Recently, The Bank Of Ghana gave a mandate to banks in Ghana to stop the Over-the-Counter withdrawal charge to their customers.
But, some commercial banks are raising worries about the mandate in regards to the abolishment of the charge.
The Central Bank recently gave a directive to banks and specialized deposit-taking institutions to nullify what it calls out of line expenses, charges and other practices in the financial sector.
However, Managing Director of Republic Bank Ghana, Farid Antar disagrees with the Central Bank’s order, saying the over the counter withdrawal charge was intended to fill in as disincentive for customers to use the ATMs.
As indicated by Farid Antar, the one that may be a little bit of an issue for the banks is that, they charge a fee for customers coming into the bank to withdraw cash when they have an avenue external to the bank.
The Bank of Ghana noticed that a few banks and concentrated store taking organizations force correctional charges on customers who withdraw their own funds from banking halls.
The explanation by the Republic Bank MD credited to the practice was to urge customers to use digital platforms available to lessen blockage at the financial corridors.
Mr. Antar has underscored the need for Ghanaian organizations to make the most of the chances given by the African Continental Free Trade Area (AfCFTA) through the appropriation of innovation to extend their operations.