Suspend ATM Charges Hike, Reps Tell CBN
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. On February 10, 2025, the apex bank announced that charges would apply anytime customers use the ATMs of banks other than theirs. “The three free monthly withdrawals allowed for remote-on-us (other bank’s customers/not-on-us consumers) in Nigeria under Section 10.6.2 of the Guide shall no longer apply,” 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 won’t be charged, customers withdrawing from the ATM of other banks would now be charged ₦100 per every ₦20,000. The CBN said for off-site ATMs — automated teller machines not on a bank’s premises – like those at shopping malls, eateries and other public places — a surcharge of not more than ₦500 per every ₦20,000 will apply in addition to the statutory ₦100 fee for withdrawals by customers of other banks’ ATMs. The apex bank attributed the reviewed charges to rising costs and the need to improve the efficiency of ATM services in the country. “This review is expected to accelerate the deployment of ATMs and ensure that appropriate charges are applied by financial institutions to consumers of the service,” 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.
Admin | 2025-03-11 17:37:40