CBN Stops ATM N100 Charges On Bank Customers

7 years ago by: victor
-- (m) at 14-11-2012 03:25PM

(531 | Upcoming)

The Central Bank of Nigeria (CBN) has suspended N100 deductions and charges from bank customers using Automated Teller Machines in banks other than the ones in which the have their accounts.

The CBN took the decision at a meeting in Abuja between it, the Bankers Committee and Managing Directors of some banks in the country on Tuesday.

It was learnt that at the meeting, it was agreed that the N100 charged customers of a bank for using the ATM of another bank as well as other charges associated with ATMs would be scrapped.

The Group Managing Director of First Bank Plc, Mr. Bisi Onasanya, who confirmed it shortly after the meeting, said the decision is aimed at encouraging the use of ATMs as it has been discovered that the use of ATMs in the country has not been encouraging.


“When you use the ATM of a bank other than your bank, there is a charge of N100 which is borne by the account holder. We have decided that we will work out the modality and ensure that with immediate effect we would pass on this cost to the respective banks which bear the cost of providing services.

"But for transaction on what we call ‘not on us,’ when you are an FBN customer and you use the ATM of a GTB bank, it is free and it will no longer bear any cost."

Onasanya said the modalities for the scrapping of the charges were being fashioned out and that the adjustments would soon be reflected in all the ATMs operating in the country, stressing that this would help to increase the patronage of ATMs and further entrench the financial inclusion strategy of the CBN.

However, withdrawals inside the halls when the ATMs fail are not covered by this policy.


-- NEWRUMOUR (m) at 14-11-2012 03:28PM
(2777 | Gistmaniac)

Ok , Good 4 dem.  Roll Eyes

-- dallasp (m) at 14-11-2012 03:54PM
(685 | Upcoming)

+ n - na dem na dem
-- winace (f) at 14-11-2012 04:19PM
(29827 | Addicted Hero)

We don hear.