Tinubu’s policies worsening Nigerians’ hardship, bank customers say

Banks have commenced implementation of the new Automated Teller Machine (ATM) transaction fee charge on customers following the Central Bank of Nigeria (CBN’s) directive. The correspondent who monitored some banks’ ATM gallery in Abuja and its environs on Sunday reported that some customers were lamenting the increase. Luke Abudu, a customer seen at the First Bank along Nyanya-Jikwoyi road, said the implementation would only affect the poor masses struggling to make a living. Mr Abudu said the move would discourage customers from lodging money in banks. ”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,” he said.
Another customer, Victoria Adejo, seen at Zenith Bank, Mararaba branch, said withdrawal from a Point of Sale (PoS) agent was now cheaper than an ATM. ”It is unfortunate that our government formulate policies without feeling the pulse of the people. I read that the CBN said the decision is in response to rising costs and to improve the efficiency of ATM services, but banks still bill us for service charges. They (banks) declare profit in billions and trillions from our monies, and the CBN does not consider that. This is not good enough at all,” she said. Nurudeen Ehimotor, a customer at Guaranty Trust Bank (GTB), Asokoro, said he was at the bank to use the ATM due to the bank’s poor online network. ”I think they (the banks) are trying to make people use ATM now for them to make more money,” he said. Mr Ehimotor appealed to banks to reduce incessant charges on customers’ accounts.
On February 10, the CBN released a circular to all banks and other financial institutions to apply the fees, effective March 1. CBN, in the circular titled “Review of ATM transaction fees”, said the move was in response to rising costs and the need to improve efficiency of ATM services in the banking industry. On-Us (customers withdrawing at the ATM of their financial institution) in Nigeria at no charge. ”Not-on-Us ( withdrawal from another institution’s ATM) in Nigeria; On-site-ATMs: A charge of N100 per N20,000 withdrawal. Off-site ATMs: A charge of N100 plus a surcharge of not more than N500 per N20,000 withdrawal. The income, which is an income of the ATM acquirer/deployer, shall be disclosed at point of withdrawal to the consumer,” it said.
Meanwhile, banks had informed their customers through various electronic mails (e-mails) of the increase. GTB told its customers that in addition to the ATM transaction fee, they would no longer be allowed to make free monthly withdrawals. ”Please note that the three free monthly withdrawals at other banks’ ATMs (for GTBank customers) and GTBank ATMs ( for other bank customers) will no longer apply,” the bank said. Also, Access Bank, in their official X handle, told customers that ”All Access cards now work seamlessly across all ATMs and PoS machines, so you can make payments without hassle”. (NAN)