From the 1st of September 2014, bank customers will pay a token for cash
withdrawals made on other banks’ Automated Teller Machines (ATM). The
Central Bank of Nigeria announced this on Wednesday.
If you recall, customers used to pay N100 if they used other banks’ ATM, but it was cancelled by the CBN and Deposit Money Banks in December 2012.
Now the current fee is N65, that is N35 less than the former fee.
The Central Bank agreed to re-introduce the charges because the cost of transaction was becoming too burdensome for the banks to continue to bear.
Director of Banking and Payment Systems Department of CBN Dipo Fatokun said the first three withdrawals on other banks’ ATM will be free but it would become effective on the fourth withdrawal in a month.
If you recall, customers used to pay N100 if they used other banks’ ATM, but it was cancelled by the CBN and Deposit Money Banks in December 2012.
Now the current fee is N65, that is N35 less than the former fee.
The Central Bank agreed to re-introduce the charges because the cost of transaction was becoming too burdensome for the banks to continue to bear.
Director of Banking and Payment Systems Department of CBN Dipo Fatokun said the first three withdrawals on other banks’ ATM will be free but it would become effective on the fourth withdrawal in a month.
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