- Reps direct CBN to suspend increased ATM charges.
- Lawmakers say the policy worsens financial hardship and limits financial inclusion.
- They argue banks impose charges despite making huge profits with poor service.
The House of Representatives has directed the Central Bank of Nigeria (CBN) to immediately suspend the implementation of its recent policy increasing ATM withdrawal charges and removing free withdrawals for customers using other banks’ ATMs.
The directive followed a motion of urgent public importance sponsored by Marcus Onobun (PDP, Edo) on Tuesday.
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EKO HOT BLOG reports that Onobun highlighted that the new CBN circular revises ATM transaction fees under Section 10.7 of the Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions.
The revision increases ATM withdrawal charges and eliminates free withdrawals for customers using other banks’ ATMs, a move he described as an additional financial burden on Nigerians.
According to him, the last review of this section in 2019 had reduced ATM transaction fees from N65 to N35 per transaction. However, under the new directive, customers withdrawing from their bank’s ATMs will still enjoy free withdrawals, while those using other banks’ ATMs within bank premises will pay N100 per N20,000 withdrawal.
Transactions at ATMs outside bank premises, including malls and markets, will attract N100 plus an additional N500 surcharge.
Onobun argued that Nigerians are already facing multiple economic hardships, including inflation, fuel price hikes, electricity tariff increases, and excessive banking charges.
He warned that the new policy could discourage financial inclusion by making banking services less accessible to low-income earners, contradicting the CBN’s inclusion agenda.
He also noted that banks continue to record significant profits, yet customers are subjected to additional charges without corresponding improvements in service delivery. He urged the government to protect citizens from exploitative financial practices that could worsen economic hardship.
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