Banks, Service Providers Parley on Removal of ATM Charges

The Association of Corporate Affairs Managers of Banks (Acamb) has said that the implementation of the Bankers Committee’s resolution to scrap the N100 charge on the usage of ATM of banks in which users’ account are not domiciled will soon take full effect.

They also urged banks’ customers to be patient for a short while to allow banks to work out the modalities with third party service providers.

Tunde Shofowora, president of the association promised that “the rough edges will be smoothened in a few days” and that “all customers will soon begin to enjoy this new freedom of using any ATM without charge”, urging all parties to speed up the process.

The agreement (not a directive), to abolish the charge was reached at the bankers’ committee  meeting made up of chief executive officers of deposit money banks, directors and top officials of the Central bank of Nigeria (CBN) on the November 13.

Acamb pointed out that the modalities will soon be finalised for the very few that are yet to implement the resolution of the committee.

The resolution is one of the series of ways that banks are giving value to customers nationwide and also one of the ways of promoting neighbourhood banking.

The body of corporate communications professionals said that Nigerian banks have acquired sufficient capacity in the areas of infrastructure and manpower to run a seamless cashless economy. It assured bank customers and other related parties to avail themselves of the friendly environment Nigerian banks have provided to promote businesses and personal banking experience.

 “Banks are making it as easy as possible for customers to transact their businesses from any location. Providing transaction convenience to customers is strategic to moving the economy forward. The ability to cash money from the nearest ATM could mean a big difference in the business of a bank customer.”

"Banks operating in Nigeria have invested billions of Naira to acquire hundreds of thousands of PoS and allied facilities and technology to service customers better in the new cashless economy era".

The new cashless policy is expected to promote ease in payment transactions, eliminate risks associated with carrying cash and reduce high cost of cash processing borne by all entities across the value chain.

The association urged merchants, traders, supermarket operators, and filling station owners to hurry to their banks and collect Point of Sale (PoS) Terminals to facilitate e-payments nationwide.