The House of Representatives has called on the Central Bank of Nigeria (CBN) to suspend the implementation of increased Automated Teller Machine (ATM) transaction charges, citing the current economic challenges facing the country.
This resolution followed the adoption of a motion of urgent public importance, sponsored by Marcus Onobun, the representative for Esan Central/Esan West/Igueben Federal Constituency in Edo State, during Tuesday’s plenary session.
Onobun addressed his colleagues on the floor, highlighting that the CBN, through a recent circular, had announced an increase in ATM withdrawal charges and the discontinuation of free ATM withdrawals for customers using ATMs of banks other than their own. This move, he argued, would impose additional financial burdens on Nigerians.
Under the new policy, customers withdrawing from their own bank’s ATMs will continue to enjoy free withdrawals. However, those withdrawing from ATMs of other banks located within the bank’s premises will incur a N100 fee for withdrawals of N20,000 or more. Similarly, customers using ATMs outside bank premises, such as those in malls, marketplaces, and other public spaces, will face a N100 fee, plus an additional surcharge of N500.
Onobun, a member of the Peoples Democratic Party, stressed that Nigerians are already struggling with multiple economic hardships, including high inflation, increased fuel prices, electricity tariff hikes, and numerous banking and service charges that reduce disposable income and negatively affect the well-being of citizens. He expressed concern that the new ATM charges would further hinder financial inclusion by discouraging low-income earners from accessing banking services, undermining the CBN’s financial inclusion objectives.
Furthermore, Onobun pointed out that while the banking sector continues to report significant profits, imposing additional charges on consumers without corresponding improvements in service delivery or infrastructure is unjustifiable.
The Speaker of the House, Tajudeen Abbas, who presided over the session, put the motion to a voice vote, and it was overwhelmingly supported by lawmakers. The House subsequently urged the CBN to immediately suspend the implementation of the policy, pending proper consultation with the relevant committees on Banking, Finance, and Financial Institutions.
