Banks Raise ATM Daily Withdrawal Limits

Banks Raise ATM Daily Withdrawal Limits

Automated Teller Machines (ATMs) in the country before now permitted only a withdrawal limit of N100,000 daily, but recently some banks have increased that amount to N150,000 daily.

Guaranty Trust Bank (GTB), Diamond Bank, and United Bank for Africa (UBA) are prominent among the banks that have implemented this new benchmark. Findings however, show that the development might have come based on customer requests.

The development is being lauded by many customers who claim it would limit the number of times they visit ATMs as well as save the regular commission they pay for each withdrawal.

A customer, Zaka Tavershima stated that ATM saves time and cost of banking, he urged banks to harmonize their machines and remove the N100 charge on interbank withdrawal to add more value to the service.

Another Customer Elizabeth Nege, said the increased limit from N100, 000 to N150, 000 would allow her withdraw freely without queuing long hours in the banking hall to withdraw money, she praised the idea and demanded for a higher withdrawal limit if it will not affect the user in any negative way.

Business News gathered that, the addition became necessary after the introduction of chip and pin payment cards which considerably abridged fraud on electronic payments. The CBN approved of the card saying, the card has reduced card related fraud by 99 per cent.

With the migration to EMV (Europay, MasterCard, and VISA) fraud has reduced seriously under this platform, “we assisted in building this secured technology that makes it difficult for fraudsters to hack into customers’ transactions,” said CBN.

CBN Deputy Governor, Operations, Tunde Lemo, speaking at a seminar put together by the Committee of E-Banking Industry Heads (CeBIH) in Lagos, said CBN have been able to lessen card fraud considerably.

“The ATM Fraud Prevention Group convened earlier this year, has successfully driven down ATM fraud incidences by 99 per cent. It has enabled the introduction of the more secure chip and pin cards, versus the magnetic stripe cards that were formerly used in the industry. The success of this group, has demonstrated practically what can be achieved as an industry when we work together to address issues, for the good of the system and the public at large,” he said.


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