CBN announces Dec. 17 end to all ATM fees

Dec. 10, 2012

After several weeks of confusion, complaining and finger-pointing, it seems as though the CBN finally has an agreed date for the universal implementation of the next step in its cashless policy. As of Dec. 17, banks will discontinue all ATM fees for every type of transaction.

The fee ban actually was agreed upon and announced by Nigeria’s Bankers’ Committee, which is chaired by the Central Bank of Nigeria. However, implementation of the ban was piecemeal, though the committee’s intention was that it would take effect immediately. And some banks complained that the ban was enacted without a plan for carrying it out.

Now All Africa is reporting that the ban will be universally adopted by next Monday. The publication reported that the governor of the Central Bank of Nigeria and chairman of the Bankers' Committee, Mallam Sanusi Lamido Sanusi, said the week’s delay would allow banks to make necessary IT changes in line with the ATM fee ban.

The ban supports the Nigerian government’s cashless policy, which seeks to increase financial inclusion in the country’s banking system and move Nigeria away from a cash-based economy.

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

Topics: Bank / Credit Union , Middle East & Africa , Regulatory Issues , Security , Transaction Processing , Trends / Statistics , Underbanked / Unbanked

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