N100 charge on ATM transactions cancelled

The Central Bank of Nigeria and the Bankers Committee on Tuesday finally agreed to put a stop to all charges associated with the use of Automated Teller Machines.  (Its about time)

The agreement was the high point of a meeting between the committee made up of Chief Executive Officers and Deposit Money banks, and directors and top officials of the CBN.

Group Managing Director, First Bank of Nigeria Plc, Mr. Bisi Onasanya, addressing Journalist after the meeting said.

'Before now, account holders had been made to pay a flat rate of N100 per withdrawal any time they used ATMs other than the ones that belonged to their banks.

'We have decided to stop forthwith charges for usage of ATMs. Onasanya said, the decision to stop the charge would help to increase the patronage of ATMs, thus deepening the financial inclusion strategy of the central bank.

He said the modalities for the stoppage were being worked out, adding that within the shortest time possible, the adjustments would be reflected on all the ATMs.

'We have decided that we will work out the modalities that will ensure that with immediate effect, we will pass on these cost to the respective banks; we will bear the cost of providing these services so that no matter where you are drawing your money from, you will not be subjected to any charge for using the ATM.

Nice but does this means more charges in other banking services, we wait and see.