The Central Bank of Nigeria, continuing in its reforms and positioning the Nigerian Banking Industry to match its global competitors, has put an end to inter-bank charges of N100 when customers use ATM machine other than their Banks’. This comes weeks after Diamond Bank
stopped charging its consumers for using ATMs provided by other Banks.
Speaking after a decision by the CBN—hosted Banker’s committee meeting, the MD of First Bank Bisi Onosanya said, “We have decided at the bankers’ committee to stop forthwith charges for usage of ATMs. Presently, when you use the ATM of a bank other than your bank, there is a charge of a N100 which is borne by the account holder. We have decided that we will work out the modalities and with immediate effect pass on this cost to the respective banks. We will bear the cost of providing services so that no matter where you are withdrawing your money from you will not incur any charge. If you are a First Bank customer and use your ATM on other banks, it is free, you will no longer bear any cost.”
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This article was first published on 16th November 2012
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The Central Bank of Nigeria, continuing in its reforms and positioning the Nigerian Banking Industry to match its global competitors, has put an end to inter-bank charges of N100 when customers use ATM machine other than their Banks’. This comes weeks after Diamond Bank stopped charging its consumers for using ATMs provided by other Banks.
Speaking after a decision by the CBN—hosted Banker’s committee meeting, the MD of First Bank Bisi Onosanya said, “We have decided at the bankers’ committee to stop forthwith charges for usage of ATMs. Presently, when you use the ATM of a bank other than your bank, there is a charge of a N100 which is borne by the account holder. We have decided that we will work out the modalities and with immediate effect pass on this cost to the respective banks. We will bear the cost of providing services so that no matter where you are withdrawing your money from you will not incur any charge. If you are a First Bank customer and use your ATM on other banks, it is free, you will no longer bear any cost.”
