29 June 2012

Nigeria: UBA Reduces ATM Charges

United Bank of Africa (UBA) said it has reduced the rate it charges customers for using its ATM cards.

The Divisional Head, Marketing and Corporate Relations Directorate of the bank, Charles Aigbe said instead of the monthly charge of N100 flat fee charged to all ATM card holders, UBA has introduced a pay-as-you-go charge structure. It said in the month a customer did not withdraw cash at the ATM but used PoS and Internet to make payments, the customer will not be charged the N100 flat fee. "This is to encourage the uses of alternate channels," the bank said.

Divisional Head e-banking, UBA, Dr. Yinka Adedeji said the move was aimed at delighting customers, following recent complaints and feedback as well as foster the Cashlite initiative of the Central Bank of Nigeria to the mass market. He said that ATM card holders who seldom use ATMs will now pay less. "If you do not use the ATM to do cash transaction you do not pay," he said.

He said frequent ATM users are not disadvantaged as a result of the new pricing regime. "Assuming as a frequent user and you visit the ATM more than 10 times during the month, you will not be charged more than the monthly cap of N100," he said.

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