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CBN introduces N65 Fee for ATM Withdrawals

BellaNaija.com

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From the 1st of September 2014, bank customers will pay a token for cash withdrawals made on other banks’ Automated Teller Machines (ATM). The Central Bank of Nigeria announced this on Wednesday.

If you recall, customers used to pay N100 if they used other banks’ ATM, but it was cancelled by the CBN and Deposit Money Banks in December 2012.

Now the current fee is N65, that is N35 less than the former fee.

The Central Bank agreed to re-introduce the charges because the cost of transaction was becoming too burdensome for the banks to continue to bear.

Director of Banking and Payment Systems Department of CBN Dipo Fatokun said the first three withdrawals on other banks’ ATM will be free but it would become effective on the fourth withdrawal in a month.

The statement posted on the official website reads:

“The CBN hereby issues the following directives: The re-introduction of ‘Remote-on-us’ ATM cash withdrawal transaction fee, which will now be N65 per transaction, to cover the remuneration of switches, ATM monitoring and fit-notes processing by acquiring banks; the new charge shall apply as from the fourth ‘Remote-on-us’ withdrawal (in a month) by a cardholder, thereby making the first three ‘Remote on us’ transaction free for the cardholder, but to the paid by the issuing bank.

September 1, 2014 shall be the effective date for the implementation of the new charge; banks are expected to conduct adequate sensitisation to the customers on the introduction of the new fee; all ATM cash withdrawals on the ATM of issuing banks shall be at no cost to the cardholder.”

Photo Credit: Dreamstime.com/AJ Cotton

38 Comments

  1. bruno

    August 14, 2014 at 10:21 am

    More ways to exhort money from poor hard working nigerians, nigerian government well done.

    • slice

      August 14, 2014 at 12:10 pm

      To put this in perspective, some american banks charge a total of about $4 or more than 600 naira for the same thg.your bank will charge and the other bank will charge. Each abt $2. If your bank pays when u get money frm another bank’s atm, it makes sense to transfer the cost to you

    • Diipo

      August 14, 2014 at 2:46 pm

      Do you realize that the rationale behind introduction of the cashless policy would be defeated because Nigerian will now want to handle more physical cash to avoid paying the fees and also there will be an increase in armed robbery. Do not forget those “criminals” are also getting more intelligent. You are think about it selfishly (sic) if you can pay what about others? What about those who are minor traders who the cashless policy has encouraged to bank more? Are the banks also going to increase the amount a customer can withdraw at once from N20,000.00 to N50,000.00? They also should compromise.

    • slice

      August 14, 2014 at 3:41 pm

      nah you will still prefer to get it from an ATM. Of course when you introduce a new thing, it’s typical for the company to eat the initial cost so you can try it and want it. Now that people understand how helpful this is, ATMs will still remain popular. Also remember you only get the charge when you use a bank that’s not yours so another way to avoid cost is to use your own bank for withdrawals.

  2. Duchess

    August 14, 2014 at 10:32 am

    And we thought SLS was bad…. smh!

  3. Omas

    August 14, 2014 at 10:44 am

    una don start again.

  4. RO2

    August 14, 2014 at 10:47 am

    ah aaah!!!!! CBN to charge for cash withdrawer (mouth wide opened) Where is cashless economy they try to promote. this is not fair on Nigerians and not cool at all the. I am waiting for a day “Links” would say cash withdrawer on all ATM attracts charges aside private ATM installed in Shops..

  5. Tosin

    August 14, 2014 at 11:03 am

    How much is it to NOT use the ATM, like, to go over the counter, so I can compare. Thanks.
    Dumb policy, since they were trying to encourage us to use the machines not the banking hall. Anyway.

  6. Emem

    August 14, 2014 at 11:13 am

    You bring am, then you commot am then you bring am back again!!! Make up ya minds jo!!!

  7. peace

    August 14, 2014 at 11:28 am

    What is the difference BTW 100 and 65 Naira

  8. amaa

    August 14, 2014 at 11:33 am

    This is the reason why we are not taken seriously. What this has done is make our banking hall full again, make people only withdraw from only their own bank ATM. This is utterly ridiculous and we thought SLS was bad he fought for the common man this Emiefiele being once a banker I guess his interests is in putting money into the banks and not protecting us.

  9. KM

    August 14, 2014 at 11:59 am

    Stupid CBN! Stupid Policy! I was told from the reliable source that banks are the still gaining a lot of money after they stopped the #100 deduction and I think the profit is not yet sastified them….Loot at this Maths #65×1000000(1M ppl)= N65M Instantly…The Lord would sent his wrath upon you CBN.Amen.

  10. Aduks

    August 14, 2014 at 12:07 pm

    Really fa Duchess…
    The good thing is ‘the money gets debited after the fourth withdrawal (well, good for those who use the ATM once a blue moon).

  11. Gafar Olamilekan Alamu

    August 14, 2014 at 12:09 pm

    This is unfair, because presently, if someone want to withdrawn money from the ATM, it’s 20,000 per withdrawal, which will be 65 naira per withdraw, if someone want to withdraw 100k, that means the 65 naira will be multiplied by 5.

    there is GOD oooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooo

  12. @edDREAMZ

    August 14, 2014 at 12:28 pm

    a.k.a EDWIN CHINEDU AZUBUKO said…
    .
    Seriously this goverment no dey pity somebody at all.. Currently ATM and i doesnt have any business and the reason is bcos ebola is alive and kicking……
    .
    .
    ***CURRENTLY IN JUPITER***

  13. SASSY

    August 14, 2014 at 12:29 pm

    No need to shout too much. The best thing to do is put your money where your mouth is and stop using the atm cards. Na them go suffer; We Nigerians need to start fighting smart

  14. bamidele akinola

    August 14, 2014 at 12:30 pm

    nigerians if you remeber when one newspaper wrote that it is the plan of bank diretors and so call our corrupt leader that is why sanusi was sack from office. GOD DEY OOO WE SHALL OVERCOME ONE DAY FROM OUR CORRUPT LEDERS THAT WHERE RULLING US AMEN

  15. Ofuremhere of Esanland

    August 14, 2014 at 12:58 pm

    Where will this lead us to, on-and-off policies. To God be the glory the common man will survive

  16. EAGLESANYA

    August 14, 2014 at 1:18 pm

    Dats their business

  17. Uc

    August 14, 2014 at 1:20 pm

    Haba CBN…..Na una stop am b4 na y reintroduce it Kai sad

  18. ade

    August 14, 2014 at 1:43 pm

    Goshhhh Y??? IMMEDIATELY THEY STOPPED THE WITHDRAWAL FEE, ALL THE BANKS RAISED THEIR FEES FOR OTHER TRANSACTIONS, I BANK WITH GTB AND THE CHARGES ARE CRAZY RIGHT NOW, COMPARED TO BEFORE, ONLINE TRANSFERS COST MORE, COT IS MORE, COMMISSIONS ARE MORE, EVERYTHING MUST HAVE VAT! I BANKED WITH LLOYD S TSB IN THE UK AND I WAS NOT CHARGED FOR TRANSFERS AND ALL WHAT NOT. THE BANKS CHURN OUT BILLIONS IN PROFIT EVERY QUARTER! SO DISAPPOINTING

  19. Priscy

    August 14, 2014 at 2:10 pm

    This ppl are just confused. Why remove it in the first place and bring it back. If they are trying to encourage cashless banking, how does this help?
    These banks are making profit in millions daily but it’s just not enough for them. N65 for some may be nothing…but for others it can buy gala with change sef

  20. That Igbo Girl

    August 14, 2014 at 2:26 pm

    One more thing that’s annoying about Nigeria’s banking system

  21. Babytohcute

    August 14, 2014 at 2:38 pm

    Na to withdrawal over counter and keep asusu. At least asusu doesn’t charge especially when the online banking or etransaction na wahala for the country. #65, okay oh.

  22. MsBlossom

    August 14, 2014 at 2:41 pm

    The banks must always make profit , that’s what they are here for. What’s the interest rate on fixed-deposit, savings & current account. They give to you and find ways to take it back, just like MTN… My people no free lunch in this life o!

  23. Diipo

    August 14, 2014 at 2:47 pm

    Do you realize that the rationale behind introduction of the cashless policy would be defeated because Nigerian will now want to handle more physical cash to avoid paying the fees and also there will be an increase in armed robbery. Do not forget those “criminals” are also getting more intelligent. You are think about it selfishly (sic) if you can pay what about others? What about those who are minor traders who the cashless policy has encouraged to bank more? Are the banks also going to increase the amount a customer can withdraw at once from N20,000.00 to N50,000.00? They also should compromise.

  24. sum1special

    August 14, 2014 at 2:56 pm

    Diarris God oh……Cant we be consistent with our policies?

  25. Jhennique

    August 14, 2014 at 3:48 pm

    OH JESUS!!!!!! NIGERIA!!!! WHY WONT WE MOVE FORWARD???? WHY?????? ARE YE CURSED????? WHAT IS ALL THESE POLICIES????

    • nene

      August 14, 2014 at 5:19 pm

      i dunno for this country

  26. india

    August 14, 2014 at 4:37 pm

    what’s wrong with you people. You only pay the fee if you withdraw from ANOTHER bank’s ATM other than yours. Just withdraw money from your bank’s ATMs. problem solved.

  27. india

    August 14, 2014 at 4:39 pm

    all ATM cash withdrawals on the ATM of issuing banks shall be at no cost to the cardholder.”

    READ please before you start complaining!

    • amaa

      August 14, 2014 at 10:49 pm

      So you have to look for a GTBank or First bank ATM to avoid the charges abi so if you go to city that does not have the your bank or their is no money in the machine you will wait abii

    • india

      August 17, 2014 at 10:33 am

      Yes. It’s called planning ahead. Everyone else in the developed world does it. Welcome to the 21st century.

  28. Grace

    August 14, 2014 at 5:00 pm

    people need to learn how to read.

  29. israelfad

    August 14, 2014 at 7:27 pm

    With this policy are we goin forward or back…? Thought this same cbn brought d idea of cashless policy, think this new gov don’t buy dat idea, mayb dey enjoy having croud in d banking hall, anyway dey should tink it through cos it gonna affect only d poor masses and the cashless policy.

  30. Jimiko

    August 14, 2014 at 7:33 pm

    They read all well…they are complaining because NOT all banks have comfortable branch spread ok. Stop claiming to be SO wise in here…some places you have to travel with N400 transport fare to get to the closest bank/ATM location not necessarily your bank like during NYSC, some Schools location, etc in remote or less developed areas. Hisssssss

    • india

      August 14, 2014 at 11:58 pm

      Well then plan accordingly or pay the fee. Every other developed country has this same policy. If you want the perk, you have to pay the price. Or you stick with your cash. The choices abound!

  31. [email protected]

    August 15, 2014 at 12:21 am

    PLEASEEEEEE BELLANAIJA BE CLEAR WITH YOUR STORY!!!!!!!!!!STOP CONFUSING PEOPLE.! CLEARLY STATE IF ITS WITHDRAWAL FROM UR OWN BANK OR OTHER BANKS PLSSSSSSSSSSSSSSSSSSSSSS!!!HMMMMM

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