Banks set new ATM withdrawal limits for customers below CBN's provision

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This followed reported cases of cash scarcity in some parts of the country in the second half of last year.

However, another GTBank in Egbeda has a daily cap of N50,000 for customers and N20,000 for non-customers. The withdrawal limit for Zenith Bank account holders is N100,000 per day at ATMs located at the company’s branches in Aguda and Festac, but non-customers can only withdraw N30,000 and N50,000, respectively.At its branches in Allen and Akowonjo, First City Monument Bank has an ATM withdrawal cap of N40,000 for account holders, while N20,000 is dispensed to non-customers per day.

First Bank of Nigeria also limited account holders’ ATM withdrawals to N40,000 daily, according to findings at its branches in Allen and Berger. However, account holders of Premium Trust Bank can withdraw N40,000 daily at the company’s ATMs in Allen and Adeola Hopewell branches but non-customers are only able to withdraw N10,000 and N40,000 to N50,000 per day, respectively.

Also, findings at Suntrust Bank, located in Sanusi Fafunwa, showed account holders are limited to N20,000 a day and non-customers can withdraw N20,000-N30,000 daily. TheCable also learnt that ATMs at Wema Bank branches in Oba Akran and Ojodu are dispensing N40,000 to account holders daily, but non-customers limit depends on their banks.In a notice to customers, seen by TheCable, Stanbic IBTC Bank advised withdrawals should be limited to one bank card per transaction when using the company’s ATM to avoid cash shortage.

Also, a top official in the banking industry — with knowledge of the withdrawal limits adopted by the banks — said financial technology firms are one of the reasons banks are limiting withdrawal at their ATMs. Commenting on the disparity in limit for its account holders and non-customers, Access Bank said the former are prioritised.


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