The House of Representatives has called on the Central Bank of Nigeria (CBN) to immediately suspend the implementation of the policy to increase Automated Teller Machines (ATM) charges pending proper engagement with its relevant committees on Banking, Finance, and Financial Institutions.
This followed the adoption of a motion on matters of urgent public importance moved by Rep. Marcus Onobun at the plenary on Tuesday.
The motion is coming after the deposit money banks (DMBs) have commenced the implementation of the charges.
DMBs had last weekend notified their customers about the new charges which took effect from March 1.
Presenting the motion, Rep. Onobun reminded the house that CBN had in its new circular reviewed the ATM transaction fees stipulated under Section 10.7 of the “CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions.”
The lawmaker said the apex bank prescribed an increase in ATM withdrawal charges and the discontinuation of the free ATM withdrawals for customers using other banks’ ATMs, imposing additional financial burdens on Nigerians.
Rep. Onubon informed that the said Section 10.7 of the guide was last reviewed in 2019, reducing ATM transaction fees from N65 to N35 per transaction.
He added, “According to this new policy, customers withdrawing from their banks’ ATMs will continue to enjoy free withdrawals.
“However, a fee of N100 per N20,000 withdrawals will be applied to customers from other banks transacting from ATMs within the bank premises. Similarly, customers from other banks transacting from ATMs outside the premises of the bank (malls, market places, and other public places) will be charged N100 and an additional surcharge of N500.
“The citizens of Nigeria are already grappling with multiple economic hardships, including high inflation, increased fuel prices, electricity tariff hike, and numerous banking and service charges that significantly reduce disposable income and negatively impact the economic welfare of citizens.
“The imposition of additional ATM withdrawal charges will further limit the financial inclusion of Nigerians by discouraging low-income earners from accessing banking services, thereby contradicting the CBN’s financial inclusion agenda.”
