The House of Representatives on Tuesday directed the Central Bank of Nigeria (CBN) to immediately suspend the implementation of its just revised hike in Automated Teller Machine (ATM) transaction charges and also stop the free ATM withdrawals for customers from other banks nationwide.
The Green Chamber of the National Assembly’s directive was sequel to a motion of urgent public importance moved by Hon. Marcus Onobun, who drew the attention of the House to a circular by the CBN on the revised banking transaction charges.
The legislators expressed their concerns on the revised charges in view of what they termed the additional financial burdens on Nigerians.
The House finally resolved that the apex bank should suspend the monetary policy pending proper engagement with its Committee on Banking, Finance, and Financial Institutions.
It would be recalled that the CBN had in a circular issued on February 10, 2025, announced that charges would apply anytime customers use the ATMs of banks other than theirs.
It stated: “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 CBN directed banks and other financial institutions to apply the charges with effect from March 1, 2025.
According to the circular, 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 N100 per every N20,000.
In addition, the CBN directed that 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 N500 per every N20,000 will apply in addition to the statutory N100 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.
It expressed optimism that “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.”
