The Nation Newspaper

Tag: ATM

  • Banker charged with alleged theft of N3m from ATM

    The State Criminal Investigation and Intelligence Department (SCIID), Panti-Yaba, Lagos yesterday charged a  Bank worker, Mrs. Chinonye Okafoagu, for allegedly stealing N3 million from an Automated Teller Machine (ATM).

    Okafoagu, 33, was arraigned before Chief Magistrate A. O. Salawu of an Ebute-Meta Chief Magistrates’ Court, on a four-count charge of conspiracy, stealing, forgery and false modification of ATM data.

    The police, in a charge marked N/73/2017, alleged that the banker and others now at large, committed the offence on March 7, last year, at the FESTAC branch of the bank.

    The defendant allegedly, without lawful authority, modified the ATM’s data and stopped the machine from dispensing money, “in a bid to steal the N3m”.

    According to the police, she misrepresented herself as, Elizabeth, the woman authorised to handle the bank’s ATM on the said date, and appended her signature in the ATM loading staff register, which she presented to the bank’s management.

    The alleged offences contravene and are punishable under sections 409, 285(7), 389(1), and 365(1) of the Criminal Laws of Lagos State, 2015.

    Okafoagu pleaded not guilty.

    Chief Magistrate Salawu granted her N500,000 bail with two sureties in the like sum.

    She adjourned the case till September 25, for trial.

  • ATM queues

    •Sad reminder of the ‘tally number’ banking era 

    For Nigerians familiar with long queues in the banking halls of yore, the ubiquitous queues at the Automated Teller Machines’ cash points would conjure a familiar memory – a throwback to the period of ‘tally-number’; of customers frantically seeking to withdraw cash in what was oftentimes, a less-than-seamless process of across-the-counter transactions in the atmosphere of bedlam.

    Now, three decades after the Automated Teller Machine (ATM) was introduced into the Nigerian financial market to relieve the bank customer of that burden of frustration, the queues have staged a comeback – from the banking halls to cash-dispensing tills.

    The story across the federation is virtually the same: where the machines – which are supposed to dispense cash to the customers whenever they need them – have not only broken down, they are more often than not, out of cash. Many of course are known to have been abandoned by their owners for reasons that are hard to fathom – leaving the few that manage to work with long queues.

    It is worse at weekends and public holidays – during which time bank doors are not open for business. Whether in the cities or far flung rural areas where a few of the machines are to be found, the story of frustrations is the same. During last week’s Eid-el-Kabir celebrations for instance, there were reports of customers spending 50 minutes or more on the queue before making withdrawals; the less lucky ones reportedly left the cash tills frustrated when the cash ran out, just as there were countless others whose accounts were wrongly debited even when no cash was dispensed.

    Just as obtains all over the world, the ATMs have since become vital elements in citizens’ transaction culture. Indeed, right from when the first set of the machines were installed by National Cash Registers (NCR) for the defunct Societe Generale Bank in 1987, its acceptance by the banking public – whether in the rural or the urban centres – has been phenomenal mostly for the reasons that their presence relieves citizens of the burden of carrying cash around while also ensuring that daily cash emergencies are met with ease and at minimum inconvenience.

    Proof of this is the surge in the value of ATM withdrawals. From N3.97 trillion in 2015 for instance, it surged to N4.7 trillion in 2016 – a jump of 22.5 percent. Clearly, if that trend is any confirmation of how much the services have enjoyed wide acceptance as well as the potential for growth in the foreseeable future, the least we expect is that the banks will seek to match their pace with the demand at any given time. Part of this is that the machines would be in their utmost serviceable conditions at all times and be well stocked with cash.

    That this is not currently the case should worry the Bankers Committee as a body; indeed, that the ATMs are fast turning into white elephants at a time of growing demand should stoke serious concerns. Moreover, that Nigerians are denied access to what is ordinarily a basic service by their financial services providers through willful negligence reflects, both on the individual bank’s poor culture of maintenance, and cash management.

    The banks should therefore consider the removal and replacement of the non-functional machines as priority. This is even more so that these are value added services for which the bank customer is charged a fee. We do also think that there should be better mechanisms to ensure that the ATMs are constantly maintained. Considering that the existing ATMs are not enough, the banks, through their forum – the Bankers Committee – should consider ways of fast-tracking the deployment of more machines to bridge the gaps.

  • World’s first ATM marks 50th birthday

    World’s first ATM marks 50th birthday

    The world’s first Automated Teller Machine (ATM),a technology which brought transformation in the way people obtained and used cash, yesterday clocked 50 years.

    According to the Metro News, the world’s first ATM was unveiled by Barclays at its Enfield branch in North London on June 27, 1967.

    As a tribute to the golden anniversary, Barclays transformed the ATM at its Enfield branch into gold, added a commemorative plaque and placed a red carpet in front for its users.

    The original ATM was the brainchild of Scottish inventor Shepherd-Barron, and was commissioned by Barclays to create six cash dispensers, the first of which was installed at Enfield.

    English actor Reg Varney, who starred in the British TV comedy show “On The Buses”, was the first person to withdraw cash from the new machine.

    The ATM was designed to transform people’s ability to manage their finances by giving customers access to cash outside bank branch opening hours.

    Despite the rise in other new technologies such as online and mobile banking, the ATM remains popular 50 years on.

  • Long queues at ATM points, bank halls in Jos after holidays

    Long queues at ATM points, bank halls in Jos after holidays

    ATM cash dispensing points and bank halls witnessed long queues in Jos, the Plateau capital, as business activities resumed while workers returned to work after the Eid-el Fitr holiday.

    Correspondents of the News Agency of Nigeria (NAN), who went round the city, observed that some ATM points were not dispensing, putting pressure on the few that were doing so.

    At the Ahmadu Bello Way in Teminus area, anxious customers were seen waiting for their turns to make withdrawals, with some of the customers telling NAN that they had just returned from their villages and needed “a little cash”.

    “I am just returning from Langtang and want to get some money before going to the hostel,” Martins Agai, a student of the University of Jos, told NAN.

    A housewife, Larai Mashat, who sells hand bags, told that NAN she closed her shop since Friday and traveled to Bokkos for the break.

    “I have just returned and want some money to meet immediate domestic needs,” she said.

    The story was the same at the banking halls with many people depositing proceeds from sales made during the break.

    A middle-aged woman, who refused to disclose her name, said she was in the bank to deposit monies collected during Church service on Sunday.

    At the Secretariat branch of First Bank, NAN met a long queue of customers undergoing the usual screening process before being allowed in, with the situation even rowdier inside the hall as customers struggled through bodies to undertake one transaction or the other.

    A visit to some offices, especially at the State and Federal secretariats, showed that people had returned to work after the weekend that dovetailed into the two-day holiday on Monday and Tuesday.

    NAN noticed heavy vehicular and human traffic at both secretariats as the refreshed workers resumed normal activities after the break.

    Mr Pam Dung, a civil servant, who works with one of the state ministries, told NAN that he was happy to be back to work after the break.

    “I am happy to be back after the break; I am fully refreshed, both mentally and physically, and ready to give my very best,” he said.

    Mrs. Sarah Aji, another civil servant, said that she used the break to reflect on her life and the future of her children.

    “Now that I am back, I am very determined to put in my best toward a better Plateau and Nigeria,” she said.

    At the Federal secretariat, the scenario was the same as workers were seen at their duty posts, while eateries closed during the break, roared back to life.

  • Cashless Policy: CBN suspends charges on large withdrawals

    Cashless Policy: CBN suspends charges on large withdrawals

    The Central Bank of Nigeria (CBN) has directed Deposit Money Banks to suspend charges on over-the-counter or ATM withdrawals of above N500,000 or deposit of same amount.

    The apex bank’s Director, Banking and Payments System Department, Mr Dipo Fatokun, in a circular dated April 20, 2017, said all the charges introduced in February, and meant to take effect from April 1, 2017, have been dropped.

    “For further clarification, the existing policy prior to the announcement of the new policy as earlier implemented in Lagos, Ogun, Kano, Abia, Anambra, Rivers states and the FCT shall remain.

    “For the avoidance of doubt, the old charges to be reverted to are as follows: Individual charges on withdrawals or lodgment limit is now three per cent.

    “Corporate accounts will be charged five per cent for withdrawal or lodgment of over N3 million cash.

    “Henceforth, nothing will be charged as processing fees for lodgments,” he said.

    Fatokun directed banks to make all necessary refunds to customers with immediate effect.

    The News Agency of Nigeria (NAN) recalls that the CBN in February announced its plan to extend the Cashless Policy to all the remaining states of the Federation by Oct. 1, 2017, to enhance the efficiency of payment systems.

    This policy, which received a lot of backlash from market analysts, was to commence in phases within the country with effect from April 1, 2017.

    The policy introduced charges on the cumulative cash withdrawals or deposits per customer per day, irrespective of the channels used either over-the-counter or ATM.

    The charges for individuals was two per cent for withdrawals above N500,000 to N5 million, 1.5 per cent on deposits for N500,000 to N1 million, and three per cent on deposits above N1 million to N5 million.

    Also, individual withdrawals above N5 million was to incur a 7.5 per cent charge.

    Similarly, corporate accounts were also to incur a charge of two per cent on withdrawals ranging from N3 million to N10 million, while withdrawals of that amount would be at a five per cent charge.

    Over-the-counter deposit of above N10 million to N40 million was to attract a three per cent charge and 7.5 per cent on withdrawals, while above N40 million attracts five per cent on deposits and 10 per cent on withdrawals.

    However, the policy exempted Revenue-Generating Accounts of the Federal, State and Local Governments, Ministries, Departments and Agencies of Government from cash deposit charge.

    Also, accounts of Embassies, Diplomatic Missions, Multilateral, Aid Donor Agencies in Nigeria, Microfinance banks and Primary Mortgage Institutions were exempted from the cash deposit and withdrawal charges

  • Cashless Policy: CBN suspends charges on large withdrawals

    Cashless Policy: CBN suspends charges on large withdrawals

    The Central Bank of Nigeria (CBN) has directed Deposit Money Banks to suspend charges on over-the-counter or ATM withdrawals of above N500,000 or deposit of same amount.

    The apex bank’s Director, Banking and Payments System Department, Mr Dipo Fatokun, in a circular dated April 20, 2017, said all the charges introduced in February, and meant to take effect from April 1, 2017, have been dropped.

    “For further clarification, the existing policy prior to the announcement of the new policy as earlier implemented in Lagos, Ogun, Kano, Abia, Anambra, Rivers states and the FCT shall remain.

    “For the avoidance of doubt, the old charges to be reverted to are as follows: Individual charges on withdrawals or lodgment limit is now three per cent.

    “Corporate accounts will be charged five per cent for withdrawal or lodgment of over N3 million cash.

    “Henceforth, nothing will be charged as processing fees for lodgments,” he said.

    Fatokun directed banks to make all necessary refunds to customers with immediate effect.

    The News Agency of Nigeria (NAN) recalls that the CBN in February announced its plan to extend the Cashless Policy to all the remaining states of the Federation by Oct. 1, 2017, to enhance the efficiency of payment systems.

    This policy, which received a lot of backlash from market analysts, was to commence in phases within the country with effect from April 1, 2017.

    The policy introduced charges on the cumulative cash withdrawals or deposits per customer per day, irrespective of the channels used either over-the-counter or ATM.

    The charges for individuals was two per cent for withdrawals above N500,000 to N5 million, 1.5 per cent on deposits for N500,000 to N1 million, and three per cent on deposits above N1 million to N5 million.

    Also, individual withdrawals above N5 million was to incur a 7.5 per cent charge.

    Similarly, corporate accounts were also to incur a charge of two per cent on withdrawals ranging from N3 million to N10 million, while withdrawals of that amount would be at a five per cent charge.

    Over-the-counter deposit of above N10 million to N40 million was to attract a three per cent charge and 7.5 per cent on withdrawals, while above N40 million attracts five per cent on deposits and 10 per cent on withdrawals.

    However, the policy exempted Revenue-Generating Accounts of the Federal, State and Local Governments, Ministries, Departments and Agencies of Government from cash deposit charge.

    Also, accounts of Embassies, Diplomatic Missions, Multilateral, Aid Donor Agencies in Nigeria, Microfinance banks and Primary Mortgage Institutions were exempted from the cash deposit and withdrawal charges.

  • Man charged with ATM card theft

    Man charged with ATM card theft

    A 40-year-old man, Emmanuel Ogheneare, who allegedly stole an Automated Teller Machine (ATM) card under false pretence, was on Monday arraigned in  an Igbosere Magistrates’ Court in  Lagos.

    Ogheneare, whose address was not given, is standing trial on a three-count charge of conspiracy, stealing and fraud.

    The prosecutor, Sgt. Okete Ejime, told the court that the accused committed the alleged offence on Feb. 7, 2016, at 3:40p.m., in Lagos.

    He said that the accused conspired with others still at large to fraudulently obtain a First Bank ATM card with No. 36782266408, belonging to Mrs Mabel Agbale.

    Ejime said that the accused pretended to assist Mrs Agbale to withdraw some cash, and  instead, swapped the ATM card with an intention to commit a crime.

    The prosecutor said that the accused stole the ATM card and used it to withdraw N830, 000.

    “The money stolen belonged to Agbale,’’ the prosecutor said.

    He said that the offence contravened Sections 285, 404 and 409 of the Criminal Law of Lagos State, 2011.

    The accused, however,  pleaded not guilty to all the three –count  charge.

    The Magistrate, Mrs G. O. Oghire, granted the accused  N100, 000 bail with two sureties in like sum.

    She said that the sureties must show evidence of  one year tax payment to the Lagos State Government, must be gainfully employed and their addresses must be  verified.

    The case was adjourned till March 30 for mention.

  • Suspected ATM robbers held

    Suspected ATM robbers held

    A 25-year-old man, Gbenga Babatunde, has been arrested by Rapid Response Squad (RRS) operatives for alleged robbery. He has reportedly confessed to robbing about 35 Automated Teller Machine (ATM) users at Alaba Rago Market in Ojo.

    Babatunde was caught at the weekend when a woman he allegdly attempted to dispossess of her cash at gun point fled but later returned with some policemen.

    Babatunde’s accomplice, identified as Samson Baba Ramadan, 28, escaped, but he was arrested with a cut-to-size locally made gun and two live cartridges.

    It was gathered that the police also recovered a First Bank mastercard belonging to Iweka Christopher Uchenna and Diamond Bank debit card owned by Nkechi Esther Idoko from him.

    According to the police, the suspect confessed that his accomplice lured him to robbery, adding that they usually laid ambush for ATM users around 4am.

    He said: “I have been in the crime since I met my colleague, Samson Baba Ramadan. I met him at Field Joint, Alaba, two years ago and since then we have been working together.

    “We have robbed about 35 people together. We get to the ATM point by 4am. We would hide inside the shop that is not open beside the ATM point. As soon as the withdrawer collects money, we accost him or her and collect the money and escape.

    “The last money we collected was N40,000. We collected N12,500 on Friday. This morning (Saturday), we wanted to collect money from a lady but she ran away. We thought she had gone, not knowing that she went to inform RRS.

    “This was around 5am. They pursued us and arrested me but my partner escaped. I don’t go home. I sleep in Osankwa Hotel, Alaba Rago. It is only whenever I don’t have money that I go home. I have no wife and no child.”

    The command’s spokesperson, Dolapo Badmos, a Superintendent of Police (SP) confirmed the arrest, adding that the case has been transferred to the State Criminal Investigation and Intelligence Department (SCIID).

  • Man killed after collecting cash from ATM in Akoko

    Man killed after collecting cash from ATM in Akoko

    Unknown gunmen have killed a 50-year old indigine of Oke-agbe Akoko in Ondo state who came home from Lagos to spend his annual leave with his people in the community.

    The man, identified as Niyi Aremo, who was a landlord in lagos, on the fateful told his people that he wanted to go to Ikare- Akoko Automatic Teller Machine (ATM) centre to withdraw some money but met many customers at the centre which forced him to move to Akungba for the transaction.

    He was equally decided to see his childhood friend in the town.

    Sources said it was after he withdrew the money, his friend volunteered to take him back to Ikare on his bike.

    However, It was learnt that he did not return to Okeagbe and his family members were worried about his whereabouts, as his phone was dead.

    According to a source, it was somebody who knew him that came to identify him, screaming in his pool of blood near a popular hotel ln Ikare Akoko.

    Police were said to have been quickily alerted and taken to a private hospital where he died.

    His friend at Akungba was said to have been quizzed by the Police in Ikare-Akoko.

    The Divisional Police Officer(DPO)in Akoko North East was not around for comments, but one of the senior officers said his men would fish out the culprits.

    The Okeagbe-Akoko home of the deceased was in mourning mood.

    Sources said the deceased was the only son of his mother while his late father, Aremo was a notable herbalist who assisted many people in the community.

    One of Niyi’s relatives, Mrs Felicia Agbaje urged the police to do thruogh investigation in order to bring the perpetrators of the dastardly act to book.

  • Residents groan as ATMs go ‘cashless’ in Ibadan

    Residents groan as ATMs go ‘cashless’ in Ibadan

    Thousands of residents of Ibadan, the Oyo State capital, have continued to lament the difficulties in getting money from Automatic Teller Machines (ATMs).
    The situation was worse on Sunday and Monday. It continued yesterday with many residents on long queues battling to withdraw money to no avail.
    Messages such as “Unable to dispense”; “Temporarily out of service”; “Card issuer unavailable” and “Network unavailable” were displayed after attempts to withdraw money from the machines.
    A bank worker, who pleaded for anonymity, said the problem has to do with liquidity, which was affecting all the monetary system (Interswitch).
    “It is good the public know what is happening. At least, the apex bank will know the seriousness of the problem. Of what benefit is it that depositors who need their money cannot get it. Well, we hope the situation can be rectified soon,” he said.
    A businessman in Ibadan, who gave his name as Adetayo Oke, expressed displeasure over the difficulties to get money when needed most, adding that not more than seven ATMs were visited between Monday and yesterday without making any withdrawal.
    He said before he could make withdrawal , he has to travel to another area of the city where an ATM with several people on queue was dispensing cash.
    “This kind of situation is not encouraging at all . That is punishment for no reason. Many people will have to stay under the scorching sun for several hours before making a withdrawal.
    This ugly situation started from the eve of christmas with many people searching for ATM that is dispensing cash but none could be found. I myself thought it was a joke until I ran out cash on Christmas Day and as you can see, am still on the queue after visiting many ATMs. “, Oke lamented yesterday.
    Areas visited in the city yesterday with ATM not functioning included Orita Challenge, Iwo road, Apata, Sango and Eleyele areas of the city.
    Only few ATMs were dispensing cash in other areas with long queues.