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House of Representatives
March 11, 2025
The House of Representatives has urged the Central Bank of Nigeria (CBN) to suspend its directive increasing ATM withdrawal charges.
Onobun said that additional ATM withdrawal charges would further limit the financial inclusion of Nigerians by discouraging low-income earners from accessing banking services.
He said that Nigerians were already grappling with multiple economic hardships, including high inflation, increased fuel prices, electricity tariff hikes, and numerous banking and service charges.
The lawmaker warned that an increase in ATM withdrawal charges would be a contradiction of the CBN’s financial inclusion agenda.
“Aware that CBN in its new circular, has 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.
“Prescribing an increase in ATM withdrawal charges and a discontinuation of the free ATM withdrawals for customers using other banks’ ATMs.
“Thereby imposing additional financial burdens on Nigerians.
“Also aware that the said Section 10.7 of this Guide was last reviewed in 2019.
“Reducing ATM transaction fees from N65 Naira to N35 per transaction,” he said.
The Speaker, Rep. Tajudeen Abbas and the entire House adopted the motion, thereby urging the CBN to suspend the increase in ATM withdrawal charges. (NAN)
