Banks in Nigeria have started enforcing new ATM fees mandated by the Central Bank of Nigeria, prompting widespread discontent among customers. This increase in transaction charges, which some argue disproportionately affects lower-income individuals, has led to customers seeking alternative methods of withdrawal, such as PoS agents, which are now cheaper. The changes indicate a growing dissatisfaction with banking policies amidst economic challenges in the country.
The introduction of new Automated Teller Machine (ATM) transaction fees in Nigeria has commenced, following a recent directive from the Central Bank of Nigeria (CBN). Several bank customers have expressed complaints about these increased charges, stating they exacerbate the financial burdens faced by ordinary Nigerians. For instance, Luke Abudu, a small business owner, remarked that the N100 fee on a N20,000 withdrawal is excessively high for individuals struggling to make ends meet.
Victoria Adejo, another customer, highlighted that withdrawals at Point of Sale (PoS) agents have become more cost-effective compared to using ATMs. She criticized the government’s failure to connect with the people’s experiences and needs, noting that the CBN’s justification for the fee increases—citing rising costs and a desire to enhance ATM efficiency—were inadequate given that banks report significant profits. Nurudeen Ehimotor pointed out that poor online banking services compelled him to use ATMs, which seemed to be a deliberate strategy by banks to increase their revenue through transaction fees.
The CBN’s circular regarding the ATM fee implementation, effective from March 1, specifies charges for withdrawals: N100 for on-us transactions (from one’s own bank) and a combination of N100 and a potential additional N500 for off-site ATMs. Customers were notified of these changes through emails from various banks, most notably Guaranty Trust Bank (GTB), which announced the removal of previously allowed free monthly ATM withdrawals. Access Bank also informed its customers about the seamless use of Access cards across ATMs and PoS machines, indicating no additional fees incurred.
Given these developments, it is evident that bank customers are facing increased financial pressure due to new ATM charges imposed by banks. The situation highlights a disconnect between banking policies and the realities of everyday Nigerians, with many asserting that the fee increases reflect a lack of empathy from financial institutions and the government. As customers navigate these changes, there is a growing call for banks to reconsider their policies to alleviate the hardships felt by the populace, particularly during challenging economic times.
In summary, the recent introduction of new ATM transaction fees by Nigerian banks has sparked significant customer outrage, particularly among those struggling financially. Individuals like Luke Abudu and Victoria Adejo have voiced their concerns that these fees disproportionately impact the poor while highlighting the need for a more humane approach to banking policies. The disconnect between the financial institutions and the realities faced by everyday Nigerians remains a critical issue as customers demand more equitable treatment.
Original Source: gazettengr.com
