The Central Bank of Nigeria (CBN) yesterday directed deposit money banks in the country to re-introduce a charge of N65 per transaction on remote-on-us Automated Teller Machines (ATMs) cash withdrawals.
The policy takes effect from September 1, 2014.

Remote-on-us are transactions done by a card holder on another bank’s ATM. The central bank stated this in a circular addressed to all banks, dated August 13, 2014.

A circular of the document titled: “Circular on the Introduction of Fees on Remote-on-Us ATM Withdrawal Transactions,” signed by the Director, Banking and Payment System Department, CBN, Mr. Dipo Fatokun, was posted on the regulator’s website yesterday.

The CBN in collaboration with the Bankers’ Committee had in December 2012 transferred the payment of N100 remote-on-us ATM cash withdrawal transactions to issuing banks. This fee used to be shared between the acquirers, issuers and switches.

However, on the commencement of the arrangement in December 2012, banks (issuers) decided to waive the issuer fee (N35), which should have ordinarily been an income to them. Consequently, banks only bore the cost of N65 each time their customers use another banks’ ATM.

However, the central bank explained that it took the latest decision as a result of the unintended consequences on banks. This, it said had resulted in substantial cost burden incurred by banks in defraying the cost for the service.

According to the CBN, the re-introduction of the fee was to cover the remuneration of the switches, ATM monitoring and fit-notes processing by acquiring banks.

“The new charge shall apply as from the fourth remote-on-us withdrawal (in a month) by a card holder, thereby making the first three remote-on-us transactions free for card holders, but to be paid for by the issuing bank.

“September 1, 2014 shall be the effective date for the implementation of the new fee,” it added. To this end, it urged banks to conduct adequate sensitisation of their customers on the policy.

“All ATM cash withdrawals on the ATM of issuing banks shall be at no cost to the cardholder,” it explained.

Meanwhile, in a separate circular on the review of the operation of the NIBSS Instant Payment (NIP) system and other electronic payment Options with similar features, the CBN expressed its preparedness to further strengthen the risk aversion measures put in place for the operations of the NIP system and other electronic payment options.

“The CBN has directed the categorisations of online transfer from low security to highly secured transfer with specified limits. Banks are expected to achieve “Highly Secured Online Funds Transfer” status within six months, that’s, with a deadline of December 2014.

“Limits of N1 million (instant value) and N10 million (next day value) shall be applied for NIP and other electronic payment options with similar features, initiated by individuals with effect from 18th August, 2015,” it stated.


Source : http://www.thisdaylive.com/articles/cbn-reintroduces-charges-on-cash-withdrawals-on-other-banks-atms/186280/

this is a coup. Nigeria taking a step forward and four steps backward since 1914

CBN should consider small currency denomination too!

Our banks may pay for our ATM services but they steal much more secretly or openly. Every month FirstBank charges me about 160naira for SMS charges and some other things I don't even understand yet I don't get any messages at all from them.

My folks who use more services at the bank complain about secret minor deductions regularly etc. yet this man wants us to start paying for our atm services. These banks are clearly getting more gain from us than this 65 naira we're about to start paying them. So if I wan withdraw 1k from another bank I go pay 65naira??

Oh Sanusi where art thou?? Come and save your people

this is another demonstration of Acute Insensitive Syndrome by CBN.

* why #65 monthly charge
* this is a backward step towards the cashless whatever
* why not introduce various denomination in Atm
* etc

Emefiele u are getting it wrong







#bringbacksanusi

why again?

And I follow jubilate when sanusi was removed

God please forgive me

Click like if you disagree

So how will this encourage the hypped cashless policy thing?








Somone somewhere just shot himself on the leg.






I just dey look

Real bad news...not bad after all, charge is taken on the fourth withdrawal on non issuing bank ATM

backward trend syndrome

Iranu

Ok, I don hear. If I go fit withdraw #50 nd #100 for ATM no wahala!

i dont use ATM anymore. so none of my business

na wa oh...

Hmmmmmmm ds guy and atm policy

This is very bad news...now we will know the real val of SLS.

this is one hell of an issue, this brings more problems for customers than solutions.

From a classified sourse The new CBN governor is a PDP member and he has been tasked on raising fund for GEJ campain. The original charge that goes to the banks is N50, while him and PDP will share N15.


(In the voice of David Mark)If you are in support of the motion that the remote-on-us ATM charges remains zero say "Aye" against say "Nay".

The "Ayes" have it.

*solid brown banana*

seunlayi: this is another demonstration of Acute Insensitive Syndrome by CBN.

* why #65 monthly charge
* this is a backward step towards the cashless whatever
* why not introduce various denomination in Atm
* etc

I think uu got the message wrong ,it is 65 naira per atm withdrawal after 4 free withdrawals on another bank atm.

Some fools said sanusi was bad.

i hope this wont be "the straw that broke the camel's back"

This new policy will bring inconvinience. One who doesn't want the charges can't use the atm machine of other bank close to them.

I think I'll switch back to saving my money in my piggy banks (made from gongoni, clay or wood) where there will be no charges on withdrawals

Sanusi always meant well for the sector, it was definitely evident from the onset. The usual game of politics of religion has always overrun common sense in Nigeria. Emeifele has returned to make more money for Zenith bank.

Tief people

The unseen and hidden withdrawals by banks wld be on the increase now ! Don't be fooled as per '4th' use gimmick ! Majority of the banks wld charge u right from d second usage and trust me , a large percentage of customers who dont have d tym to go complain OVER JUST #65 wld make dese banks mega ! This aint a nice move at all !

Dts what we r saying.... Operation bring back what was abolished.

When do we stop all ds thrash,meanwhile na midnight I go always go dey withdraw cos GT Bank n First Bank for Okene na WAR ZONE during d day

what was this emelife abi he's name..what was he thinking?



#65 charges?? choi!


we need to protest against this...this is pure bully nd oppression in broad day light....