Calls for the investigation of Charges and Stop Free ATM Withdrawals for Customers from Other Banks in Nigeria..
The House of Representatives has in a landmark move suspended the New CBN policy seeking to increase ATM transaction charges and stop Free ATM withdrawals for Customers from other Banks in Nigeria.
In a Motion Moved on the Floor of the House of Representatives By the People’s Rep, Rt. Hon. Marcus Onobun, on a matter of urgent public importance praying the House to urge the CBN to immediately suspend its new policy on ATM transactions in Nigeria.
According to Rt Hon Marcus Onobun, this policy which took effect from March 3rd 2025, will require every bank customer from other banks to pay a fee of #100 per every #20,000 withdrawal while withdrawing within the premises of that bank.
On the other hand if the bank customer is outside the banks premises like in Shopping malls, markets and other public places, the bank customer will pay a charge of #100 and an additional surcharge of #500.
The Lawmaker lamented the fact that Nigerians are already struggling with multiple economic hardships; including high inflation rate , increased pump price of Petrol, electricity tariff hike, and numerous banking and service charges that has significantly reduced the disposable income of Nigerians.
He further expressed worry that the imposition of additional ATM withdrawal charges will further limit the financial inclusion of Nigerians by discouraging low-income earners from accessing banking services, thereby contradicting the CBN’s financial inclusion agenda.
The prayer of the motion which urged the CBN to immediately suspend the implementation of the said policy, pending proper engagement with the relevant committees on Banking, Finance, and Financial Institutions was graciously adopted by the Green Chambers.