... They don't know what we are facing, they judge the current economy by the 19's.
Who pays inter switch and all other connectors? Banks are not charities and if they don't make money, shareholders, like you and I loose. We can always expect freebies in this country all the time.
When will you be doing another article on this subject?
Ppi Refund
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