The House of Representatives has called on the Central Bank of Nigeria (CBN) to suspend its directive to increase ATM withdrawal charges.
This resolution was passed following a motion of urgent national importance presented by Rep. Marcus Onobun (Esan Central/West/Igueben Federal Constituency) during a session in Abuja on Tuesday.
Mr Onobun argued that the additional ATM withdrawal charges would further obstruct financial inclusion for Nigerians by deterring low-income earners from accessing banking services.
He noted that Nigerians are already facing a host of economic challenges, including soaring inflation, rising fuel prices, increased electricity tariffs, and numerous banking fees.
The lawmaker cautioned that raising ATM withdrawal charges would contradict the CBN’s financial inclusion agenda. Continue Reading…
He highlighted that the CBN’s recent circular has revised the ATM transaction fees outlined in Section 10.7 of the CBN Guide to Charges by Banks, Other Financial, and Non-Bank Financial Institutions.
This revision proposes an increase in ATM withdrawal charges and eliminates free ATM withdrawals for customers using ATMs from other banks, thereby imposing additional financial burdens on Nigerians.
Mr Onobun also pointed out that Section 10.7 of this Guide was last reviewed in 2019, when ATM transaction fees were reduced from N65 to N35 per transaction.
The Speaker, Rep. Tajudeen Abbas, along with the entire House, adopted the motion, urging the CBN to halt the increase in ATM withdrawal charges. Continue Reading…
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