The House of Representatives has passed a resolution calling for the suspension of the increase in Automated Teller Machine (ATM) transaction charges and the stoppage of free ATM withdrawals for customers from other banks in Nigeria.
The resolution followed a motion of urgent public importance moved by the member representing Esan Central/Esan West/Igueben Federal Constituency, Marcus Onobun, which drew the attention of the House to a circular by the Central Bank of Nigeria (CBN) to that effect.
Lawmakers were worried that the hike would impose additional financial burdens on Nigerians. They therefore asked the CBN to suspend the policy pending proper engagement with the relevant committees on banking, finance, and financial institutions.
The CBN had on February 10, 2025 issued a circular announcing new charges for ATM withdrawals. The apex bank said bank customers withdrawing N20,000 or less from another bank’s ATM would be charged N100 per transaction, while withdrawals from one’s own bank ATMs would remain free of charge.
Similarly, withdrawals from off-site ATMs (not on a bank’s premises), like those at shopping malls, eateries and other public places, would attract a surcharge of not more than ₦500 per ₦20,000, in addition to the statutory ₦100 fee for withdrawals by customers of other banks’ ATMs.
“The three free monthly withdrawals allowed for remote-on-us (other bank’s customers/not-on-us consumers) in Nigeria under Section 10.6.2 of the Guide shall no longer apply,” the bank said, directing banks and other financial institutions to apply the charges with effect from March 1, 2025.
The charges kicked in on March 1 across the banks, with all the banks notifying their customers via SMS and emails.
Nigerian bank customers have, however, been lamenting that the charges constituted a heavy financial burden on them.
