ATM Adjustments: It’s not our duty to decide for DMBs amount to dispense – CBN

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ATM Adjustments: It’s not our duty to decide for DMBs amount to dispense – CBN

The Director Corporate Communications, CBN, Mr Isaac Okoroafor, says it is not the job of the Apex bank to decide how much commercial banks are dispensing in their ATMs to consumers, but to protect them.

Okoroafor said this in an interview with the News Agency of Nigeria (NAN) on Thursday in Lagos.

He spoke on the background of ATMs alterations by deposit money banks, following the apex bank release of the revised guide to bank charges.

The revised policy which became effective on Jan. 1, 2020, caused some banks to alter their machines to dispense maximum between 5,000 to 10,000 to other bank card holders, so as to beat CBN’s reduction of charges.

NAN reports that CBN reduced N65 charged on remote-on-us ATM after the third withdrawal in a month to N35.

Okoroafor said: “There is no prescription by us to the banks that they must give out a certain amount per withdrawal to anybody.

“Banks decide how much they are to dispense in their ATMs.

“So, the way customers now look at it, is as if everything banks do, we must hold them by the throat.

“As regulators, it is not our job; apart from protecting consumers of financial services, we are also working to ensure that deposit money banks work efficiently and competitively to remain in the business of providing all the services,” he said.

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Okoroafor said the fact that the job of the apex bank was to regulate financial activities of banks, it did not mean that it must regulate everything.

According to him, some aspects are left so that they constitute a point of competition among banks.

He urged people to make use of electronic transfers and lay less emphasis on withdrawal of cash.

He stressed that ATMs were not supposed to be for huge withdrawals, but, for minor cash needs.

He therefore advised consumers who felt that they were not getting fair treatment from their banks to report to CBN or transfer their monies to another bank.

Besides, he assured that CBN would look into the matter and take appropriate action.