Nigeria: Lawmakers Urge CBN to Halt ATM Withdrawal Fee Hike

The House of Representatives has called on the Central Bank of Nigeria (CBN) to suspend its recent directive increasing ATM withdrawal charges.

This resolution followed a motion of urgent national importance moved by Rep. Marcus Onobun (Esan Central/West/Igueben Federal Constituency) in Abuja on Tuesday.

Onobun emphasized that higher ATM withdrawal charges could hinder financial inclusion by discouraging low-income earners from utilizing banking services.

He noted that Nigerians were already struggling with multiple economic challenges, including high inflation, increased fuel prices, electricity tariff hikes, and various banking and service fees.

The lawmaker cautioned that raising ATM withdrawal fees contradicts the CBN’s financial inclusion objectives.

“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 endorsed the motion, urging the CBN to suspend the increase in ATM withdrawal charges.