The House of Representatives has called on the Central Bank of Nigeria to immediately suspend its new policy that increases ATM transaction charges and removes free withdrawals for customers using other banks’ ATMs.
The decision came after a motion was moved by Rep Marcus Onobun during a plenary session in Abuja.
The CBN’s new policy, which started on March 1, 2025, imposes a fee of N100 for every N20,000 withdrawal made by customers using other banks’ ATMs within bank premises. An extra N500 surcharge is also applied for transactions made outside bank premises, such as at malls, markets, and other public places.
Rep Onobun expressed concern that the new charges would add to the economic burden faced by Nigerians, especially those already struggling with high inflation, fuel price increases, and electricity tariff hikes.
“The citizens of Nigeria are already grappling with multiple economic hardships,” Onobun said. “Imposing additional ATM withdrawal charges will further discourage low-income earners from using banking services, contradicting the CBN’s financial inclusion agenda.”
He pointed out that despite the banking sector’s significant profits, there has been no matching improvement in service delivery or infrastructure.
“It is unjustifiable for banks to impose further charges on consumers without improving their services,” he added. “The government must protect citizens from exploitative financial practices that could worsen economic distress.”
The motion was referred to the committees on Banking, Finance, and Financial Institutions for further legislative review.
