New ATM Fees Spark Outrage Among Nigerian Bank Customers Amid Economic Struggles
New ATM fees in Nigeria have sparked widespread complaints from customers as many believe the policies imposed by the CBN do not consider their financial struggles. Reports suggest that the fees are discouraging individuals from utilizing banks, with many customers now finding withdrawals from PoS agents to be cheaper than using ATMs. Customers are urging banks to reduce these charges and reconsider how they implement such policies amidst rising operational costs.
The Central Bank of Nigeria (CBN) has instituted new Automated Teller Machine (ATM) transaction fees effective from March 1, following a directive that has led to customer discontent across various banks. Observers in Abuja reported a wave of complaints from bank clients, particularly small business owners, about the financial burden imposed by these fees. Luke Abudu, a customer withdrawing N20,000, mentioned that the N100 fee was excessive for individuals like him who struggle with daily expenses.
Another customer, Victoria Adejo, pointed out that withdrawing money from Point of Sale (PoS) agents is cheaper than using ATMs now. She highlighted the disconnection between government policy and the reality faced by citizens, criticizing the CBN’s justification for the fees citing rising costs without fully considering the impact on consumers. Nurudeen Ehimotor, another patron at Guaranty Trust Bank, expressed frustration with frequent charges and poor online banking services, urging banks to reconsider their pricing strategies.
The CBN’s circular regarding the fee raise states that the ‘On-Us’ withdrawals from one’s bank will not incur charges, while ‘Not-on-Us’ withdrawals at other banks’ ATMs will be subjected to fees of N100 for each N20,000. For off-site ATM transactions, a baseline charge of N100 plus a potential surcharge of up to N500 will apply. Banks, including GTB and Access Bank, have communicated these changes to their customers via emails, with GTB announcing the removal of previously free monthly withdrawals.
Furthermore, Access Bank has noted that their cards now function seamlessly across all ATMs and PoS machines, facilitating easier transactions. The overall sentiment among customers reflects a disconnect between banking policies and the struggles of everyday Nigerians, revealing an urgent need for more considerate financial regulations. \
In conclusion, the implementation of new ATM fees by the CBN has sparked significant dissatisfaction among Nigerian bank customers, particularly small business owners. Many feel that these policies overlook the economic realities faced by ordinary citizens, further exacerbating their financial challenges. The feedback from customers emphasizes the importance of government and banking institutions considering the populace’s plight when formulating policies. There is a clear call for a reevaluation of these fees to ensure they do not disproportionately impact the vulnerable members of society.
Original Source: gazettengr.com
