In a bold move to shield Nigerians from excessive banking fees, the House of Representatives has demanded the immediate suspension of the Central Bank of Nigeria’s (CBN) recent hike in ATM transaction charges. Lawmakers condemned the policy, arguing that it unfairly burdens citizens already struggling with inflation, fuel price hikes, and rising electricity tariffs.
The controversial policy not only increases withdrawal fees but also removes free ATM withdrawals for customers using other banks’ ATMs. Lawmakers warned that this move contradicts the CBN’s financial inclusion goals, as it could discourage low-income earners from using banking services.
During Tuesday’s plenary, Hon. Marcus Onobun led the charge against the policy, highlighting that under the new regulations, customers withdrawing from ATMs outside bank premises—such as malls and marketplaces—would face an N100 fee plus an additional N500 surcharge. Even withdrawals from other banks’ ATMs within bank premises would now attract a N100 charge per N20,000 transaction.
The House called on the CBN to halt the implementation of the policy and engage with relevant committees on banking, finance, and financial institutions. Lawmakers insisted that with banks posting record profits despite poor service delivery, it is unjust to impose additional costs on Nigerians struggling to make ends meet.
The ball is now in the CBN’s court. Will the apex bank heed the lawmakers’ warning, or will Nigerians be forced to bear yet another financial strain?