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Bank charges discouraging use of ATMs -NISER

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The Nigeria Institute of Social and Economic Research on
Tuesday called on the Central Bank of Nigeria to
discourage all unnecessary charges by Deposit Money
Banks for the use of Automated Teller Machines and Point
of Sales Terminals.
The Director General of the institute, Prof Olufemi Taiwo,
stated this while unveiling the findings of a study conducted
on the effects of cashless banking policy on the
performance of informal business in Nigeria.
Speaking in Abuja at the third annual NISER National policy
dialogue on social and economic development, Taiwo said,
apart from the cashless policy, the study also appraised the
level of disaster risk preparedness in Nigeria and the
response of manufacturing sector to government policies.
On cashless policy, he said while the adoption of the policy
has improved employment level, sales volume, profit level
and cost of production of informal business enterprises in
Nigeria, network connectivity has become a major
challenge to the success of the policy.
In order to achieve the benefit of the policy, he said there is
need for the central bank to work with the
telecommunication industry and private sector investors to
remove this impediment.
He said, said while 99 per cent of the respondents of the
research work are aware of the cashless banking policy,
about 50 per cent of them do not have enough knowledge
of the contents of the policy.
He said, “The commonest challenges encountered with the
use of cashless banking channels are poor network
connectivity and limitation on cash withdrawals per day
respectively.
“Improved availability and accessibility to internet services
as well as access to all cashless banking channels should
be addressed.
“The CBN, no doubt, will have to work hand in hand with the
telecommunications industry and private investors to
achieve this feat.
“Unnecessary charges by banks, such as ATM, POS
charges should be discouraged.”
Speaking at the event, the Minister of National Planning, Dr
Abubakar Olanrewaju, said that over the years, the activities
of NISER have led to improvement in economic
management process in the country.

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