Users of Automated Teller Machines will no longerpay N100 on withdrawals whenever they use banks other than theirs, the Central Bank of Nigeria said on Tuesday.

The decision was taken at the end of a meeting inAbuja between the CBN and the Bankers Committee.

Managing directors of some banks also attended the meeting.

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 shortest time 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 an FBN customer and you use the ATM of a GTB bank, it is free and it will no longer bear any cost,” he added.



http://www.punchng.com/business/banks-to-stop-n100-atm-charge/

Good riddance to a rubbish banking charge !!!

Thats a welcome development.. The 100 naira charge can be a pain in the azz sumtimes..cus it destroy my bank figures

Wondering how soon the "soon" would be.

ope oooo

luvinhubby: Good riddance to a rubbish banking charge !!!

can U̶̲̥̅̊ nigerians ever appreciate anything gud? Gush!

he sed soon. by then we for all don grow pink bia bia.
That FBN is the most useless bank in Nigeria. Ther is no day their atm at ENITAN, AGUDA WORKS. Infact everywhere.. they would be happy cos e no concern them

adonisyung: can U̶̲̥̅̊ nigerians ever appreciate anything gud? Gush!

plx wats there to appreciate with bank charges of 100 when using atm?

Welcome development but how soon?

Hope it will take effect before next year

Great news. Kudos to CBN.

Nice development. This charge can make you walk a long distance (in order to get to your bank) when you don't have N100 to give a bank when withdrawing.

Even tho' we arent there yet. Our banking sector has bn doing fairly well.
This is a good development if it works.
It will definitely encourage banks to deplore more ATMs

Good one..
But let the soon be very soon o...
I use other banks ATM a lot and the N100 dey always pepper me for body...
I await the "soon"...

Diamond Bank do not charge d N100....since september.

It's a welcome development....These banks have used this medium to make unnecessary profit and still charge for monthly ATM maintenance.More monetary policies should be made in the banking sector.WELDONE Sanusi and pls,#1000 note should not be implemented.

adonisyung: can U̶̲̥̅̊ nigerians ever appreciate anything gud? Gush!

can u ever undastand a simple written sentence??read with ur cerebrum nt ur spinal cord...
#ITK

iOmoge: Diamond Bank do not charge d N100....since september.

True Talk

iOmoge: Diamond Bank do not charge d N100....since september.

And they do not charge Card maintainance fee too :d

Goodnews...

billante: Users of Automated Teller Machines will no longerpay N100 on withdrawals whenever they use banks other than theirs, the Central Bank of Nigeria said on Tuesday.

The decision was taken at the end of a meeting inAbuja between the CBN and the Bankers Committee.

Managing directors of some banks also attended the meeting.

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 shortest time 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 an FBN customer and you use the ATM of a GTB bank, it is free and it will no longer bear any cost,” he added.



http://www.punchng.com/business/banks-to-stop-n100-atm-charge/

‎​I̶̲̥̅̊ love that! ΨђåƮ about the §☺̴̩̩̥̩̩̩ called SMS charges?

Hmmnn

jodam: Some ATM machines are gonna stop working very soon.
That N100 charge is the main reason some of these ATM machines have been working.
Naija banking sector? There must be conditions attached

Exactly bro.
My thoughts too. Why bother about 'maintaining' the ATM, since we now have a plethora of 'alternatives'.. As if to say, "you can go anywhere..I don't mind".
*Thinking from the bank's perspective*.
Its a good one though. I appreciate the motive.
Blessings.

ok......waiting mode activated

are u sure abt †ЂΞ info on diamond bank? i've bn gettin loads of custormer friendly news from ∂α† bank, i may av τ̅o change bank very soon.

Believe me most of those bank ATM will not be available again because they will prefer that #100 on the counter than loading the ATM where no fees wil not be charge even when someone from another bank use it.

at least d 100naira go go along way ... Even if na 3cups of garri...at al at all na winch

hummm when dis is fully implemented, am very sure dat 85% of wema atm's will stop working

jodam: Some ATM machines are gonna stop working very soon.
That N100 charge is the main reason some of these ATM machines have been working.
Naija banking sector? There must be conditions attached

i dnt think so...

I dont think its a good idea. Banks will stop loading their ATMs that are not within their periphery and they will stop building more ATM stands because they actually gain nothing from such investments. What I expected them to do was to reduce the levy to 20 Naira and encourage private business men to erect ATM stands and apply to Banks to use it for a fee so we can have more ATM machines everywhere.

danduchi: It's a welcome development....These banks have used this medium to make (b)unnecessary profit(/b) and still charge for monthly ATM maintenance.More monetary policies should be made in the banking sector.WELDONE Sanusi and pls,#1000 note should not be implemented.

Unnecessary profits? Really? More like unnecessary charges, but actual profits. Not the inflated end of the year types.