Nigerians Express Concern Over New ATM Fees Amid Economic Hardship

Banks in Nigeria have begun enforcing new ATM fees as mandated by the Central Bank of Nigeria, causing dissatisfaction among customers who feel burdened by these additional charges. Many argue the fees disproportionately affect low-income citizens and indicate a lack of responsiveness from the government towards the financial realities of Nigerians. Customers express frustration over the cancelation of free withdrawal options and the rising costs of accessing their funds.

The new Automated Teller Machine (ATM) fees have been implemented by banks in compliance with a directive from the Central Bank of Nigeria (CBN). Customers in Abuja have expressed their dissatisfaction, emphasizing that these fees disproportionately affect low-income individuals. Some customers report being charged N100 for withdraws of N20,000, which they feel is excessive given their financial struggles.

Customer opinions reflect a growing concern regarding the financial burden of these fees. Victoria Adejo from Zenith Bank noted that using a Point of Sale (PoS) was cheaper than withdrawing from an ATM. She criticized the government’s disconnect with the populace and pointed out that banks continue to profit substantially from their services while imposing additional charges on customers.

Further voices of discontent were raised by Nurudeen Ehimotor, a GTB customer, who remarked that the persistent fees on ATM transactions seem aimed at maximizing bank profits rather than enhancing customer convenience. Ehimotor called for banks to reconsider their charges in light of the current economic climate.

The CBN’s February 10 announcement, which took effect on March 1, outlined the new ATM transaction fees for withdrawals at both on-site and off-site ATMs. Charges include N100 per N20,000 withdrawal for on-site ATMs, while off-site ATMs incur an additional surcharge, reflecting the financial pressures banks claim necessitate these fees.

In communications to customers, banks have clarified that free withdrawal options have been cancelled. For example, GTB customers will no longer have their free monthly withdrawals honored at other banks’ ATMs. Additionally, Access Bank assured customers that their cards would function seamlessly for payments across all ATMs and PoS machines, despite the recent fee increases.

The implementation of new ATM transaction fees in Nigeria has drawn significant criticism from customers, who argue the increases are not considerate of their financial challenges. With banks maintaining substantial profits while imposing such fees, many are questioning the rationale behind these charges. The Central Bank’s directive reflects an effort to optimize ATM efficiency, but the impact on ordinary Nigerians is being keenly felt, prompting demands for reconsideration of these policies.

Original Source: gazettengr.com