Timi Frank, through his lawyer, lawyer Olugbenga Adeyemi, has beseeched the Federal High Court in Abuja to restrain the Central Bank of Nigeria (CBN) from going futher in its reintroduced N65 charges on cash withdrawals via ATMs in the country.
Godwin Emefiele, CBN governor had ordered that any customer who makes cash withdrawals from ATM of other banks should be charged N65 at the fourth withdrawal in a month. He made the statement on 13th August, 2014 while the policy took effect nationwide on 1st September, 2014.
Olugbenga filed a suit on 18th September, 2014; he made it clear that the reintroduction of ATM charges is a negation of the cashless policy, discriminatory against the poor, it discourages low income earners from savings and no customer is charged any fee in a country like United Kingdom for using the ATM of other banks.
Godwin Emefiele, CBN governor had ordered that any customer who makes cash withdrawals from ATM of other banks should be charged N65 at the fourth withdrawal in a month. He made the statement on 13th August, 2014 while the policy took effect nationwide on 1st September, 2014.
Olugbenga filed a suit on 18th September, 2014; he made it clear that the reintroduction of ATM charges is a negation of the cashless policy, discriminatory against the poor, it discourages low income earners from savings and no customer is charged any fee in a country like United Kingdom for using the ATM of other banks.
My questions:
- How did commercial banks survived the past months without charges on ATM withdrawals?
- Should ATM be used as source of revenue?
