N65 ATM charge begins Monday

Banks operating in the country will Monday commence the N65 charge on ‘remote-on-us’ automated teller machines’ (ATMs) transactions which operators and some analysts have said would create competition among banks and lead to improvement of services to customers.

The Central Bank of Nigeria (CBN) had cancelled N100 on any ‘remote-on-us’ withdrawal in

2012, citing the need to encourage people to use the ATM of other banks.

However, the recent announcement of the reintroduction of the charge sparked criticism from some quarters, but the apex bank and the Bankers’ Committee stated that the decision is in the economic interest of the country, as the removal of the charges had a negative effect on the cashless policy. Details later….