NIGERIA: House of Representatives Calls for Suspension of New ATM Transaction Charges

By Ameenat Hamzat, Lagos, Nigeria

The Federal House of Representatives has called for the immediate suspension of the Central Bank of Nigeria’s (CBN) new policy increasing ATM transaction charges.

The resolution followed a motion moved by Hon. Marcus Onobun, representing Esan Central/West/Igueben Federal Constituency, during plenary on Tuesday.

The new policy enacted by the CBN, took effect on March 1, 2025, as customers using ATMs outside their banks’ premises incurred a surcharge of N500 in addition to a N100 fee per N20,000 withdrawal.

Those using other banks’ ATMs within bank premises will also be charged N100 per transaction.

Onobun argued that the additional charges would place further strain on Nigerians already dealing with inflation, rising fuel prices, and increased electricity tariffs.

He emphasized that the policy contradicts the CBN’s financial inclusion agenda by discouraging low-income earners from accessing banking services.

He stated: “The banking sector continues to record significant profits, yet there have been no corresponding improvements in service delivery or infrastructure,” Onobun stated, adding: “Imposing further charges on consumers is unjustifiable.”

He further emphasized that it’s the government’s responsibility to protect citizens from exploitative financial practices that could worsen the country’s current economic distress.

Following deliberations, the House of Representative has referred the motion to the House Committees on Banking, Finance, and Financial Institutions for further legislative action.