In recent developments, Deposit Money Banks (DMBs) in the Federal Capital Territory have significantly raised their maximum over-the-counter withdrawal limit to N50,000 per day. Journalistic findings from The PUNCH indicate that this increase stems from a response to enhanced cash availability, a shift from the previous cap of N5,000 just a month prior. Banks such as Guaranty Trust Bank and Zenith Bank have been at the forefront of this change, signaling a more favorable banking environment for customers who have been grappling with restrictive withdrawal limits in recent times.
During a survey at a GTBank branch on Airport Road, it was revealed that while customers could withdraw N50,000 over the counter, the limit at Automated Teller Machines (ATMs) remained considerably lower at N20,000. An official from the bank noted that the increase in limits is directly linked to an improved cash supply. The official succinctly stated, “We now have more cash and that is why we are giving out more money,” emphasizing the role of liquidity in the banking operations and the subsequent loosening of withdrawal restrictions.
However, the raise in withdrawal limits by banks does not translate into a reduction of service charges imposed by Point of Sales (POS) operators. Currently, these operators maintain their fee structures, charging N800 for transactions of N20,000 and N2,000 for those of N50,000. Faith, a POS operator, expressed skepticism regarding the relationship between increased bank withdrawal limits and potential decreases in service fees, stressing that consistency in cash supply, rather than temporary adjustments, is essential for any real changes in service charges.
Faith elaborated on her perspective by asserting that without a stable and reliable cash supply, there is no incentive for POS operators to lower their fees. She stated, “How will I reduce my charges because banks are now giving N50,000? Let it be stable first, then it would reduce.” This highlights an important aspect of the current banking and cash withdrawal landscape, where the interplay between cash availability and fee structures remains complex and far from straightforward.
The backdrop of these changes is shaped by the ongoing challenges faced by the banking sector, particularly in relation to cash management and customer access to funds. The recent enhancements in withdrawal limits may provide some relief to customers who previously faced significant constraints, showcasing efforts by banks to adapt to liquidity changes. Nonetheless, the situation reiterates the broader issues of financial accessibility and the impact of associated service charges which have implications for everyday consumers navigating these financial systems.
In conclusion, while the increased withdrawal limit to N50,000 reflects a positive shift for depositors in the Federal Capital Territory, it also opens up discussions regarding the relationships between banks and POS operators, as well as the need for improved stability in cash supply systems. As the banking landscape continues to evolve, the challenges surrounding fees and cash accessibility will require continued attention and negotiation among all stakeholders involved in the financial ecosystem.
