The Central Bank of Nigeria has prompted banks to implement new ATM fees, leading to widespread complaints among customers who feel these charges exacerbate financial struggles, particularly for low-income individuals. With the new fee structure requiring N100 per N20,000 withdrawal, consumers are expressing concern about the rising costs of banking services, prompting calls for banks to reassess their fee policies.
In response to a directive from the Central Bank of Nigeria (CBN), banks have begun charging new Automated Teller Machine (ATM) fees. Many customers in Abuja have expressed their distress over these increases. Luke Abudu, a small business owner, noted that the fees disproportionately impact the impoverished, stating, “I came to withdraw N20,000, but found out I was charged N100 for the withdrawal. This is too much for a small business owner like me.” Victoria Adejo observed that using a Point of Sale (PoS) system had become more economical than withdrawing from an ATM, criticizing the government’s lack of empathy for citizens’ struggles.
The CBN’s announcement on February 10 indicated that the adjustments were made to address rising operational costs and enhance ATM service efficiency. The new fees will amount to N100 for every N20,000 withdrawn at the ATM. Furthermore, banks, including Guaranty Trust Bank (GTB), have communicated via emails to their clients, indicating that they will also eliminate the three free monthly withdrawals previously allocated for customers who use other banks’ ATMs.
Emerging customer sentiment reflects dissatisfaction with the increased financial burden. Nurudeen Ehimotor at GTB stated that the ATM charges seem to compel users into using ATMs more frequently, thus generating additional profits for the banks. He called for a reduction in these excessive fees, emphasizing the need for better customer consideration. Also, Access Bank confirmed that all of their cards are now compatible with all ATMs and Point of Sale systems, promoting seamless transactions for their clients.
The new ATM fees implemented by banks in Nigeria are growing contentious among customers, who argue that these charges impose an undue financial strain. With many individuals voicing concerns about the burdens placed upon the poor, a call for reform is evident. While the CBN justified these changes as necessary for service efficiency, customer responses highlight a need for greater accountability and empathy from financial institutions.
Original Source: gazettengr.com
