Central Bank Given Ultimatum on ATM Charges

The Central Bank of Nigeria has been given just Seven days to explain the reason for the charges now been experienced on the use of the ATM. Many Nigerians are beginning to think the charges though sixty five naira, it's uncalled for. For others, twenty naira may be ideal if at all they need to bill you while some feel a one off charge for any other transaction after the third transaction should suffix. Well, read the story below...

                                   

CBN GIVEN SEVEN DAYS TO EXPLAIN ATM CHARGES

In line with the provisions of the Freedom of Information Act (FOIA), which specifically gives access to information held by public authorities, a group united by common interest has issued a seven-day ultimatum to the Central Bank of Nigeria (CBN) to release records and documents relating to the reintroduction of charges on ATM withdrawals in Nigeria.

The group, which includes the Public and private Development Centre (PPDC), Enough is Enough Nigeria, and other interested persons, made a 13-point demand to the CBN, asking the apex bank to provide documentation on how it arrived at the directive on the new charges.

“We write to request for documentation that would enable us properly access how this decision to reintroduce charges on ATM withdrawals was arrived at,” the group said.

The letter, dated September 12, 2014 was signed by Seember Nyagher, CEO of the PPDC, and addressed to the CBN governor, Godwin Emefiele.

The information the group seeks include: the number and location of Automated Teller Machine (ATM) deployed by individual banks in each state across Nigeria, records showing the daily transaction down time on ATM in each states in the last six months, record of unfulfilled ATM requests by individual banks in Nigeria, and records indicating how much each bank in Nigeria paid to other banks for remote-on-us transactions in the last two years.

Other demands are: the number of complaints about ATM services/transactions disaggregated by bank, the record of stakeholder consultation meetings that led to the reintroduction of the ATM charge for remote-on-us transaction, a list of attendees at the stakeholder meeting, the attendees representing each interest group, certified true copy of the minutes of the stakeholder meetings, certified true copy of resolutions reached at the stakeholders consultations, as well as the certified true copy of minutes of the CBN board at which the decisions to reintroduce ATM charges was finally adopted.

The reintroduction of the ATM charges, which took effect on September 1, 2014, will see ATM card users pay N65 per transaction after the first three transactions of the month. CBN argued that the action was meant to ensure continued functioning of ATMs in the country, as there was no way a bank could recover its costs and improve on profitability if the ATM charge was removed. However, many Nigerians have criticised the move.

The StreanNG News