The House of Representatives has called for the immediate suspension of the Central Bank of Nigeria’s (CBN) directive increasing ATM transaction charges for customers using other banks' ATMs.
Lawmakers argued that the policy, which raises withdrawal charges and discontinues free interbank ATM transactions, places an additional financial strain on Nigerians already struggling with economic challenges.
The House criticized the move, highlighting that the banking sector continues to record substantial profits while service delivery and infrastructure improvements remain inadequate. It deemed the additional charges unjustifiable and counterproductive to the CBN’s financial inclusion agenda.
According to the lawmakers, higher ATM withdrawal fees could discourage low-income earners from accessing banking services, further limiting financial inclusion efforts.
The decision followed a motion moved on Tuesday by Marcus Onobun, who highlighted that the CBN had recently revised ATM transaction fees under Section 10.7 of its Guide to Charges by Banks, Other Financial, and Non-Bank Financial Institutions.
Onobun noted that the section was last reviewed in 2019, reducing ATM fees from ₦65 to ₦35 per transaction. However, under the new policy:
- Customers withdrawing from their own bank’s ATMs will continue to enjoy free withdrawals.
- Customers using ATMs within another bank’s premises will be charged ₦100 per ₦20,000 withdrawal.
- Customers withdrawing from ATMs in public places (malls, markets, etc.) will face a ₦100 charge plus an additional ₦500 surcharge.
In its resolution, the House urged the CBN to immediately halt the policy’s implementation pending a thorough review with relevant committees on banking, finance, and financial institutions.
Lawmakers emphasized that Nigerians are already burdened by rising inflation, fuel price hikes, increased electricity tariffs, and multiple banking fees, all of which erode disposable income and worsen economic hardship.
They reaffirmed that the government has a duty to protect citizens from exploitative financial practices that could further destabilize the economy.
