The Association of Corporate Affairs Managers of Banks (ACAMB) has said that the implementation of the Bankers Committee’s resolution to scrap the N100 charge on the usage of ATM of banks in which users’ account are not domiciled will soon take full effect urging all bank customers to be patient for a short while to allow banks to work out the modalities with third party service providers.

The association’s President, Mr. Tunde Shofowora who promised that “the rough edges will be smoothened in a few days” and that “all customers will soon begin to enjoy this new freedom of using any ATM without charge”, urged all parties to speed up the process.
The agreement (not a directive) to abolish the charge was reached at the Bankers committee meeting (made up of Chief Executive Officers of Deposit Money Banks, Directors and top officials of the CBN) on the 13th of November 2012.

Addressing journalists after that meeting, the Chief Executive Officer of First Bank of Nigeria Plc, Mr. Bisi Onasanya, told newsmen that “We have decided to stop forthwith charges for usage of ATMs. Currently, when you use the ATM for a bank other than yours, there is a charge of 100 naira, which is borne by the account holder”. “We have decided that we will work out the modalities that will ensure that with immediate effect, we will pass on these costs to the respective banks. We will bear the cost of providing these services so that no matter where you are drawing your money from, you will not be subjected to any charge for using the ATM”.
ACAMB pointed out that the modalities will soon be finalised for the very few Banks that are yet to implement the resolution of the committee.

The resolution is one of the series of ways that banks are giving value to customers nationwide. It is also one of the ways of promoting neighbourhood banking. The body of corporate communications professionals said that Nigerian banks have acquired sufficient capacity in the areas of infrastructure and manpower to run a seamless cashless economy. It assured bank customers and other related parties to avail themselves of the friendly environment Nigerian banks have provided to promote businesses and personal banking experience.

Banks are making it as easy as possible for customers to transact their businesses from any location. Providing transaction convenience to customers is strategic to moving the economy forward. The ability to cash money from the nearest ATM could mean a big difference in the business of a bank customer.
“Banks operating in Nigeria have invested billions of Naira to acquire hundreds of thousands of PoS and allied facilities and technology to service customers better in the new cashless economy era”.

The new cashless policy is expected to promote ease in payment transactions, eliminate risks associated with carrying cash and reduce high cost of cash processing borne by all entities across the value chain.
The Association urged merchants, traders, supermarket operators, and filling station owners to hurry to their banks and collect Point of Sale (PoS) Terminals to facilitate e-payments nationwide. Banks are promoting the growth of electronic payments and increasing the availability, reliability and security of electronic channels. The use of e banking will discourage heavy cash usage that attracts deadly robberies and cash related crimes such as kidnapping and money laundering. ACAMB wants heavy users and receivers of cash to transit to e-payments.

By Lily