The Central Bank of Nigeria (CBN) has defended its new policy imposing charges on cash withdrawals from Automated Teller Machines (ATMs) of banks other than the customers’ own, stating that the measure benefits both banks and customers.......CONTINUE READING THE ARTICLE FROM THE SOURCE>>>>>
Naija News reports that CBN’s Acting Director, Financial Policy and Regulation Department, John Onojah, speaking on Channels Television’s Sunrise programme on Saturday, assured Nigerians that the issue of cash shortages at ATMs would be addressed under the new policy.
“We have gotten the commitment of the banks to ensure that you don’t go to the ATMs and be told that there is no money. We have ensured that when you get to the bank, at least we have set a minimum of ₦20,000 that you can withdraw at your own wish,” Onojah stated.
Banks To Recover Deployment Costs
He explained that the policy also aims to help banks recover the high costs of deploying and maintaining ATMs.
“Deploying machines is quite expensive and capital intensive. We need to encourage banks to at least recover costs while ensuring that customers have access to cash,” he added.
According to a CBN circular issued on Tuesday, customers withdrawing from other banks’ ATMs will incur a charge of ₦100 per ₦20,000, with additional charges of up to ₦500 for off-site ATMs.
Onojah clarified that no charges will apply when customers withdraw from ATMs operated by their own banks.
