CBN, Banking & ATM Tax... So the CBN Governor has decreed that each ATM transaction shall henceforth attract a charge of N65. Clearly, providers of banking services exist to make profits for their shareholders. But regulatory powers are a public good. There is a legitimate question to be raised here: (how) does this serve the public good? This is a country that is heavily under-banked; banking penetration is low; retail banking is poor in many places. For these deficiencies, customers are to be levied what is in effect a financial services tax of N65 per withdrawal. And this in a country in which no bank recorded a loss in the last year. I do understand ATMs need a back-end. But if the banks are already profitable.... Does anyone know the figures for average trip to a cashpoint per customer p.a? Thatd give a sense of how much this tax is worth. With the level of hardship we have here, how many Nigerians can afford this tax? Id like to get a legal team to review this because there may be room to get the CBN to justify itself under the applicable rules of judicial review. Im willing to lose. Any takers? Chidi Anselm Odinkalu
Posted on: Wed, 20 Aug 2014 04:43:38 +0000
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