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Business & Finance

Banks’ ATM Maintenance Fee Rises By 500%

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Bank customers may have to pay up to N600 per annum for debit card maintenance fee as against the current N100 that customers are charged annually by banks.

This is according to the exposure draft of the revised Guide to Bank Charges that was released by the Central Bank of Nigeria (CBN) at the weekend.

The 2013 edition of the guide had stipulated a N100 annual charge but the revised version stipulates a monthly charge of N50.

Commenting on the draft, the founder of Consumer Advocacy Foundation of Nigeria (CAFON) which had called for the No Banking Day early this month, Sola Salako, said that the foundation would be making its position known to the apex bank on the charges.

In a circular issued to all banks and other financial institutions by the CBN director, Financial Policy and Regulation Department, Kevin Amugo, along with the draft exposure, the apex bank called for comments which should reach it on or before March 29, 2016. The apex bank said that the review is “to ensure that the provisions of the guide accord with current realities, and also to address complaints from customers of financial services, requests for clarification on the provisions of the guide and the absence of a tariff regime for other financial institutions in Nigeria.”

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Speaking with LEADERSHIP on phone, Salako said, “It looks like the CBN is insensitive to the plight of Nigerians who are already complaining that charges are excessive. Why should they add to the charges? If they are trying to encourage a cashless Nigeria, why would they now make it more difficult and expensive to do transactions? If this continues, we will encourage Nigerians to dump their cards and go back to cash,” she stated.

Among the charges that were revised in the exposure draft is the maintenance charge for foreign denominated cards which was increased from N3,000 to N4,200 per annum while international withdrawals was reviewed to the exact cost by international acquirer as against the current N240 per transaction.

Although the exposure guide did not specify the charge for interbank transfers, hardware tokens will now cost N2,500.


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