The Central Bank of Nigeria (CBN) has prohibited banks from limiting customers to withdraw amounts lower than N20,000 from Automated Teller Machines.
CBN disclosed this in a ‘Question and Answer’ explainer in reaction to its recent review of ATM withdrawal fees on Thursday.
The apex bank stressed that customers are expected to withdraw up to N20,000 per transaction based on the ATM charges for withdrawals made from other banks’ ATMs either on-site or off-site.
“Any bank that compels a customer with sufficient funds in their account to withdraw less than N20,000 per transaction, against their desire for a higher sum, would be contravening this regulation and will be sanctioned appropriately,” it stated.
Affected customers were directed to report their complaints against banks that impose unnecessary restrictions.
“Consumers denied the right to withdraw up to N20,000 per transaction are encouraged to file a complaint with the CBN using cpd@cbn.gov.ng.
“The charges and surcharges are capped, meaning banks and other financial institutions cannot charge more than the fees stated in the circular. However, a bank can charge a lower amount depending on its cost structure and business development drive.”
CBN further advised customers to withdraw cash from their own bank’s ATMs to prevent extra charges, urging customers to consider other payment methods such as mobile banking applications, POS terminals and other digital payment options.
