CBN Has Approved a Charge of N65 for any ATM Withdrawal

From the 1st of September 2014, bank customers will pay a token for cash withdrawals made on other banks’ Automated Teller Machines (ATM). The Central Bank of Nigeria announced this on Wednesday.
If you recall, customers used to pay N100 if they used other banks’ ATM, but it was cancelled by the CBN and Deposit Money Banks in December 2012.

 Now the current fee is N65, that is N35 less than the former fee. The Central Bank agreed to re-introduce the charges because the cost of transaction was becoming too burdensome for the banks to continue to bear.
Director of Banking and Payment Systems Department of CBN Dipo Fatokun said the first three withdrawals on other banks’ ATM will be free but it would become effective on the fourth withdrawal in a month.

Banks To Replace ATM Card With Finger Print By Next Year February 14

The Central Bank of Nigeria and the Bankers Committee on Tuesday sealed a biometric solution pact with a German Firm, Dermalog, for the development of a payment system that would be driven by fingerprints.

What this means is unlike the current practice where different instruments are used as means of identification, bank customers will from 2014 be identified through their fingerprints.

Sanusi, while speaking at the signing of the agreement, which was held at the central bank’s headquarters in Abuja, noted that the system would become operational on February 14, 2014.

This move followed the recommendation of a sub-committee chaired by the Group Managing Director, Zenith Bank Plc, Mr. Godwin Emefiele. *winks*
The cost of the project is above $50m and the banks, in their wisdom and in line with their collaborative efforts, are going to be sharing the cost of the project, and no customer is going to be charged for this project.