To help its customers avoid the cost, UBA has sent notifications to its customers informing them of the locations of its ATMs and advising them to only use its ATMs.
The notification to customers by the bank reads, "The CBN has issued a directive on the introduction of N65 ATM cash withdrawal transaction fee , from
"As a UBA cardholder, you do not have to pay this fee. Just use your Card on UBA ATMs at all times, and you pay abolutely nothing, no matter how many transactions you do."
The CBN had issued a directive last week reintroducing the ATM withdrawal charges on customers using any ATM belonging to other banks where their accounts are not domiciled.
The policy is expected to commence on
Customers and stakeholders have criticised the reintroduction of the policy which had been previously banned by former CBN Governor,
Although the CBN has offered reasons for the new measure, many see the policy as exploitative and contrary to the CBN cashless policy drive.
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