Bank Charges Discouraging Use Of ATMs – NISER

Bank Charges Discouraging Use Of ATMs – NISER
Prof. Olufemi Taiwo-NISER’s Director General

The Nigeria Institute of Social and Economic Research last yesterday, called on the Central Bank of Nigeria to discourage all unnecessary charges by Deposit Money Banks for the use of Automated Teller Machines and Point of Sales Terminal.

The Director-General of the institute, Prof Olufemi Taiwo, stated this while unveiling the findings of a study conducted on the effects of cashless banking policy on the performance of informal business in Nigeria

Speaking in Abuja at the third annual NISER National policy dialogue on social and economic development, Taiwo said apart from the cashless policy, the study also appraised the level of disaster risk preparedness in Nigeria and the response of manufacturing sector to government policies.

On cashless policy, he said while the adoption of the policy had improved employment level, sales volume, profit level and cost of production of informal business enterprises in Nigeria, network connectivity had become a major challenge to the success of the policy.

To enjoy the benefit of the policy, he said there was a need for the central bank to work with the telecommunication industry and the private sector investors to remove this impediment.

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