Banks ignore CBN’s implementation on ATM charges


All the commercial banks were on Thursday flouted the new Central Bank of Nigeria (CBN) guidelines on reduction charges on Automated Teller Machine (ATM).

CBN had on December 22, 2019, released new guidelines for banks, other financial and non-bank financial institutions, to take effect from January 1.

The guidelines involved a reduction in the amount payable for cash withdrawals from other banks’ ATMs as Remote-on-Us transactions.


The reduction is from N65 to N35 after the third withdrawal within one month.

Some customers of the banks regretted that banks had now devised a means of deducting ATM charges without sending the alert to their customers.

The banks proved pundits right again. Banks’ customers that spoke with Blueprint said, they intentionally came out to use the ATMs.

According to them, naturally, the banks would have increased the amount charged if that was the apex bank”s directives but will take time to do the contrary.

Miss Joy Akpakuma, a customer with one of the new generation banks said that though her bank did not send a debit alert for the ATM charge, it had, however, reflected in her account.

“I withdrew money from an ATM that is not my bank on Jan. 1, but they only sent me alert of the money I withdrew without the charges. I was happy thinking that they have complied with the guidelines, but when I checked my balance, I knew that there was something wrong.”

Another customer with one of the generation bank, Tony Iruu, also confirmed the development, noting that the bank had refused to adhere to the CBN guidelines.

“When I heard about the new CBN guidelines, I was impressed because my bank charges me for virtually everything I do, but I have noticed that most times, banks do not adhere to some guidelines, except the ones that favor them,’’ he said.

On N50 stamp duty charged customers at filling stations, they appealed to CBN to also look into the issue with a view to forcing the merchants to adhere to its directive.

Mrs. Lilian Ukwu, a teacher, noted that though CBN had said that the N50 stamp duty charged customers for using PoS (Point of Sale), on goods and services was illegal, fuel stations had yet to comply with it.


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