Connect with us


BIG STORY

ATMs Loaded With Cash As N100 Withdrawal Fee Begins

Published

on

Banks have stocked their ATMs with cash as the N100 transaction fee began on March 1.

The Central Bank announced the revised ATM transaction charges in a circular dated February 10, 2025. According to the new structure, withdrawals from a customer’s own bank ATMs will remain free of charge.

However, customers using ATMs of other banks will incur a N100 fee for withdrawals of N20,000 or less at on-site ATMs — those located within or affiliated with bank branches.

Off-site ATMs situated outside bank premises, like those at shopping malls, fuel stations, and public spaces, will attract an additional surcharge of up to N500 per transaction.

For international ATM withdrawals, charges will be based on cost recovery, meaning customers will pay the exact fee applied by the international acquirer. The CBN also clarified that withdrawals below N20,000 from another bank’s ATM will still attract the N100 fee per transaction.

During a Sunday afternoon check in Lagos (by The Punch), banks were seen loading their ATMs with cash to prevent their customers from using other banks’ ATMs and paying the extra charge.

At the Wema Bank branch at Barracks Bus Stop along Funsho Williams Avenue, the ATMs displayed a message to other banks’ cardholders that they would be charged “N107.50 inclusive in addition to the stated amount.”

All four ATMs at the branch were loaded with cash. When asked about the new charge, a security officer at the bank said, “There was nothing they could do, as it was from the authorities.”

At a First Bank branch nearby, the ATMs informed non-customers attempting withdrawals, “The amount charged on your account may include a fee of N100 in addition to the requested amount.”

ATMs at Access Bank, Ojuelegba asked customers to confirm if they were willing to pay the N100 access fee before proceeding.

A Union Bank cardholder attempting to withdraw N10,000 was prompted with, “Please confirm if you wish to continue, Amount withdrawn: N10,000, access fee: N100, transaction amount: N10,100.”

At Zenith Bank near Empire Bus Stop, the ATMs displayed, “The amount charged to your account will include a fee of N107.50.”

Guaranty Trust Bank (GTBank) provided a detailed breakdown, stating, “Dear valued customer, in line with CBN’s directive, there will be a charge of N100 and N7.50 VAT for cash withdrawals of other banks’ cards on GTCo ATMs.”

Some customers expressed frustration over the additional charges.

A security worker, Eze Chinonso, said, “This is another cost I must pay to use my money. The cost of data has gone up and other costs as well. Honestly, this is squeezing an already stressed pocket.”

On social media platform X, user Opel Nnenna (@opelnnenna3) shared an email from a fintech firm, which partly read, “In line with the CBN’s recent review of ATM withdrawal fees, you will be charged the following fees by other banks when you make ATM withdrawals with your Kuda Card from this Saturday, March 1, 2025: Fee for withdrawals at ATMs on any bank’s premises. For every withdrawal of N20,000 or less that you make at an ATM located on any bank’s premises, the bank that owns the ATM will charge you a fee of N100. For withdrawals that exceed N20,000 within a day, you’ll be charged an additional fee of N100 for every extra N20,000 or less that you withdraw.”

Opel added, “I’m deeply concerned about the increasing banking charges imposed on Nigerian citizens by the Central Bank of Nigeria and the government. It seems unfair that citizens are being charged multiple fees. The economic hardship is becoming unbearable for most Nigerians. If the current administration and CBN leadership cannot effectively manage the country’s financial system in a way that serves the citizens, perhaps it’s time for new leadership with fresh perspectives. The CBN Governor should understand that citizens are suffering from these policies. These excessive charges are particularly burdensome, given the limited funds many Nigerians have in their accounts.”

The CBN advised customers to avoid the fees by using only their bank’s ATMs or alternative payment methods. The bank suggested, “You should withdraw money from your bank’s ATM (On-Us transaction) to avoid the transaction fees. Additionally, limiting your use of off-site ATMs is advisable to minimise the surcharge. Further, consumers can explore other payment channels such as mobile apps, POS devices for payments, etc.”

Meanwhile, the Trade Union Congress (TUC) and the Socio-Economic Rights and Accountability Project (SERAP) have called for the suspension of the charges.

The TUC, in a statement signed by its president, Festus Osifo, and Secretary-General, Comrade Nuhu Toro, said, “Our attention has been drawn to a circular from the CBN announcing an increase in ATM transaction fees, effective March 1, 2025. We say unequivocally: enough is enough. The Nigerian workers and the general public have endured relentless economic hardship under this administration. Every day brings a new burden—higher taxes, rising electricity tariffs, exorbitant call and data charges, and now, increased ATM fees. This government has failed to cushion the effects of its harsh economic policies, and the patience of Nigerians is wearing thin.”

On Sunday, SERAP urged President Bola Tinubu to instruct the CBN to suspend the charges, saying, “We’ve urged President Tinubu to direct the CBN to immediately suspend the ATM fee hike pending a court verdict on the matter. This is entirely consistent with the Nigerian Constitution 1999 [as amended], his oath of office, and promises to uphold the rule of law.”

BIG STORY

“JAPA”: Canada Increases Minimum Proof Of Funds To N17m For Immigrants

Published

on

Foreign nationals aiming to migrate to Canada through the Express Entry system will now need to meet a higher minimum financial requirement, following a recent update from Immigration, Refugees and Citizenship Canada (IRCC).

Based on the new guidelines effective from July 7, 2025, a single applicant is now required to show access to at least CAD $15,263 (about N17 million), an increase from the previous CAD $14,690. For a family of two, the new minimum required amount rises to CAD $19,001 (N21.2m).

This update in the financial threshold is part of IRCC’s annual review of settlement fund requirements, calculated at 50% of the low-income cut-off figures determined by Statistics Canada.

These funds are meant to prove that applicants can financially support themselves and their families after arriving in Canada.

Applicants must provide official letters from their financial institutions, printed on the bank’s letterhead. For those applying with a spouse, funds in joint accounts may be combined.

To stay eligible in the Express Entry pool, candidates must update their proof of funds in their profile no later than July 28, 2025. This update will not affect the original submission date and time of the profile, meaning it will not impact tie-breaker situations.

Proof of funds remains a mandatory requirement under both the Federal Skilled Worker Program and the Federal Skilled Trades Program. However, it is not required for applicants under the Canadian Experience Class or for those already authorized to work in Canada with a valid job offer, even under other Express Entry categories.

Submitting an Express Entry profile is only the initial step and does not guarantee permanent residency. IRCC continues to invite the highest-ranking candidates from the pool approximately every two weeks, using the Comprehensive Ranking System (CRS) to assess and rank applications.

Continue Reading

BIG STORY

UK Introduces eVisas For Nigerian Study, Work Visa Applicants

Published

on

The British High Commission in Abuja announced on Wednesday a new change in the United Kingdom’s immigration process for Nigerians applying for study and work visas.

Effective from 15 July 2025, most applicants in these categories will start receiving digital eVisas instead of the traditional visa stickers in their passports, according to a statement from the BHC.

The new policy applies only to applications submitted on or after 15 July 2025. Those who apply before that date will still follow the current process, which involves submitting a passport at a Visa Application Centre and receiving a vignette.

The statement reads, “From 15 July 2025, most individuals applying to enter the UK on study or work-related visas will no longer receive a physical visa sticker (vignette) in their passport. Instead, successful applicants will be issued an eVisa, a secure, online record of their immigration status. This change marks a major step in the UK Government’s transition to a modern, digital immigration system. This change applies only to study or work visa applications submitted on or after 15 July 2025. Applicants who apply before 15 July will continue with the current process, including leaving their passport at the Visa Application Centre and receiving a vignette. Visit visa applications will continue to receive the visa vignette sticker for the time being.”

Applicants are still required to visit a Visa Application Centre to provide biometric data.

Once approved, applicants will receive an email from UK Visas and Immigration with the decision and instructions for creating a UKVI account to access their eVisa.

The statement continues, “Despite the removal of the vignette for study or work visas, all applicants must still attend a Visa Application Centre to provide their biometric information as part of the visa processing procedure. Once a decision is made on their visa application, applicants will receive an email from UK Visas and Immigration with the outcome and instructions to create a UKVI account, to access their eVisa.”

Chargé d’Affaires at the British High Commission in Abuja, Gill Obe, stated, “We’re making it easier and faster for Nigerians to travel to the UK. From 15 July 2025, most people applying for study or work visas will get a digital eVisa instead of a visa sticker in their passport. This is a further big step to a fully digital UK immigration system, making the process more secure, more efficient, and more convenient for students, professionals, and families.”

She explained that not all applicants would be affected immediately.

“However, if you’re applying as a dependant, like a spouse or child, of someone who is studying or working in the UK or if you are applying for a visitor visa, you’ll still receive a visa vignette sticker in your passport for the time being,” she said.

The High Commission clarified that eVisas have already replaced Biometric Residence Permits for individuals granted leave for more than six months. Those with a UKVI account can use the “View and Prove” service to share their immigration status with third parties, such as employers or landlords in England.

To obtain an eVisa, applicants must apply online via the official UK government website (gov.uk), attend a Visa Application Centre to provide biometrics, take their passport home the same day if no vignette is required, and follow instructions in the decision letter, including creating and linking a UKVI account if needed.

Continue Reading

BIG STORY

BREAKING: Ganduje Appointed FAAN Board Chairman

Published

on

Former Kano State Governor Abdullahi Umar Ganduje has been appointed “Chairman of the Board of the Federal Airports Authority of Nigeria (FAAN),” shortly after resigning as “National Chairman of the All Progressives Congress (APC).”

The announcement was made on Tuesday at the official inauguration of newly appointed FAAN board members in Abuja.

Ganduje resigned from his role as APC national chairman last week, citing “urgent personal reasons.” He has been succeeded by Ali Bukar Dalori.

 

More to come:

Continue Reading



 

Join Us On Facebook

Most Popular