President of NATCOMS, Deolu Ogunbanjo, said that the new CBN governor,
"By this action, the new Central Bank Governor, to say the least is not consumer-centric. This singular action does not portray him as a CBN Governor that will care for consumers of banking services in
"This ATM charge regime is not in line with international best practices and is definitely not in the interest of consumers of banking services in
Ogunbanjo noted that the N65 ATM withdrawal charge was "excessive profit-driven, exploitative and totally unacceptable" as well as being a "terrible welcome gift" from the new central bank Governor to consumers of banking services in
"The welcome gift the new Central Bank Governor should be giving consumers of banking services in
"He should take a cue from his colleague in the Nigerian Communication Commissions, Dr
The CBN policy takes effect from
The central bank had explained that it took the latest decision as a result of the unintended consequences on banks.
It had said the earlier arrangement had resulted in substantial cost burden incurred by banks in defraying the cost for the service.
According to the CBN, the re-introduction of the fee was also to cover the remuneration of the switches, ATM monitoring and fit-notes processing by acquiring banks.
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