CBN Cancels N100 Charge On All ATM Transactions

CBN Cancels N100 Charge On All Automated Teller Machine or automatic
teller machine ( ATM ).

The Group Managing Director, First Bank Plc, Mr. Bisi Onasanya, told
newsmen that the charge as well as others associated with the use of
ATMs would be scrapped soon.
He said it was meant to encourage the use of ATMs.
Onasanya said the decision would help to increase the patronage of
ATMs, thus deepening the financial inclusion strategy of the apex
bank.
He said the modalities for the stoppage is being worked out adding
that within the shortesttime possible, the adjustments would be
reflected in all the ATMs.
"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," he explained.
According to him, the new policy does not cover withdrawals inside the
banking hall when the ATMs are off.
"But for transaction on what we call 'not on us,' when you are a First
Bank customer and you use the ATM of a GTB bank,it is free and it will
no longer bear any cost," he added.