Breaking News: CBN reintroduces ATM fee, Now 65 Naira. The Central Bank of Nigeria (CBN) has reintroduced Automated Teller Machine (ATM) fee it scrapped in December, 2013. The apex bank said from September 1, customers will commence payment of N65 as against the N100 fee charged previously. CBN Director, Banking & Payments System Department, ‘Dipo Fatokun, who made this known in a circular, the re-introduction of Remote-on-us ATM cash withdrawal fee of N65per transaction, is to cover the remuneration of the switches, ATM monitors and fit-notes processing by acquiring banks. He explained that the new charge shall apply as from the fourth transaction in another bank’s ATM. “The fee shall apply in ‘’Remote-on-us’ ’ withdrawal (in a month) by a card holder, thereby making the first three (3) ‘remote-on-us transactions free for the card holder, but to be paid for by the issuing bank. September 1, 2014 shall be the effective date for the implementation of the new fee,” he said. However, all ATM cash withdrawals on the machine of issuing banks shall be at no cost to the card holder. He advised banks to conduct adequate sensitisation to their customers, on the introduction of the new fee.
Posted on: Thu, 14 Aug 2014 10:49:47 +0000
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