The latest in all these is the collusion between the governor and banks to re-introduce ATM withdrawal charges.The former CBN governor abolished the fees. In line with his policy on need to embrace new cashless policy of the CBN.The new governor brought it back and at N65 for third daily withdrawal from another bank's machine.This is a callous decision and the reasons given are not genuine. Take for example, if the total of all banks customers in Nigeria are 50 million and if they all had reasons to withdraw from banks different from theirs, then the banks together would have converted customers' deposit to income totaling 3.5billion Naira in a day. Assuming this example is exaggerated, they cannot make less than 2 billion Naira from this' new business venture' sponsored by CBN.
The danger of this new policy is that people will be forced to use only their banks' ATM machines. Even at that banks are now charging ATM card maintenance fees.This is daylight robbery! CBN said instead of N100 before, it has been reduced to N65 for customers while banks will bear the remaining N35.Ah! Is this how they will bear it by charging people ATM maintenance fees of N100 plus N5 VAT? People will no longer be enthused about using ATM cards and what cashless policy are we talking about?
Lastly, if I were the governor, I will review some of my recent actions and the new one coming before I exacerbatean already bad situation for customers and its policy takers.
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