New ATM transaction fees mandated by the Central Bank of Nigeria have sparked customer outrage, particularly among low-income individuals. Bank customers report that the increased costs make ATM use less appealing compared to other methods, such as Point of Sale (PoS) transactions. Several clients lament the lack of empathy from the government and the banks, as they struggle under the financial burden of these new policies.
The Central Bank of Nigeria (CBN) has mandated banks to implement new ATM transaction fees, effective March 1, leading to customer dissatisfaction. Reports from Abuja indicate that clients are unhappy with the increased charges, which they believe disproportionately impact low-income individuals. Luke Abudu, a small business owner, expressed concern over the additional N100 fee for ATM withdrawals and fears it will deter people from saving in banks.
Victoria Adejo from Zenith Bank noted that using Point of Sale (PoS) agents has now become cheaper than ATM withdrawals, criticizing the government’s lack of empathy regarding the economic hardships facing citizens. She remarked, “It is unfortunate that our government formulates policies without feeling the pulse of the people.”
Nurudeen Ehimotor from Guaranty Trust Bank (GTB) reflected on the necessity of using ATMs due to unreliable online banking services, suggesting that banks are encouraging ATM use merely to increase their profits. He urged banks to reconsider the frequency of charges placed on customers.
The CBN justified its decision by highlighting rising operational costs and the need for efficient ATM services. According to their directive, charges include N100 for withdrawals from an off-site ATM and a potential surcharge. Meanwhile, GTB announced to its customers that all free monthly withdrawals at other bank ATMs would be abolished, prompting further discontent.
In response to these changes, Access Bank conveyed its commitment to providing seamless transactions for customers across ATMs and PoS machines, indicating a shift to emphasize convenience in services. Despite these assurances, customers continue to voice their frustration over added fees, calling for policies that support rather than burden them.
The introduction of new ATM fees by the Central Bank of Nigeria has prompted significant concerns among the banking clientele, particularly regarding its impact on low-income individuals. Customers express discontent over increased charges and the lack of consideration for their financial struggles. As stakeholders await the banks’ response, it is evident that the perceived disconnect between policymakers and the public’s financial realities remains a critical issue.
Original Source: gazettengr.com
