NATCOMS blasts CBN for charges on ATM withdrawals

National Association of Telecom Subscribers (NATCOMS) has labelled the new Central Bank of Nigeria (CBN) charges on Automated Teller Machine (ATM) withdrawals as an excessive profit-driven move.

President of NATCOMS, Chief Deolu Ogunbanjo said this in a statement issued on Thursday 28 August. He said the new CBN governor’s directive that N65 (sixty-five naira) be deducted from customers account on the 4th withdrawal in a month was not in the interest of ATM users.

“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 Nigeria.


“This ATM charge regime is not in line with International Best Practices (IBP) and is definitely not in the interest of consumers of banking services in Nigeria.

Ogunbanjo noted that: “The N65 ATM withdrawal charge is punitive, 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 Nigeria.”

“The welcome gift the new Central Bank Governor should be giving consumers of banking services in Nigeria is BANK ACCOUNT PORTABILITY as it is currently done in other developed economies. He should take a cue from his colleague in the Nigerian Communication Commission – Dr. Eugene Juwah who introduced MOBILE NUMBER PORTABILITY in Nigeria’s Telecoms sector in line with international best practices.”

Culled from www.pmnewsnigeria.com