Banks To Comply With Zero ATM Charge On December 17

SAN FRANCISCO, December 10, (THEWILL) – On December 17, 2012, commercial banks in Nigeria operating Automated Teller Machines (ATM) will no longer charge N100 service fee for withdrawals made by non account holders at ATMs.

Central Bank Governor, Lamido Sanusi said the apex bank would begin the enforcement of the directive next Monday after reaching an agreement with the banks on the last date for compliance.

Sanusi spoke Sunday at the fourth Annual Retreat of the Bankers Committee in Calabar, the Cross River State capital.

“We have agreed on a final date of Monday 17, December, 2012 for the kick-off of the directive, when every bank will remove the charges.

“Some banks were given time to configure their system and hopefully by 17th of December, you are not going to have any customer paying additional charges,” he said.

First Bank’s Managing Director, Mr. Bisi Onasanya, had on November 13, 2012, announced the new measure to reporters in Abuja at the end of a meeting between the apex bank and the Bankers Committee, which included some bank CEOs. 


“When you use the ATM of a bank other than your bank, there is a charge of N100 which is borne by the account holder. We have decided that we will work out the modality and ensure that with immediate effect we would pass on this cost to the respective banks, which bear the cost of providing services. No matter where you are withdrawing your money from, you will not be subjected to any charge for using the ATM,” Onasanya said.

Following the announcement, some banks like First Bank Plc, Keystone, UBA, Standard Chartered, Diamond Bank Plc, Stanbic IBTC Plc, EcoBank Plc, and Skye Bank Plc were first to comply particularly with ATM’s domiciled in Lagos. However, there are independently confirmed reports that they have been slow like others to implement the measure nationwide.