Business
SERAP Threatens Legal Action Over CBN’s New ATM Withdrawal Fees
- CBN told to cancel the recent increase in ATM transaction fees.
- SERAP Threatens to drag CBN to court
- SERAP said the new charges are unfair, illegal,
The Socio-Economic Rights and Accountability Project (SERAP) has asked the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, to cancel the recent increase in ATM transaction fees.
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SERAP said the new charges are unfair, illegal, and will make life harder for poor Nigerians.
They urged the CBN to ensure that its policies do not worsen poverty or violate people’s rights.
CBN
Recently, the CBN announced that withdrawing cash from an ATM outside a bank’s branch will now cost N100 per N20,000 withdrawn. Withdrawals from ATMs at shopping centers, airports, or standalone machines will cost N100 plus an extra charge of up to N500 per N20,000. These new fees will start on March 1, 2025.
In an open letter signed by SERAP deputy director Kolawole Oluwadare, the group said this increase will affect poor Nigerians the most and worsen the country’s growing poverty.
SERAP argued that wealthy banks and their shareholders should bear these costs, not the general public. They accused the CBN and commercial banks of prioritizing profits over the welfare of Nigerians.
The group also pointed out that President Bola Tinubu’s government has promised to fight poverty, yet this policy does the opposite.
SERAP gave the CBN 48 hours to cancel the new ATM charges. If the bank fails to act, they will take legal steps to force compliance.
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They warned that increasing ATM fees during an economic crisis will make life even harder for struggling Nigerians, especially when banks are making trillions in profits.
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