A recent survey conducted by CUTS International has revealed that a significant majority of Ghanaians face challenges when using Automated Teller Machines (ATMs).

The survey, which involved 1,795 consumers across Ghana’s old 10 regions, found that 71% of respondents experienced ATM-related issues over the past three months.

These problems included technical malfunctions, power outages, and cash shortages.

Lack of Transparency

One of the major issues identified by the survey is the lack of transparency in ATM fee disclosures.

According to the report, 68% of respondents who used ATMs operated by other banks reported that they were not informed of additional charges prior to completing their transactions.

This contravenes the Bank of Ghana’s (BoG) Consumer Protection Directives, which require banks to disclose all applicable fees to customers.

The survey also found that consumers are often faced with ATM maintenance charges and per-transaction fees, even when using their own bank’s machines.

This has led to widespread dissatisfaction with ATM availability and fee transparency.

Consumers reported frequent downtimes, long queues, and a lack of information about charges when using third-party ATMs.

Proposed Reforms

In response to these findings, CUTS International has proposed four key reforms to enhance transparency and ensure fair treatment of consumers within the banking sector.

These reforms are:

– Allowing up to four free third-party ATM withdrawals per month
– Scrapping monthly ATM card maintenance fees for customers who primarily use their own bank’s ATMs
– Mandating on-screen display of all applicable fees before transaction completion
– Establishing and enforcing minimum ATM uptime standards, including penalties or compensation for non-compliance

Bank of Ghana’s Response

The Bank of Ghana has announced plans to review ATM charges, and CUTS International is urging prompt implementation of reforms to protect consumers.

The organization believes that these reforms will help to promote transparency and fairness in the banking sector, and ensure that consumers are treated with dignity and respect.