Finance

Customers in FCT accuse Banks of ripping them via ATMs

Published

7 years ago

May 7, 2018

grassroots

By NAN

Commercial Bank customers within the Federal Capital Territory (FCT) have decried excess charges by banks through Automated Teller Machine (ATM) withdrawals.

Some customers, who spoke to a News Agency of Nigeria (NAN) correspondent, said they dreaded making withdrawals using other banks ATMs because of the continued charge of N65 for every transaction.

According to the customers, most banks within the city centre have programmed their ATMs to dispense only N10, 000 or less per transaction, thus ripping off customers withdrawing more than that amount.

The customers complained that if they had to withdraw N100, 000 or more through other banks ATM, it meant they would lose so much money.

They, however, called on the Central Bank of Nigeria (CBN) and other relevant authorities to look into the matter so as to help poor Nigerians.

Miss Agatha Young, a First Bank customer, said, “I live in Kubwa, one of the suburbs around the city centre and almost all the banks ATMs in my area dispense maximum of N10,000.

“Recently, I needed to withdraw N200,000 and my bank’s ATM was crowded, so I went to use another bank’s ATM only to discover that the machine was dispensing only N10,000 per transaction.

“I was only able to withdraw N150,000 because other customers were waiting on the queue and I was tired of going through the same process.

“I also discovered I was charged almost N1000 for that transaction as I had exceeded three withdrawal limit using the other bank’s ATM, which is outrageous.’’

Mr Sunday Mgbede, a Guaranty Trust Bank customer, residing in Nyanya, another suburb around the city centre also said most of the ATMs in his area dispensed maximum of N10,000 per transaction.

“If you want to make withdrawals at weekends around the Nyanya/Mararaba axis, you will discover that only few ATMs are dispensing over N10,000 per transaction.

“The concerned authorities should please look into this matter because people are suffering, there is no money in the country, yet banks want to make profit off customers.

“Even the N65 charge which CBN authorised should be charged after three transactions, I am not sure the banks follow the rule due to the debit alerts we receive after withdrawals.’’

Another customer of First Bank, Erica Jonah who narrated her experience, said she used her ATM card to withdraw N100,000 from another bank and discovered the machine was programmed to dispense N10,000 per transaction and was charged N65 per every transaction.

Jonah said that was not her first experience, describing the practice by banks involved in it as fraudulent.

She also called on regulatory bodies in the industry to look into the matter with a view to curbing such excesses by banks involved in the practice.

Meanwhile, Mrs Gift Agbo, a former banker, said most ATMs used by banks in the country were not designed for Nigeria’s currency and that is why the amount it dispensed was limited.

“Some of these machines are old and not programmed for the kind of money we have in the country.

“The notes which many banks put in the machines also limit the amount that can be dispensed by the machines.

“I am sure this problem can be resolved if Nigerian banks invest in customised machines that are suitable for our environment and currency,” she said.

In its reaction, CBN Consumer Protection Department said it had received several complaints from bank customers over the low withdrawal limit set by banks on their ATMs.

Mr Fada David, the Senior Manager, Complaints Management Division of the Department, assured customers that the apex bank was working to make sure that such complaints were addressed.

“Yes, we have received complaints from people saying they could withdraw for example N40,000 from bank A yet they are not able to get that much if they carry a card of Bank A to bank B ATM.

“First of all, I want the public to know that withdrawal from any ATM at all is not supposed to attract any charges until you withdraw more than three times in a month.

“If you are using your bank’s ATM, you are at liberty to withdraw as many times as you like in a month without incurring any charges.

“Also, we want to encourage customers to engage their banks to find out why there is such a withdrawal restriction on ATMs,” he said.

David also urged customers to embrace the cashless policy and use other payment methods such as POS, internet and other Mobile banking applications; to reduce over-dependence on cash.

“You can use other payment channels for goods and services. You can go to the market, buy something and use your mobile app, pay for that product.

“Unless it is absolutely necessary that you need to take cash, consumers can take advantage of a lot of other payment channels to pay for goods and services and do other transactions,” he said.

David said that bank customers also have the responsibility to improve the way their bank serves them by officially writing to complain about bad services.

According to him, it is only then will the bank address the issue to make sure that their customers are happy with the services being rendered. (NAN).

Finance

Tinubu Launches Personal Income Tax Calculator to Improve Compliance, Fairness

By ORJI ISRAEL

Published

5 days ago

August 22, 2025

grassroots

President Bola Tinubu

President Bola Tinubu has launched a Personal Income Tax Calculator to help Nigerians work out their tax obligations under the new tax law.

The tool is expected to make compliance easier and improve transparency in the system.

In a post on his X page, the president said the calculator shows how the recent reforms protect low-income earners while ensuring fairness.

“A fair tax system must never punish poverty or weigh down the most vulnerable. With the new tax laws I recently signed, taking effect from January 2026, we have lifted this burden and created a path of equity, fairness, and true redistribution in our economy,” Tinubu said.

Some months ago, he signed four major tax bills into law to bring Nigeria’s scattered tax system under one framework. These include the Nigeria Tax Administration Law, which sets out a uniform process for tax administration across federal, state, and local governments; the Nigeria Revenue Service (Establishment) Bill, which replaces the current Federal Inland Revenue Service Act with a stronger, more independent revenue agency; and the Nigeria Revenue Service (NRS) and Joint Revenue Board (Establishment) Bill, which creates a formal structure for cooperation between revenue bodies at all levels.

The introduction of the tax calculator, together with these reforms, is expected to reduce confusion for both individuals and businesses, while also making it easier for them to meet their obligations and contribute to national growth.

Tinubu added that the reforms are part of building renewed hope for the economy and urged Nigerians to trust in the country’s future for themselves and their families.

Finance

FIRS e-Invoicing Hits 20% Adoption in Two Weeks

Reporter: SANDRA ANI

Published

2 weeks ago

August 11, 2025

grassroots

The Federal Inland Revenue Service (FIRS) says that no fewer than 1,000 companies, representing 20% of total eligible firms, have begun integrating its newly launched electronic invoicing (e-invoicing) system less than two weeks after it went live.

The FIRS e-invoicing platform, which went live on August 1, 2025, after a successful pilot phase that began in November 2024, was designed to modernise Nigeria’s tax administration, curb evasion, and enhance transparency in revenue generation. It also provides the FIRS with real-time visibility into commercial transactions, ensuring authenticity and completeness of invoices.

According to a statement by Dare Adekanmbi, special adviser on Media to FIRS Chairman Zacch Adedeji, at least 1,000 companies, representing 20% of more than 5,000 eligible firms, have already adopted the system and begun integrating with the FIRS platform.

Adekanmbi noted that the initiative, also known as the Merchant-Buyer Model, will be rolled out in phases. “Large taxpayers, which are companies with annual turnover of N5 billion and more, are expected to be the first to be onboarded on the platform,” he said.

FIRS revealed that MTN Nigeria was the first taxpayer to transmit live electronic invoices to the platform, while Huawei Nigeria and IHS Nigeria have concluded test transmissions and are expected to go live soon.

The agency added that the initial compliance deadline of August 1, 2025, has been extended by three months to accommodate companies currently facing onboarding challenges. The new deadline is now November 1, 2025.

Finance

NGX Boss, Umaru Kwairanga, to Chair Business Journal Fintech Roundtable 2025

By Our Correspondent

Published

4 weeks ago

July 31, 2025

grassroots

NGX Boss, Umaru Kwairanga

Dr. Umaru Kwairanga, Group Chairman, Nigerian Exchange Group (NGX) will Chair the 2nd Business Journal Fintech & Financial Inclusion Roundtable 2025 scheduled for Friday, August 29, 2025 at Oriental Hotel, Lekki, Lagos. Time is 10-am prompt.

The theme of the Roundtable is: Fintech & Financial Inclusion: The Opportunities & Challenges for Nigeria.

In a statement, Prince Cookey, Publisher/Editor-in-Chief of Business Journal Media Group said the choice of Umaru Kwairanga to chair the event is a reflection of his immense and chequered journey in the Nigerian economic system over the years.

“Dr. Umaru Kwairanga is a noted player in the Nigerian economy and financial services sector. Over the years, he has carved a positive niche in driving the narrative in national policy formulation, implementation and review. He remains a worthy point of reference and role model to current and future players in the Nigerian economy.”

Alhaji (Dr.) Umaru Kwairanga, Sarkin Fulani Gombe and Group Chairman, Nigerian Exchange Group (NGX), is a notable player in the Nigerian corporate world, a thorough-bred professional and a prominent community leader in Gombe State and the North East region.

He has served at the highest levels of the banking, pension, investment, manufacturing and commercial sectors of Nigeria’s economy. He is the current Chairman of the Nigerian Exchange Group Plc, Nigeria’ oldest stock exchange and also Chairman of Tangerine General Insurance Limited.

The NGX Chairman is also a Director on the Boards of First Bank Senegal Limited, Tangerine Apt Pensions Limited and the Group Managing Director of Finmal Finance Services Limited.

He is a past Chairman of Ashaka Cement plc and previously served on the Boards of Jaiz Bank Plc, Central Securities Clearing System Plc, Lafarge Africa Plc and First Bank Mortgages Limited to mention a few.

Professionally, Alhaji Kwairanga is a Fellow of the Chartered Institute of Stockbrokers, Chartered Institute of Directors of Nigeria, the Certified Pension Institute of Nigeria and the Abuja Commodities and Securities Exchange.

He is also a Council Member of the Chartered Institute of Stockbrokers; the Chartered Institute of Directors and he is the current President of the Certified Pensions Institute of Nigeria.

Kwairanga is a holder of the prominent traditional title of Sarkin Fulani Gombe and has led several initiatives for peace and development in Gombe State and the North East region in general.

He has also been involved in policy and strategy formulation in the public sector as a Member of the Vision 2020 Committee, the Presidential Advisory Committee on the Nigerian Industrial Revolution Plan and several committees of the Securities and Exchange Commission (SEC).