It is a huge irony: you want people to go cashless in Nigeria but you find ways to charge them fees for banking. Now, even to use an ATM attracts a fee on top of the fees paid on “stamps” for electronic transactions. My leaders – why this contradictions? “The Central Bank of Nigeria (CBN) has confirmed that Nigerians withdrawing less than N20,000 from an Automated Teller Machine (ATM) belonging to a different bank will still be charged an N100 fee per transaction.”
N100 may not mean anything for the 1% but for some families at minimum wage levels, it is a huge amount of money. I am not an advocate for the government to be imposing penalties on people for joining the banking world.
With these new fees on ATMs, more people at the bottom of the pyramid will leave the banking sector. That is the reason we continue to have tons of cash outside the banks which do affect the nation’s ability to use its monetary tools effectively.
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They are building an economy for bankers and politicians, but they are telling you that it’s good for you and the system. You cannot easily get cash from many ATMs outside Lagos, the POS charges have gone up. So what is the incentive for the small guys to put money in the bank? Almost nonexistent. Excess cash will continue to remain outside the banking system. We often design economic systems that can only work for the 10%, but project same as though it’s suitable for the 90%. If you do electronic transfer, you are paying both charges and levy. When did it become honourable and ethical to steal from ordinary people in the name of boosting government revenue? The banks are not recording losses, but the CBN believes that they still need plenty financial support, without telling us who gets what share from the numerous stealing.
With all the things happening in Nigeria, the CBN believes that raising ATM charges is a good call. From petrol subsidy removal to destruction of the naira, when will Nigerians start getting the benefits? Instead you are getting more beating, for allowing economic bandits run your country.