House Of Representatives Calls For Suspension Of Increased ATM Charges.
The House of Representatives has passed a resolution urging the Central Bank of Nigeria (CBN) to suspend its recent policy on increased Automated Teller Machine (ATM) transaction charges and the removal of free withdrawals for customers using other banks’ ATMs.
The resolution followed a motion of urgent public importance moved by Marcus Onobun, who highlighted concerns over the financial burden the policy would place on Nigerians. Lawmakers expressed worries that the new charges would further strain citizens already grappling with economic challenges.
The House has now called on the CBN to halt the implementation of the policy until thorough discussions are held with relevant committees on banking, finance, and financial institutions.
On 10 February 2025, the CBN announced that customers would be charged whenever they use ATMs of banks other than their own. The previous allowance of three free withdrawals per month for such transactions was also scrapped.
Under the revised charges set to take effect from 1 March 2025, withdrawals from other banks’ ATMs will incur a ₦100 fee per ₦20,000 withdrawn. For off-site ATMs located in places such as shopping malls and restaurants, an additional surcharge of up to ₦500 per ₦20,000 will apply, along with the statutory ₦100 charge.
The CBN attributed the new charges to rising operational costs and the need to enhance ATM service efficiency. Despite facing public criticism, the apex bank insists the policy is designed to benefit both customers and financial institutions by encouraging more ATM deployments.
With the House of Representatives stepping in, attention now turns to the CBN’s response and whether it will engage stakeholders before implementing the policy.
