The
Central Bank of Nigeria has given reasons for the re-introduction of the ATM
fees that was recently re-introduced by the Apex bank and which has been met
with mixed reactions by Nigerians.
In a
press release signed by the Director, Communications Department, Ibrahim Mu’azu,
the apex bank gave reasons for taking such actions.
Some of
the reasons given are:
2. To increase healthy competitions
among the banks
3. Transaction volumes at other
banks’ ATM have increased astronomically due to the free cash withdrawal at
other banks’ ATM.
4. The wear and tear as well as the frequency
of servicing the ATMS has increased significantly.
5. Indeed, some customers were
beginning to abuse the use of ATMs through countless daily withdrawals;
6. This development has led to
increase in cash transactions, which negates the Bank’s cash less policy.
7. Maintaining ATM is expensive and
it requires economic incentive for owners to deploy and maintain these machines
8. If a part of these costs go
unabated, banks may be forced to reject transactions coming from coming from
their customers at another bank’s ATM, thereby frustrating the interoperability
of payment systems.
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