The Transient Nature Of ATM Charges

If you've ever thrown a tantrum because 100 naira was deducted from your account because you made a withdrawal from an ATM not from your bank, then heave a sigh of relief because on Tuesday, the Central Bank Of NIgeria and the Bankers Committee FINALLY agreed to put a stop to all charges associated with the use of Automated Teller Machines in Nigeria.





This is a welcome relief to all bank customers who wonder why the Federal Government would earnestly implore all and sundry to use the banks and banking services, only to turn around and support policies and banking procedures which discourage you from putting your money in the banks.

For every withdrawal made from the ATM of another bank, you would have to pay a 100 naira cost, which is deducted from your account. . . straightaway, I might add. However, the agreement, which was the highpoint of the meeting between the committee, made up of Chief Executive Officers of Deposit Money Banks and directors and top officials of the CBN, put a stop to the practice, saying it would help increase patronage of ATMs, thus deeping the financial inclusion strategy of the Central Bank. They also agreed to work out modalities to ensure that with immediate effect they pass on these costs to the respective banks.

It's well appreciated. Just hope other measures will not be adopted to place any other nigling little costs on customers as a way of 'recovering' what was lost. . . just saying.