The House of Representatives has called for the immediate suspension of the recent increase in ATM transaction charges and the removal of free ATM withdrawals for customers using other banks’ ATMs, a policy introduced by the Central Bank of Nigeria (CBN).
Lawmakers argued that the new directive places an additional financial burden on Nigerians, especially as the banking sector continues to record significant profits without corresponding improvements in service delivery or infrastructure.
They emphasized that imposing extra withdrawal charges could discourage low-income earners from using banking services, contradicting the CBN’s financial inclusion agenda.
The decision followed the adoption of a motion moved by Marcus Onobun during plenary on Tuesday.
He noted that this section was last updated in 2019 when ATM withdrawal charges were reduced from N65 to N35 per transaction.
Under the new policy, customers withdrawing from their bank’s ATMs will continue to enjoy free withdrawals.
However, those using ATMs within a bank’s premises but from a different bank will be charged N100 per N20,000 withdrawal. Customers using ATMs outside bank premises—such as in malls, markets, and other public spaces—will be charged N100 plus an additional N500 surcharge.
The House urged the CBN to immediately suspend the implementation of this policy until further consultations are held with relevant committees on banking, finance, and financial institutions.
They stressed that the government has a responsibility to protect citizens from exploitative financial policies that could worsen economic distress.
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