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CBN defends N65 charge on ATM withdrawals

15 August 2014, 14:37

Lagos - The Central Bank of Nigeria (CBN) has justified the introduction of the N65 charge on cash withdrawals by banks’ customers on ATMs of other banks other than theirs.

The apex bank said the charge was to cover the costs incurred by banks during the use of the ATMs, reports Vanguard.

Also read : N65 charge reintroduced on cash withdrawals on other banks’ ATMs

Dipo Fatokun, CBN’s Director, Banking & Payments System, noted that for any withdrawal a customer makes on other ATMs , the acquirer bank incurs cost of N65 which it pays to the switches and the owner of the ATM that the customer is using.

He said some people have actually turned ATMs into their personal purses by making withdrawals for up to four or ten times in a day because nothing is charged.

Also read : N100 charge on ATM transactions cancelled

He, however, noted that people can still go to any ATM other than their banks’ ATMs to withdraw up to three times and no charges would be imposed on them.

Read more at Vanguard.

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