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Home ยป Why Reps Want CBN to Suspend ATM Fee Hike

Why Reps Want CBN to Suspend ATM Fee Hike

Destiny Eseaga by Destiny Eseaga
March 12, 2025
in Finance
0
ATM in Nigeria - ATMS and POS | CBN policy
ATM

ATM

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Following a motion of urgent public importance, the House of Representatives has passed a resolution calling for the suspension of the increase in Automated Teller Machine (ATM) transaction charges and the stoppage of free ATM withdrawals for customers from other banks in Nigeria.

The motion moved by a member, Marcus Onobun, drew the attention of the House to a circular by the Central Bank of Nigeria to that effect.

Lawmakers were worried that this would impose additional financial burdens on Nigerians.

The House asked the CBN to suspend the policy pending proper engagement with the relevant committees on banking, finance, and financial institutions.

Recall on February 10, 2025, the CBN announced that charges would apply anytime customers use the ATMs of banks other than theirs.

โ€œThe three free monthly withdrawals allowed for remote-on-us (other bankโ€™s customers/not-on-us consumers) in Nigeria under Section 10.6.2 of the Guide shall no longer apply,โ€ the bank said in a circular to financial institutions.

The CBN directed banks and other financial institutions to apply the following charges with effect from March 1, 2025.

The apex bank said while customers withdrawing at the ATMs of their banks and financial institutions wonโ€™t be charged, customers withdrawing from the ATM of other banks would now be charged โ‚ฆ100 per every โ‚ฆ20,000.

The CBN said for off-site ATMs โ€” automated teller machines not on a bankโ€™s premises โ€“ like those at shopping malls, eateries and other public places โ€” a surcharge of not more than โ‚ฆ500 per every โ‚ฆ20,000 will apply in addition to the statutory โ‚ฆ100 fee for withdrawals by customers of other banksโ€™ ATMs.

The apex bank attributed the reviewed charges to rising costs and the need to improve the efficiency of ATM services in the country.

โ€œThis review is expected to accelerate the deployment of ATMs and ensure that appropriate charges are applied by financial institutions to consumers of the service,โ€ the circular stated.

Criticisms have trailed the new policy but the apex bank insisted that its policy is mutually beneficial to customers and commercial banks.

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Destiny Eseaga

Destiny Eseaga

My name is Destiny Eseaga, a communication strategist, journalist, and researcher, deeply intrigued by the political economy of Nigeria and the broader world context. My passion lies in the world of finance, particularly, capital markets, investment banking, market intelligence, etc

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