Following the Central Bank of Nigeria’s directive, banks have started enforcing increased ATM transaction fees, leading to widespread dissatisfaction among customers. Many argue that the fees disproportionately affect those with lower incomes and criticize the government’s disconnected approach to the citizens’ financial burdens. Customers are now highlighting that alternative methods of cash withdrawal are cheaper than bank ATMs, urging for a reevaluation of such policies.
The implementation of new Automated Teller Machine (ATM) transaction fees by banks in Nigeria, following a directive from the Central Bank of Nigeria (CBN), has prompted widespread discontent among customers. Observers at various banking locations noted that the increase in fees is particularly burdensome for low-income individuals striving to make ends meet. One customer at First Bank described the fees as excessive, stating it deterred people from depositing money into banks.
Another customer, Victoria Adejo from Zenith Bank, pointed out that obtaining cash from Point of Sale (PoS) agents has now become cheaper than using ATMs. She lamented the government’s lack of awareness regarding the financial struggles of the populace and criticized the CBN’s rationale behind the new fees, which aims to address operational costs while banks continue to profit significantly.
Customers also expressed frustration regarding the perceived push by banks to increase ATM usage simply to generate more revenue. For instance, Nurudeen Ehimotor remarked that the banks’ continual charges had become unbearable, especially when their online systems were unreliable.
The CBN’s recent circular announced that the new fees would take effect on March 1, stipulating charges for different types of ATM transactions. Notably, the charges include N100 for withdrawals from one’s own bank’s ATM and higher fees for transactions at other banks’ ATMs. Banks informed their customers of these changes through electronic communications, detailing that any previously available free withdrawals would be discontinued. Additionally, Access Bank informed customers that its cards would now function seamlessly across all ATMs and PoS devices, enhancing convenience.
Overall, the rising ATM fees have drawn criticism from bank customers who feel that their financial struggles are disregarded by policymakers. Many view these charges as a further strain on their economic situation, hence their calls for the government and banks to reconsider such fees to alleviate the financial burden on ordinary Nigerians.
The recent increase in ATM transaction fees in Nigeria has drawn significant criticism from bank customers, particularly due to its impact on low-income individuals. Many believe the government’s policies are disconnected from the hardships faced by the citizens they are meant to serve. As banks begin enforcing these fees, customers are calling for reassessment and more considerate financial policies to ease their economic struggles.
Original Source: gazettengr.com
