{"id":153626,"date":"2025-03-02T15:31:13","date_gmt":"2025-03-02T14:31:13","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/customers-groan-as-banks-begin-implementation-of-new-atm-fees"},"modified":"2025-03-02T15:31:13","modified_gmt":"2025-03-02T14:31:13","slug":"customers-groan-as-banks-begin-implementation-of-new-atm-fees","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/all-news\/customers-groan-as-banks-begin-implementation-of-new-atm-fees","title":{"rendered":"Customers groan as banks begin implementation of new ATM fees"},"content":{"rendered":"

Africa-Press – Nigeria. <\/strong><\/span>Banks have commenced the implementation of the new Automated Teller Machine (ATM) transaction fee charge on customers following the Central Bank of Nigeria, CBN\u2019s directive.<\/p>\n

A NAN correspondent who monitored some banks\u2019 ATM galleries in Abuja and its environs on Sunday reports that some customers were lamenting about the increase.<\/p>\n

It was observed that all the banks\u2019 ATMs visited had money loaded in them.<\/p>\n

Mr Luke Abudu, a customer seen at First Bank along Nyanya-Jikwoyi Road, said the implementation would only affect the poor masses who were struggling to make a living.<\/p>\n

Abudu said the move would discourage customers from lodging money in banks.<\/p>\n

\u201cI came to withdraw N20,000 but found out that I was charged N100 for the withdrawal.<\/p>\n

\u201cThis is too much for a small business owner like me,\u201d he said.<\/p>\n

Another customer, Mrs. Victoria Adejo, seen at Zenith Bank, Mararaba branch, said that withdrawing from a Point of Sale, PoS, agent was now cheaper than using an ATM.<\/p>\n

\u201cIt is unfortunate that our government formulates policies without feeling the pulse of the people.<\/p>\n

\u201cI read that the CBN said the decision is in response to rising costs and to improve the efficiency of ATM services, but banks still bill us for service charges.<\/p>\n

\u201cThey (banks) declare profits in billions and trillions from our money, and the CBN does not consider that.<\/p>\n

\u201cThis is not good enough at all,\u201d she said.<\/p>\n

Mr Nurudeen Ehimotor, a customer at Guaranty Trust Bank, GTB, Asokoro, said he was at the bank to use the ATM due to the bank\u2019s poor online network.<\/p>\n

\u201cI came to use the ATM because I tried to transfer money from my bank using USSD since yesterday, but it didn\u2019t go through.<\/p>\n

\u201cI have an issue with my app, so I have been using USSD codes for my transfers.<\/p>\n

\u201cI think they (the banks) are trying to make people use ATMs now for them to make more money,\u201d he said.<\/p>\n

Ehimotor appealed to banks to reduce incessant charges on customers\u2019 accounts.<\/p>\n

NAN reports that the CBN had, on February 10, released a circular to all banks and other financial institutions to apply the fees with effect from March 1.<\/p>\n

The CBN, in the circular titled \u201cReview of ATM Transaction Fees,\u201d said the move was in response to rising costs and the need to improve the efficiency of ATM services in the banking industry.<\/p>\n

For More News And Analysis About Nigeria<\/span> Follow Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. Banks have commenced the implementation of the new Automated Teller Machine (ATM) transaction fee charge on customers following the Central Bank of Nigeria, CBN\u2019s directive. A NAN correspondent who monitored some banks\u2019 ATM galleries in Abuja and its environs on Sunday reports that some customers were lamenting about the increase. It was […]<\/p>\n","protected":false},"author":84,"featured_media":153625,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,30],"tags":[16115,2782,254],"class_list":["post-153626","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-community","tag-atm-fees","tag-banks","tag-nigeria"],"yoast_head":"\nCustomers groan as banks begin implementation of new ATM fees - Nigeria<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/customers-groan-as-banks-begin-implementation-of-new-atm-fees\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Customers groan as banks begin implementation of new ATM fees\" \/>\n<meta property=\"og:description\" content=\"Africa-Press – Nigeria. Banks have commenced the implementation of the new Automated Teller Machine (ATM) transaction fee charge on customers following the Central Bank of Nigeria, CBN\u2019s directive. A NAN correspondent who monitored some banks\u2019 ATM galleries in Abuja and its environs on Sunday reports that some customers were lamenting about the increase. 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