CUTS Worldwide Accra, a analysis and coverage assume tank, is looking on the Financial institution of Ghana (BoG) to deal with the rising burden of extreme ATM charges that unfairly penalize customers throughout the nation. Launched as a cornerstone of recent banking, Automated Teller Machines (ATMs) promised Ghanaians 24-hour entry to their funds and decreased congestion in banking halls. Nonetheless, unreliable companies and hidden fees are undermining these advantages, prompting pressing requires reform.
Appiah Kusi Adomako, West Africa Regional Director for CUTS Worldwide Accra, voiced the frustration of many Ghanaians, saying, “It’s deeply unfair to cost individuals further for utilizing one other financial institution’s ATM when their very own financial institution’s machine is damaged or out of money. Customers shouldn’t pay for issues they didn’t create.”
This sentiment is backed by the 2025 State of the Ghanaian Shopper report, a complete research by CUTS that surveyed 1,795 customers throughout the10 areas. The findings paint a troubling image: 71 p.c of respondents encountered ATM-related points up to now three months, together with technical glitches, energy outages, or money shortages. Of those, 44 p.c have been pressured to make use of third-party ATMs, with 68 p.c reporting they weren’t knowledgeable of extra charges earlier than finishing their transactions.
The dearth of transparency in payment disclosures is a significant grievance. In superior monetary methods, ATMs sometimes show fees earlier than a transaction is authorized, permitting customers to make knowledgeable selections. In Ghana, nonetheless, many customers solely uncover charges via debit alerts or financial institution statements, a follow that violates the BoG’s Shopper Safety Directives. Adomako emphasised, “Banks have a duty to be upfront about prices. Each Ghanaian deserves to know precisely what they’re being charged for after they use an ATM.”
The monetary burden of ATM charges is especially unjust given the operational financial savings banks take pleasure in. ATMs cut back the necessity for human tellers and ease strain on bodily branches, considerably slicing prices for monetary establishments. But, these financial savings are hardly ever handed on to customers, who face month-to-month upkeep charges or per-transaction fees, even when utilizing their very own financial institution’s machines. Adomako famous, “Banks profit immensely from ATMs, however as an alternative of rewarding clients with reasonably priced companies, they’re shifting prices onto them. This erodes belief within the banking system.”
Private tales mirror the broader knowledge. Many Ghanaians recount visiting a number of ATMs solely to seek out “Out of Order” indicators, forcing them to make use of third-party machines and incur sudden charges. Focus group discussions performed by CUTS revealed constant frustration with lengthy queues, frequent downtimes, and undisclosed fees. One participant shared, “You’re already harassed as a result of your financial institution’s ATM isn’t working, and then you definately get hit with a payment for accessing your individual cash from a distinct financial institution’s ATM. It appears like a punishment.”
CUTS Worldwide Accra welcomes the BoG’s latest dedication to overview ATM fees however urges swift and decisive motion. The group proposes 4 key reforms to guard customers and restore equity:
- Free Third-Occasion ATM Withdrawals: Mandate as much as 4 free third-party ATM withdrawals per 30 days to defend customers from charges when their financial institution’s machines are unavailable.
- Get rid of ATM Upkeep Charges: Section out month-to-month ATM card upkeep charges, significantly for patrons who use their financial institution’s ATMs completely, aligning Ghana with world greatest practices.
- Necessary Charge Disclosure: Require all ATMs to obviously show charges earlier than transactions are accomplished, empowering customers with transparency.
- Penalties for Downtime: Implement minimal ATM uptime requirements, with regulatory penalties or buyer compensation for banks that fail to keep up dependable companies.
Adomako concluded, “The Financial institution of Ghana should undertake a consumer-first method to make sure Ghanaians aren’t penalized for banking inefficiencies. Digital banking ought to imply comfort, affordability, and belief, not hidden prices.”
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DISCLAIMER: The Views, Feedback, Opinions, Contributions and Statements made by Readers and Contributors on this platform don’t essentially characterize the views or coverage of Multimedia Group Restricted.
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