Following a directive from the Central Bank of Nigeria, some of the country's banks have discontinued the practice of charging for ATM transactions, but many banks have yet to fall in line with this component of Nigeria's cashless policy.

The new policy was supposed to have taken effect on Nov. 13, when bankers voted to discontinue the N100 (63 cents) fee for inter-bank transactions. An extension to Dec. 17 was granted when some banks complained that they could not retool their software systems that quickly.

However, one disgruntled financial industry stakeholder told Nigeria's Guardian News that delays in implementation were driven by profit motives rather than operational mechanics.

"If the policy was in their favor, it would not have taken them a whole day to install the software," said the source, who preferred to remain anonymous.

The removal of ATM fees is intended to bring unbanked Nigerians into the nation's financial system, and also to encourage citizens to make more frequent trips to the ATM for small amounts of cash instead of carrying large sums, which makes them targets for crime.

For more on this topic, visit the regulatory issues research center.

Related Content

User Comments – Give us your opinion!
Products & Services

BankWorld ATM – Management Suite


OptConnect Wireless Modem for IP-only ATMs (The OC-250)


Competent Field Service Support


NCR Intelligent Deposit


Contour Direct-Connect Cellular Service


Small footprint ATMs for lobby, drive-up and walk-up


A98 ATM Key Management System – A98-D - Direct Module with …


High performance retail ATM - 1800 CE


Imaging Solutions


atmAd Solution


Media Kit
Request Information From Suppliers
Save time looking for suppliers. Complete this form to submit a Request for Information to our entire network of partners.