Business

First Bank customers using the Automated Teller Machines for cash withdrawals are to pay N100 monthly, with effect from this month, according to a notice.

The News Agency of Nigeria (NAN) reports in Abuja on Monday that the notice for the new charge captioned, ``Card Maintenance Fee,” was displayed on some ATM machines in the city.

The notice reads: ``Dear valued customer, in order to serve you better, from March 2013, a monthly N100 card maintenance fee will be charged for all cash withdrawals within the month.’’

Some customers who spoke with NAN, however, condemned the introduction and called for sanctions from the regulatory body.

Mr Joshua Abraham, a trader, said it was unfortunate that First Bank should introduce such a charge.

``I did not even notice, but if that is the case, they want to discourage us.

Mrs Uju  Nwanze, a legal practitioner, said the CBN should stop the charge.

`` This is another way to get back the N100 charges they just stopped recently on use of ATM cards.

``These banks are good at exploiting people, they did not even give prior notice like sending text messages.''

Also, Ejiro Fidel, a civil servant, said First Bank should not copy the new generation banks to rip off customers.

``They did not even care to inform their customers about this development, this is unlike them. Civil servants use First Bank a lot because we believe they are better than most of these new banks.

``What maintenance are they doing on the card, this is very wrong and I hope that those in charge would stop them from doing so.

``I think that they should focus on how to encourage customers to use the card than discouraging them. This new charge is really anti-customer friendly,’’ he said.

NAN recalls that the Bankers' Committee meeting of November 2012, scrapped the N100 interbank charge on use of ATM cards.

NAN also reports that First Bank had on February 11, increased its charges on interbank money transfer, against moves by the Central Bank of Nigeria for a downward review of bank charges on customers. (NAN)

A report released by Maersk Nigeria Ltd has shown that traditional commodities including electronics, cars, food items, chemicals, machinery and paper among other goods covering industrial needs and private consumption remained the dominant items impor...

Senators have described the current budgeting process adopted by the federal government as “arbitrary” hence, come 2014, the Senate has signalled it would scrap the contentious ‘envelope system’ adopted by the finance ministry i...

In line with its commitment to supporting countries in their development efforts, the Board of Directors of the African Development Bank Group Wednesday approved in Abidjan, Côte d’Ivoire, a loan of US $300 million to finance the Nigeria’s transport sector and Economic Governance Reform Programme and the Nigeria Country Strategy Paper (CSP) for the period 2013-2017.

The bank in a statement made available to LEADERSHIP explained that the  loan aims to support the Nigerian government to accelerate reform implementation in the areas of transport sector governance, and public expenditure management. Reform measures include the establishment of a Federal Road Authority, National Road Maintenance Fund, Road-Tolling Policy, and Axel Load Control Policy.

“In the areas of public financial management reform, the programme involves the adoption of International Public Sector Accounting Standards (IPSAS), Internal Audit Modernisation Plan, Treasuring Single Account (TSA), Government Integrated Public Financial Management (GIFMIS), and Transparency and Compliance in Procurement and Audit Practices,” AfDB stated.

The bank further said, “The programme will also create fiscal space for increased investment in road infrastructure development. It is an integral part of a broader set of interventions of the bank designed to support Nigeria’s Transformation Agenda with emphasis on economic governance and infrastructure development” and added “the Country Strategy Paper outlines the Bank’s engagement and assistance to the Federal Republic of Nigeria. It will focus on two strategic pillars, namely; supporting the development of a sound policy environment, and investing in critical infrastructure to promote the development of the real sector of the economy.”

Jaiz Bank Plc has unveiled its array of value adding products and services at the ongoing 34th Kaduna International Trade Fair with a firm commitment to the provision of ethical banking services. Key amongst the areas being financed by the bank are the...

The Nigeria Extractive Industries Transparency Initiative (NEITI) yesterday in Abuja presented the template for the fiscal allocation and statutory disbursement audit to stakeholders for necessary input. The audit exercise which will cover the period 2...

African farmers and agribusinesses could tap into a trillion-dollar market by 2030 if they can secure access to significantly more capital and infrastructure, including irrigation, to grow their food and compete in the global market. The new World Bank...

The application of two oil marketers to have the fraud charges preferred against them by the Economic and Financial Crimes Commission was quashed yesterday by a Lagos High Court in Ikeja. Aro Bamidele and Abiodun Bankole  alongside their company, ...

A total of 563.93 million shares worth N5.9 billion were traded in 5,682 deals on the Nigerian Stock Exchange on Wednesday. This was against the 631.17 million shares valued at N3.9 billion exchanged in 6,370 deals on Tuesday. The News Agency of Nigeri...

The desire of the Rivers Government  to complete on-going projects informed its decision to convert a N100 billion bond to loan, Gov. Chibuike Amaechi said in Port Harcourt on Friday. Amaechi made the clarification  shortly after signing into...

Alhaji Suleiman Barau, A Deputy Governor at the CBN, says the apex bank will ensure that the growth recorded in the banking sector is transmitted to real sector. Barau made the pledge in Lagos on Friday while delivering a paper on “Balancing Glob...

Market indices of the Nigerian Stock Exchange appreciated further by 1.12 per cent on Wednesday as some highly capitalised companies recording price gains.. The News Agency of Nigeria (NAN) reports that the All-share index appreciated by 373.07 points ...