CBN directs banks to stop charging N100 for inter-bank ATM withdrawals

The Central Bank of Nigeria yesterday ordered all banks to stop charging customers N100 for inter-bank ATM withdrawals. The MD of First Bank, Bisi Onsanya told journalists that the decision was in line with 'popular trends' in other parts of the world.

“Presently when you use the ATM of a bank other than your bank, there is a charge of N100 which is borne by the account holder. We have decided that we will work out the modality and ensure that with immediate effect we would pass on this cost to the respective banks which bear the cost of providing services. No matter where you are withdrawing your money from, you will not be subjected to any charge for using the ATM. But for transaction on what we call “not on us”, when you are an FBN customer and you use the ATM of a GTB bank, it is free and it will no longer bear any cost.’’

The free inter-bank ATM regime would become effective immediately after banks agree on the modalities for the implementation of the new decision.