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CBN Approves N100 Charge per ATM Transaction

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CBN Approves N100 Charge per ATM Transaction

Nov 8, 2011 – CBN Approves N100 Charge per ATM Transaction

The Central Bank of Nigeria, CBN, has rolled out new guidelines for the deployment of offsite Automated Teller Machines, ATMs, by banks and Independent ATM Deployers, IAD, giving banks and other ATM deployers the authority to charge customers a maximum of N100 per transaction on their ATMs.

Gaius Emokpae, who is in charge of the Banking and Payments System Department at the CBN, announced this in a circular to all banks, IADs, Cash-in-Transit companies and Switches, the guidelines is in line with its cashless policy objectives and in view of the critical role ATM deployment and availability play in ensuring the success of the policy.

He said the transaction fees will remain at a maximum of N100 per transaction for all ATMs. According to the new guidelines, banks and IADs will be allowed to acquire and deploy off-site ATMs and also be free to brand the offsite ATMs they acquire, and process their transactions accordingly.

“All ATMs (off-site and on-site) shall have a minimum up time of 95 per cent going forward. For the avoidance of doubt, ATM up time refers to ATM availability from the customers’ perspective including but not limited to network availability, and availability of cash.

“This shall be monitored routinely, with strict sanctions applied in the case of non-compliance. All ATMs shall have cameras and other security measures deployed to deter and prevent fraud. All ATMs shall accept at the minimum the following cards: Visa, MasterCard and Verve.

“All ATMs shall present the same set of services (Menu Options) to all the cards they accept. There shall be no discrimination of card with regard to service offering allowed on any ATM deployed.

“The provisions of this circular shall take precedence, in the event of any conflict between it and previous guidelines regarding ATM operations/ deployment.” he said.(daily times)

7 Comments

7 Comments

  1. Kenny

    November 8, 2011 at 2:31 PM

    It is awful to hearing,govt are not helping us d mass.nigerians are poor,they want to charge us for any transaction wahoa….

  2. Terry King

    November 8, 2011 at 4:02 PM

    It is painful and not helpful to the society.
    Specially for the poor student within the nation.

  3. Maiyashi Samaila

    November 8, 2011 at 4:21 PM

    Haba Sunusi why approve policies that will exploit the common man? are you justifying the award you receive as the best CBN governor? charging money for withdrawal on ATM is not fair.

  4. David

    November 8, 2011 at 4:50 PM

    I just pray all making the mass people suffer for no reason but their selfish interest die like a Christmas chicken

  5. bomber

    November 8, 2011 at 6:24 PM

    9ja nawao

  6. gynee

    November 9, 2011 at 10:48 AM

    Is Sanusi making sense at all? Why discourage Nigerians from withdrawing from their account n even from saving? With ds, pple ll stop keeping their money with d banking institution hence robbery ll be rampant. Sanusi, if u aint thinking straight it’s, cut off ur head or better still think like an average Nigerian b4 implementing any banking policies cos we are talking about pple’s sweat here.

  7. Igba jija

    November 9, 2011 at 1:42 PM

    The banks should not transfer their agresion to us the poor masses,We should not be made to pay for banks failure.This situation shows the heartlessness of our leadership at all levels.NIGERIANS SAY NO TO THIS WICKEDNESS

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