Professor Uju Ezenekwe of Nnamdi Azikiwe University, Awka has urged the Central Bank of Nigeria, CBN, to drop the proposed increase in charges of Automated Teller Machine, ATM, transaction fee, saying it contradicts financial inclusion and will increase financial burden on low income earners already struggling with rising cost of living.
Correspondent, Chukwuemeka Modilim reports that the Professor of Development and Health Economy noted that the move will favour financial institutions; as it will increase their profitability, but will increase high cost of living and eat deep into the businesses of low income earners.
On his part, Mr Emeka Ezekwem, who runs a Point Of Sale, POS, service, appealed to the CBN to jettison the policy because all financial transactions will now return to commercial banks, which he said will compel those in POS business to drop it, thereby leading to loss of jobs.
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