Cbn new directives on atm charges
The Central Bank of Nigeria (CBN) has issued new directives on ATM charges in Nigeria. Here are the key points:
Effective Date: The new directives took effect from January 1, 2022.
Key Changes:
- Maximum ATM Charge: The CBN has capped the maximum ATM charge at N35 (Thirty-Five Naira) per transaction. This means that banks can no longer charge more than N35 for each ATM withdrawal.
- Daily Withdrawal Limit: The CBN has also introduced a daily withdrawal limit of N100,000 (One Hundred Thousand Naira) per customer. This means that customers can withdraw up to N100,000 per day from an ATM.
- No Charge for Inter-Bank Transactions: The CBN has abolished charges for inter-bank ATM transactions. This means that customers will no longer be charged for using an ATM belonging to another bank.
- No Charge for Withdrawals from Own Bank's ATM: The CBN has also abolished charges for withdrawals from one's own bank's ATM. This means that customers will no longer be charged for using an ATM belonging to their own bank.
- No Charge for Balance Inquiry: The CBN has also abolished charges for balance inquiry at ATMs.
Penalties for Non-Compliance:
The CBN has warned that banks that fail to comply with these new directives will face penalties, including:
- Fines: Banks that fail to comply with the new directives will be fined N5 million (Five Million Naira) per day.
- Suspension of Operations: The CBN may suspend the operations of banks that fail to comply with the new directives.
Conclusion:
The new directives on ATM charges by the CBN are aimed at promoting financial inclusion, reducing the cost of banking services, and increasing transparency in the banking sector. The new directives are expected to benefit customers by reducing the cost of ATM transactions and increasing the availability of ATMs for withdrawals.