ATM charges: Customers accuse banks of flouting CBN’s directives

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Some bank customers have accused their banks of not complying with the new CBN guidelines for charges on Automated Teller Machine (ATM), released by the Central Bank of Nigeria (CBN).

Some of the customers regretted that banks had now devised a means of deducting ATM charges without sending the alert to their customers.

CBN had on Dec. 22, 2019, released new guidelines for banks, other financial and non-bank financial institutions, to take effect from Jan. 1.

The guidelines involved reduction in the amount payable for cash withdrawals from other banks’ ATMs as Remote-on-Us transactions.

The reduction is from N65 to N35 after the third withdrawal within one month.

The CBN’s Director of Payment System Management, Musa Jimoh, said that the stamp duty circular issued to merchants was misinterpreted.

According to him, the circular that talks about merchants paying stamp duties according to the law, did not state that it should be paid by the consumers – that is a misinterpretation of CBN’s directive.

“What our directive says is that merchants should pay all necessary taxes as regulated by government agencies, including stamp duty.”

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