The House of Representatives has called on the Central Bank of Nigeria, CBN, to halt the recent increase in Automated Teller Machine, ATM, transaction charges, citing the country’s challenging economic conditions.
The resolution followed the adoption of a motion of urgent public importance introduced by Marcus Onobun, the representative for Esan Central/Esan West/Igueben Federal Constituency, Edo State, during Tuesday’s plenary session.
Onobun highlighted that the CBN’s recent circular raised ATM withdrawal fees and ended free withdrawals for customers using other banks’ ATMs. He argued that the new policy would impose an additional financial burden on Nigerians.
Under the new rules, customers withdrawing from their own bank’s ATMs would continue to enjoy free transactions.
However, customers using other banks’ ATMs would incur a N100 fee for withdrawals up to N20,000, with an additional N500 surcharge for transactions at machines located outside the bank premises, such as in malls and marketplaces.
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The lawmaker expressed concerns that Nigerians were already struggling with inflation, rising fuel prices, electricity tariff hikes, and various banking fees, which significantly reduce disposable income and worsen the financial well-being of citizens.
Onobun also warned that the new charges could undermine financial inclusion efforts, particularly by discouraging low-income individuals from accessing banking services—contradicting the CBN’s own financial inclusion goals.
He also criticized the banking sector’s growing profits while customer service and infrastructure remain stagnant.
After Onobun’s remarks, Speaker Tajudeen Abbas called for a voice vote, and the motion was overwhelmingly supported.
The House subsequently urged the CBN to suspend the policy’s implementation until proper consultations with relevant committees on Banking, Finance, and Financial Institutions are held.
Crediblenewsng.com
