New ATM Fees: Tinubu’s Policies Worsen Hardship for Nigerians, Say Customers

Nigerian banks have started charging new ATM fees as mandated by the Central Bank of Nigeria (CBN), leading to widespread dissatisfaction among customers. Many, including small business owners, argue that these charges disproportionately impact the financially vulnerable. While the CBN claims the fees aim to improve service efficiency, customers feel overlooked by such policies.

Banking institutions in Nigeria have begun enforcing new Automated Teller Machine (ATM) transaction fees for customers, following orders from the Central Bank of Nigeria (CBN). Observations in Abuja revealed that numerous customers voiced their frustration regarding the increased charges. Luke Abudu, a small business owner, expressed concern over how the policy would burden those struggling financially, mentioning that a withdrawal of N20,000 now incurs a fee of N100, which he deemed excessive for someone in his position.

Another dissatisfied customer, Victoria Adejo, noted that withdrawing cash via a Point of Sale (PoS) agent has become cheaper than using an ATM. She criticized the government’s lack of empathy in policy formulation, pointing out that while the CBN claimed the fee hike was to address rising operational costs, banks still impose service charges despite significant profits. This sentiment was echoed by Nurudeen Ehimotor, who remarked that the banks seem focused on increasing ATM usage to bolster their earnings further.

Effective from March 1, a circular issued on February 10 by the CBN mandated banks to implement these charges. For ATM withdrawals, customers will face a fee of N100 for transactions involving their own bank’s ATMs, and a combined charge of N600 for withdrawals made at other banks. The CBN indicated that this fee structure aims to enhance operational efficiency in the banking sector, yet customers remain displeased.

Additionally, several banks have communicated this fee increase to their customers via email. Guaranty Trust Bank (GTB) announced that customers will no longer be permitted to enjoy free monthly withdrawals, further complicating the financial experiences of customers. Access Bank assured clients that their cards would facilitate seamless transactions across ATMs and PoS systems, promoting ease of payments despite the newly imposed charges.

The recent implementation of new ATM fees in Nigeria is drawing significant criticism from bank customers who argue that these charges represent a further burden amid existing economic challenges. While the Central Bank of Nigeria defends the policy as a response to financial pressures and a move to enhance service efficiency, many customers feel that the decision lacks consideration for the realities they face. As such, this issue continues to spark conversations about the fairness of banking practices in the country.

Original Source: gazettengr.com