A former lawmaker of the Nigerian Senate, Shehu Sani has reacted to the recent increase in Automated Teller Machine (ATM) charges announced by the Federal Government.
Sani said, should the government implement the new ATM charges for the withdrawal of charge by bank customers, Nigerians might be found going back to the old ways of doing things.
Recall that the Central Bank of Nigeria (CBN) had announced an increase in ATM transaction fees for bank card users.
The apex bank in its directives ordered on-site withdrawals to be charged at N100 per N20,000 withdrawal while off-site withdrawals will incur a N100 charge fee plus N500 per N20,000 withdrawal- making it a total of N600 for off-sites.
While withdrawals from an account holder’s own bank’s ATMs will remain free.
However reacting to this new directive from CBN, Sani said this approach negates the clamour for a cashless and contactless banking system.
He said, “If the CBN continue to increase ATM charges,people will return to the era of physically entering the Bank to cash their cheques.”
