Friday, 15 August 2014

Nigerias Central Bank re-introduces ATM cash withdrawal fees

The Central Bank of Nigeria will re-introduced cash withdrawal fees for transactions made on another banks Automated Teller Machine (ATM) with effect from September 1, 2014, according to Dipo Fatokun, theDirector of Banking and Payment Systems Department at the apex bank.

In the past, customers were required to pay N100 as cash withdrawal fee per transaction when they used another banks ATM other than theirs, but this fee was later transferred to issuing banks in December 2012.
However, as a result of the substantial cost burden incurred by banks in defraying the cost of the service, the CBN has reviewed the fees to N65 to be paid by the ATM card holder and has further directed that the new charge will apply only for the 4th cash withdrawal made on another banks ATM during a given month.
According to the bank, the fees would be used to cover the remuneration of the switches, ATM monitoring and fit-notes processing by Acquiring banks.
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