CBN Releases Updates on ATM Charges, Cancels Free Withdrawal

The Central Bank of Nigeria (CBN) has released new updates on automated teller machine (ATMs) fees, citing rising costs and need to improve efficiency in the banking industry.

In a circular signed by John Onojah, acting director of financial policy and regulation department, the CBN said the revised charges will take effect from March 1. The CBN said the review will accelerate deployment of ATMs and ensure that appropriate charges are applied by financial institutions to consumer of the service.

The CBN review maintained no charge for banks customers using the same ATMs where they have deposits. However, withdrawal from another bank on-site ATM will cost a customer N100 for withdrawal of N20,000.

For offsite ATM, customers using another banks for withdrawal will be charged N100 plus a surcharge of not more than N500.  However, the CBN said first three withdrawal per month across ATM has seized to apply.  

Commenting, market observers said the move to charge fee on withdrawal with reduce POS operators transactions volume due to higher charges. #CBN Releases Updates on ATM Charges, Cancels Free Withdrawal Oil Rises, Gas at 2-Year High as Supply Risks HeightenThe post CBN Releases Updates on ATM Charges, Cancels Free Withdrawal appeared first on MarketForces Africa.