New CBN governor reintroduces interBank ATM charges


Home | Atm | ( 1 ) | Subscribe

Posted by on Friday August 15, 2014 at 16:15:46:

In the not too distant past, there used to be a N100 ATM charge placed on ATM users who used ATMs other than their issuing bank and this in a way sort of ripped them off anytime they want to make a withdrawal from such ATMs and this only discouraged people from using ATMs outside that of their banks but that later stopped and this encouraged people to just use any ATM they see.

Now, one of the recent changes Nigerians are going to witness is the reintroduction of the interbank ATM fees which will be borne by the bank customers using it. According to a report by This day newspapers, "The Central Bank of Nigeria (CBN) yesterday directed deposit money banks in the country to re-introduce a charge of N65 per transaction on remote-on-us Automated Teller Machines (ATMs) cash withdrawals.
The policy takes effect from September 1, 2014."

What this basically means is that Nigerians will now start having charges deducted from their bank account anytime they make a transaction on an ATM that does not belong to their bank. So, if you are using an ATM card that was issued by First bank for instance, you are going to be charged about N65 if you use the card at UBA's ATM.

Personally, I don't think this is a good idea as it will now make people be more selective of which bank's ATM to use and which not to and it would causes long queues at one bank's ATM while other bank's might be scanty. It might also be good business for those Nigerian banks that have a lot of branches as people might be forced to open accounts with them just because of their close ATM services.

Some of the most popular banks in Nigeria I know with a good spread of ATM locations include Zenith, GTBank, First Bank, UBA and Union bank.

What do you think about this new CBN policy?

Re: New CBN governor reintroduces interBank ATM charges Reply by John on Saturday August 16, 2014 at 6:4:56:

Why the reintroduction? Nigerians sure wouldnt like this policy. Or is it a way of making the banks improve on their ATM services?

Re: New CBN governor reintroduces interBank ATM charges Reply by lemuel on Saturday August 16, 2014 at 17:2:32:

i agree wit plicy onli favours d bank n nt deir clients

Re: New CBN governor reintroduces interBank ATM charges Reply by Quadri Opeyemi on Monday September 1, 2014 at 9:8:3:


Let's get this right:

You are only charged the sum of #65 if you're making withdrawal more than three times using another ATM which isn't your bank's.

It means you won't be charged if you withdrew just three times.

I think CBN is doing this just to reduce the pressure put on another bank's ATM.

That's not a bad policy,in my opinion.

Mobile Banking Watch.

Post a Comment

Required fields are Name and Comment.


Email: (Optional)


Recent Posts

Nigerians can now pay Cheques into savings accounts - Saturday September 17, 2016 12:58:19
Nigerian banks are sacking workers - Wednesday September 14, 2016 17:59:41
How I transferred money from GTBank with my mobile phone - Wednesday September 14, 2016 17:42:57
How Nigerian banks can attract and retain customers - Friday September 2, 2016 9:59:27
GTBank Naira MasterCard exchange rate per US dollar - Sunday August 28, 2016 22:57:39
Cash Deposit ATM stole my money - Tuesday August 23, 2016 12:44:30