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MUST READ: New CBN Policy, Bad News For ATM Users

Published

10 years ago

June 4, 2014

For those of us that don’t know it yet CBN just issued a circular that henceforth ATM CARDS (including credit and debit cards) trapped in banks other than (bank) where your account was opened should be perforated before returning to the parent bank.
What this means is that if you are using ‘BANK A’ and makes use of ATM in ‘BANK B’ and your card gets trapped , you can no longer make use of that card as it will be perforated (destroyed) before returning to your bank.
Now the implications:
I was personally shocked when i saw this circular considering the CASHLESS POLICY that the CBN is trying to implement.
I feel this will discourage the use of ATM somewhat if the big question is not addressed properly, which is…
WHO PAYS FOR THE ATM CARD RE-ISSUE?
Many banks charge a thousand Naira for re-issue of cards.
An average Nigerian is not ready to be paying N1,000 for each time their ATM gets trapped in another bank’s machine.
ESPECIALLY knowing for sure that it is not their fault anyways.
Moreover there are stress level involved in getting new cards sometimes.
So the final question would be, is this taking our cashless policy pursuit forward or backward?