Nigerian Lawmakers Push Back Against CBN’s ATM Fee Hike

Nigerian Lawmakers Push Back Against CBN’s ATM Fee Hike

In a move to protect Nigerians from additional financial burdens, the House of Representatives has called for the immediate suspension of the Central Bank of Nigeria’s (CBN) increase in ATM transaction charges. This decision was made on Tuesday, in response to the CBN’s new policy that imposes higher fees on customers who use ATMs from other banks ¹.

The lawmakers argue that the banking sector has continued to reap significant profits, making it unjustifiable to impose further charges on consumers without corresponding improvements in service delivery or infrastructure. They also point out that this policy would limit financial inclusion by discouraging low-income earners from accessing banking services, which contradicts the CBN’s financial inclusion agenda.

Here’s a breakdown of the new ATM fees:

Free withdrawals for customers using their bank’s ATMs
N100 fee for customers from other banks transacting from ATMs within the bank premises
N100 fee + N500 surcharge for customers from other banks transacting from ATMs outside the bank premises

The House of Representatives has urged the CBN to suspend the implementation of this policy until proper engagement with relevant committees can take place. With Nigerians already grappling with economic hardships, including high inflation and increased fuel prices, the lawmakers believe it’s essential to protect citizens from exploitative financial practices