Bankers’ Committee of CBN Stops N100 Charge for Inter-bank ATM Withdrawals

The Bankers’ Committee of the Central Bank of Nigeria, CBN, on Tuesday 13th November 2012, approved the immediate removal of the N100 charge on customers who use the Automated Teller Machines of banks other than theirs.

This is coming after lots of complains over the N100 charge especially since the introduction of the CBN’s cashless policy.

The Managing Director of First Bank, Bisi Onasanya told Channels TV at the end of the Bankers’ Committee meeting in Abuja that the decision was in line with “popular trends” in other parts of the world.

“Presently when you use the ATM of a bank other than your bank, there is a charge of N100 which is borne by the account holder. We have decided that we will work out the modality and ensure that with immediate effect we would pass on this cost to the respective banks which bear the cost of providing services. No matter where you are withdrawing your money from, you will not be subjected to any charge for using the ATM.”

According to him, the new policy does not cover withdrawals inside the banking hall when the ATMs are off.

“But for transaction on what we call “not on us”, when you are an FBN customer and you use the ATM of a GTB bank, it is free and it will no longer bear any cost.’’

Mr. Onasanya said the free inter-bank ATM regime would become effective immediately, pointing out, however, that the banks would have to agree on the modalities for the implementation of the new decision.

This sounds like good news and would go a long way in reducing long queues at ATMs of banks who tend to have lots of customers.

11 Comments on Bankers’ Committee of CBN Stops N100 Charge for Inter-bank ATM Withdrawals
  • Rhoda November 14, 2012 at 6:11 am

    With the introduction of a cashless society in Lagos, I am pleased that they know to do the right thing after deliberation. At the very least, it shows that there is an awareness that we are all not clueless as it is imperative for today. The news about what the norm is in other parts of the world is already known but doing the right thing is always the challenge! Good one. http://www.thelearningcraft.blogspot.com

  • Osezy November 14, 2012 at 7:33 am

    This is a welcome development… http://osezy.blogspot.com

  • Osezy November 14, 2012 at 7:36 am

    This is a welcome development.. http://osezy.blogspot.com

  • PussyBoy November 14, 2012 at 7:53 am

    When will it be implemented? One man’s meat…….
    I can imagine the effect of this on Interswitch!

  • newgirl November 14, 2012 at 8:15 am

    Switching services are not free, the banks will have to work out how to pay Interswitch for the service rather than passing the cost to the customer

  • Chum chum November 14, 2012 at 9:52 am

    Thanks to CBN banks can charge fire shaaa…

  • Theodora November 14, 2012 at 9:52 am

    Now this is the best news ever………………..saves a whole lot of stress

  • Joanna November 14, 2012 at 10:41 am

    ..and it took them this long to arrive at this! Anyway better now than never. Relieved that my miffed frustrations all these years have at last been telepathically delivered to the ‘Bankers’ committee’! No more lashing out by kicking ATM machines!

  • kayode 2348062126859 November 14, 2012 at 11:17 am

    i think dis is a nice concept from d bank industry…….first of its kind

  • Solo A. November 14, 2012 at 7:52 pm

    Sincerity is taking over at least for the first time in a country where it is believed that nothing goes up that will ever come down as against the law of gravity.

  • Frank December 23, 2012 at 7:02 pm

    This is a hidden removal. When u make withdrawal from another bank ATM check your balance before withdrawal and check again after the withdrawal,you will see that hundred naira will be missing from your account. CBN need to check the banks again to ensure this stops.

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