Nigerians react: N65 ATM charge

9 years ago

Nigerians react: N65 ATM charge

Stick to your bank

One should withdraw at one’s bank. It is safer. You win in two ways: One, withdrawal charges are reduced. Two, there will be no technicality while withdrawing because once there are debit issues, they would be easily resolved.

— Tosin Oguntayo

It’s universal

My initial response to the N65 ATM charge was irritation and anger. But on second thought, it is done in the western world. If the apex bank promises that the ATMs will not fail at any time, then we should be encouraged to accept it. But the truth is I have lost faith in any form of leadership in this country.

— Onaolapo Adeolu-Shittu

Services should improve

I have not used the ATM in a while, I did a few days ago, and to my surprise, I saw the notice about the new charges. I always knew the no-charge rule wouldn’t last, but I never thought it would be this early; just when we were beginning to enjoy the benefit of being able to use any available ATM without charges. If removing the charge affected the quality of services rendered, then the new charge is fine. I don’t mind, as long as services rendered measure up.

— Seun Friday

It’s selfish

I see it as a source of self-centred income generation by the financial institutions of Nigeria. The Central Bank of Nigeria, and by extension commercial banks, should scrap the policy of deducting N65 from the account of customers for using ATMs other than those of their banks.

— Lolade Ajaga

A positive development

I think it is a positive development. It will make many Nigerians use the Internet and mobile banking as we reduce cash dependence.

— Ighodaro Omoigui

More burden on customers

This development may discourage Nigerians from using ATMs. For some customers, going to their bank to use the ATM translates to spending more money. Yet, in trying to avoid the N65 charges, they end up spending more. Right now, there should be proper communication because some people out there wouldn’t know and might fall victim to this charge.

— Toluwa Adeyemi

Transferred responsibility

I understand that it’s a transfer of responsibility. It was transferred to the banks in order to encourage people to adopt the cashless policy. But now, it’s been transferred to the customers. I’m okay with it, as long as the banks improve on their services.

— Feyi Fawole

CBN should review charges

I think banks have a hidden way of exhorting from their customers. With that in mind, charging N65 for non-customers to use your ATM is just ridiculous. Why on earth should I have to pay N65 for withdrawing my money from your ATM? It’s just wrong and I wish the CBN could go back to the drawing board.

— Abayomi Akanni

Charge annoying

When banks charge a non-customer for withdrawing money using their ATMs, it can be annoying for the user. I guess the intention is to discourage withdrawing cash in the first place. But I think the charge will only encourage customers to withdraw cash at the banking hall whenever they need money.

— Ore Sami-Orungbe

A good strategy

It is a good strategy. Basically, the banks are saying, “If you do not want to pay the charge, it is best you go to your bank. Otherwise, become our customer.” If you live or work far from your bank, I guess you need to move to the one that’s closest to you.

— John Adeleke

It should be reversed

That policies are inconsistent in this country is bothersome. I am yet to see policies that will benefit the populace and not necessarily the wealthy who everyday feed fat on the masses. I demand a complete reversal of the charge on our ATMs that are barely functional.

— Maduakolam Onyema

Not favourable for students

The charge doesn’t make sense. They want us to go cashless and run us down in the process. The CBN Governor should look deeper into this issue because it’s not going to go down well with students especially.

— Deborah Aina

A welcome development

If the N65 charge is going to solve the problem of long queues, total breakdown or malfunctioning of the machines and other problems that the inefficiency has often led to for bank customers, then it is a welcome development.

— Adeyemi Michael

CBN is confused

The Central Bank of Nigeria is confused. If they knew they would reintroduce the charges, why did they remove it in the first place? It should not have been removed at all.

— Oyindamola Taiwo

A boost for cashless policy

It is a lucrative venture for the banks, but a means to discourage inter-bank transactions among banks. Secondly, it will aid reduction in petty bank transactions by customers.

— Modupe Oluforte