Banks across Nigeria have begun implementing the new Automated Teller Machine (ATM) transaction charges following a directive from the Central Bank of Nigeria (CBN), sparking discontent among customers.
A visit to ATM galleries in Abuja on Sunday revealed that while machines were stocked with cash, many customers were displeased with the additional charges.
Luke Abudu, a customer at First Bank along Nyanya-Jikwoyi Road, criticized the move, saying it would disproportionately affect low-income earners.
“I withdrew ₦20,000 and was charged ₦100. This is a heavy burden for small business owners like me,” Abudu lamented.
Similarly, Victoria Adejo, a Zenith Bank customer in Mararaba, noted that withdrawing via Point of Sale (PoS) agents had become cheaper than using ATMs.
“It’s unfortunate that policies are made without considering the masses. Banks already charge service fees while declaring huge profits,” she said.
At Guaranty Trust Bank (GTB) in Asokoro, Nurudeen Ehimotor said he resorted to ATM withdrawals due to persistent online banking failures.
“My USSD transactions have been failing since yesterday. It feels like banks want us to rely more on ATMs to generate revenue,” he observed, calling for a reduction in excessive bank charges.
The CBN, in a circular dated February 10, mandated the implementation of revised ATM fees starting March 1, citing rising operational costs and the need to enhance service efficiency.
Under the new structure:
- Withdrawals from a customer’s bank ATM remain free.
- Withdrawals from another bank’s on-site ATM attract a ₦100 charge per ₦20,000.
- Withdrawals from an off-site ATM incur ₦100 plus a surcharge of up to ₦500 per ₦20,000.
Banks have already informed customers about these changes. GTB, in an email notice, announced the discontinuation of the three free monthly withdrawals at other banks’ ATMs.
Similarly, Access Bank reassured customers on its X handle that its cards now work seamlessly across ATMs and PoS machines for hassle-free transactions.
Despite these reassurances, many customers continue to voice concerns over the growing financial burden imposed by banking fees.
