Nigerian banks have initiated new Automated Teller Machine (ATM) transaction fees, prompting backlash from customers who argue that these increases exacerbate financial burdens on the poor. Many individuals report finding fees higher than alternative withdrawal methods, emphasizing a disconnect between government policies and the realities faced by everyday citizens.
Nigerian banks have begun implementing new fees for Automated Teller Machine (ATM) transactions, following a directive from the Central Bank of Nigeria (CBN). Customers are voicing their concerns over the increased charges, particularly as they significantly impact the financially vulnerable. For instance, Luke Abudu, a small business owner, reported being charged ₦100 to withdraw ₦20,000, expressing that this policy further burdens those striving to make a living.
Victoria Adejo, another bank customer, emphasized the disparity between ATM fees and Point of Sale (PoS) transactions, noting that withdrawing from a PoS agent is now more economical. She criticized the government for crafting policies without considering public sentiment, lamenting that while the CBN cited cost increases as a reason for the new fees, banks continue to impose significant charges despite their substantial profits.
Nurudeen Ehimotor, visiting a branch of Guaranty Trust Bank (GTB), shared frustrations about being forced to use ATMs due to poor online services at the bank, suggesting that banks are capitalizing on these new fees to increase their revenues. He appealed for a reduction in the growing number of charges imposed on clients’ accounts.
On February 10, the CBN announced the new fee structure through a circular effective March 1, aimed at addressing rising operational costs and enhancing ATM service efficiency. Customers withdrawing from their own bank’s ATMs will not incur charges, while transactions at other banks’ ATMs will entail fees based on the type and location of the ATM.
In a subsequent communication, GTB informed customers about the elimination of three free monthly withdrawals, highlighting that this change applies to both their own ATMs and those of other banks. Access Bank reassured customers that their bank cards would work smoothly across all ATMs and PoS systems, encouraging usage despite the new fees.
In summary, the introduction of new ATM fees by Nigerian banks has met with considerable discontent among customers, with many arguing that these charges disproportionately affect those with limited resources. The CBN’s justification of the fees as a response to rising costs has not alleviated concerns regarding the financial burden on everyday citizens. Customers are calling for a reassessment of these policies, emphasizing their adverse impact on their ability to manage their finances effectively.
Original Source: gazettengr.com
