Investigations carried out between Tuesday the 13th and Sunday the 18th November, have shown that some banks in Nigeria are yet to implement the new Central Bank of Nigeria (CBN) directive that scrapped the N100 ATM fees which banks usually charge bank card holders for withdrawals at ATM machines operated by financial institutions where their accounts are not domicile.
The CBN issued the directive on Tuesday, November 13, 2012, after a meeting in Abuja between the apex bank and the Bankers Committee, directing its implementation with immediate effect, according to First Bank’s Managing Director, Mr. Bisi Onasanya, who briefed journalists.
“When you use the ATM of a bank other than your bank, there is a charge of N100 which is borne by the account holder. We have decided that we will work out the modality and ensure that with IMMEDIATE EFFECT we would pass on this cost to the respective banks, which bear the cost of providing services. No matter where you are withdrawing your money from, you will not be subjected to any charge for using the ATM,” Bisi Onasanya told business journalists.
Top on the list of defaulted banks are Access Bank Plc, Fidelity Bank Plc, Sterling Bank, and First City Monument Bank (FCMB) amongst others. As at Sunday night their ATMs were still charging the now illegal fee.
Other banks that have thus far implemented the directive are Keystone Bank Limited, United Bank For Africa (UBA), Diamond Bank Plc, Stanbic IBTC Plc, EcoBank Plc, Standard Chartered Bank Limited, and Skye Bank Plc.
Several disappointed card users have expressed frustrations with the banks’ failure to implement the new law.
Analysts estimate that local banks have raked in millions of naira from customers, courtesy of the fee.
Source: The Will
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