14 November 2012

Nigeria: Banks Remove Charges On ATM

Photo: Leadership
ATM machine

Bankers' Committee yesterday said they have agreed to remove charges customers pay on ATM usage in the country.Presently, when a bank customer uses an ATM that belongs to another bank, N100 is charged per transaction.

"We have decided that with immediate effect, we will develop modalities to send those charges to the respective banks. We will bore the charges so that no matter where you are drawing money from you would not be subjected to any charges," the Committee said.

However this does not cover the charges inside the bank.

The Director of Banking Supervision, Central Bank of Nigeria, Mrs. Agnes Olatokumbo said at the press briefing that the central bank will be working with the Securities and Exchange Commission to supervise and monitor the stock broking firms, especially those that are owned by Holding companies under the new banking reforms.

She said this is to maintain financial stability.

The bankers also said that they want to support mortgage facilities to civil servants and other people to help them get houses of their own at affordable rates.

The bankers said they are also looking at how they can donate to the victims of flood.

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