The Central Bank of Nigeria, CBN has thrown more light on the introduction of Fees on Remote–On- Us, Automated Teller Machine, ATM transaction, saying cash withdrawal on ATM of a customer’s bank is free.
Mr Godwin Emefiele answering questions during his screening by the Senate for Central Bank Governorship in Abuja on Wednesday
The CBN noted that the clarification became necessary following mixed reactions from the general public when the announcement of introduction of Fees on Remote-On-Us was made.
The CBN’s Director, Corporate Communications Department, Mr. Ibrahim Mu’azu, in statement said “ The Central Bank of Nigeria (CBN) has noted some public comments on its recent circular in respect of fees/charges on the extended use of other banks’ Automated Teller Machines (ATMs).
These reactions have been mixed with most commentators showing great understanding and other stakeholders expressing clear lack of understanding of the rationale for this decision of the Bankers’ Committee.”
According to him “Cash withdrawal at the ATMs of a customer’s bank is free.” He explained that Remote-on-Us” transaction is when a card holder goes to the ATM machine of another Bank other than his or her own bank to make a withdrawal.
Continuing, Mu’azu, said “In December 2012, the CBN, in collaboration with the Bankers’ Committee, transferred the payment of N100 fee on “Remote-on-us” ATM cash withdrawal transactions to issuing banks. The N100 was never removed. It was only transferred to customer’s bank to pay, and this was intended to encourage/promote the use of ATMs nationwide.
Having sufficiently raised customers awareness, the first three “Remote-on-Us” transactions in a month are FREE for the card holder but paid for by the issuing bank. The N65 charge only applies when a customer withdraws cash from another bank’s ATM other than that of his/her bank. The N65 starts to apply from the 4th transaction at another banks’ ATM in a month.”
Buttressing further on the introduction of Remote- on- Us, he said “The charge is not intended to discourage financial inclusion. The CBN will not endorse any anti-customer policy. Charging of fees on interbank networks is a widely acceptable practice globally.”
On the reasons for ATM charges, he said “This to ensure customers get better services; To increase healthy competition among the banks; Transaction volumes at other banks’ ATM have increased astronomically due to the free Cash withdrawal at other banks’ ATM; The wear and tear as well as the frequency of servicing the ATMs have increased significantly.
Indeed, some customers were beginning to abuse the use of ATMs through countless daily withdrawals; This development has led to increase in cash transactions, which negate the Bank’s Cash-less policy.”
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NIAJA! A country of back and forth government policies. CONFUSED people ruling themselves with CONFUSION.
ReplyDeleteCBN governor is stupid to have reintroduced ATM charge.
ReplyDeleteWhat clarification? Is this information different in any way from the initial one releasedThat means we go pay 100 naira tire or revert to banking hall withdrawals. First action would have been to instruct banks to make their ATM machines available everywhere you go, having to drive to your bank for ATM services amounts to going into the bank to withdraw money since you are already there thereby killing the purpose of ATM which is convenience and accessibility. Abeg free Nigerians joor, stop using our brains.
ReplyDeleteThe government always cites example of how things are done globally as references for their negative policies forgetting that the countries abroad enjoys better services all round unlike the epileptic services you get in nigeria
ReplyDeleteit is a scam on us all...as usual
ReplyDeleteBut we as a people accept and just move on!