Thursday, 21 August 2014

Central Bank Gives Reasons For Re-introduction of ATM Fees

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:

1.     To ensure customers get better services
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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