The introduction of new ATM fees mandated by the Central Bank of Nigeria has led to public outrage, especially among low-income customers. Many individuals, such as Luke Abudu and Victoria Adejo, voiced their concerns about the fees’ impact on their financial situation. The fee structure, effective March 1, is intended to improve service efficiency, yet customers criticize the banks for profit motives and the lack of consideration for ordinary people.
Following a directive from the Central Bank of Nigeria (CBN), banks have begun enforcing new Automated Teller Machine (ATM) fees, which has prompted significant discontent among customers. Observations in various ATM galleries in Abuja revealed numerous complaints from patrons regarding the increase in these fees, which are primarily seen as burdensome for lower-income individuals struggling to maintain their livelihoods.
One customer, Luke Abudu, expressed his frustration after being charged N100 for a withdrawal of N20,000, stating that such costs are prohibitive for small business owners. Another patron, Victoria Adejo, compared the costs of ATM withdrawals to those incurred at Point of Sale (PoS) terminals, highlighting the absurdity of government policies that seem disconnected from the struggles of ordinary citizens.
Nurudeen Ehimotor, another customer, noted that he was forced to use the ATM due to the bank’s unreliable online services. He lamented the banks’ tendency to impose excessive charges, calling on them to reduce fees affecting customer accounts. As per a recent CBN circular, the new fee structure, which begins on March 1, is a response to rising operational costs and aims at improving ATM service efficiency.
According to the revised fee structure, Uniform ATM charges will now be implemented for “On-Us” transactions at no cost and for “Not-on-Us” transactions at a rate of N100 per N20,000 withdrawal from an off-site ATM, with an additional possible surcharge of N500. Furthermore, banks have informed their customers via email that they will no longer permit free monthly withdrawals at ATMs belonging to other institutions or even at their own ATMs, leading to further dissatisfaction among customers.
In summary, the recent implementation of new ATM fees, as mandated by the Central Bank of Nigeria, has sparked widespread dissatisfaction among bank customers. Many perceive these fees as excessive and detrimental, particularly to low-income individuals. Despite banks’ justifications for these charges, customer feedback reflects a significant concern about affordability and fairness in the banking sector.
Original Source: gazettengr.com
