House OF Reps Halts Controversial CBN ATM Charges Policy Amid Public Outrage

This decision was reached on Tuesday after lawmakers adopted a motion of urgent public importance sponsored by Marcus Onobun (PDP, Edo). The House emphasized that the policy should remain on hold until relevant committees engage with the apex bank for further deliberation.

While presenting the motion, Onobun pointed out that the CBN recently revised its guidelines under Section 10.7 of the CBN Guide to Charges by Banks, Other Financial, and Non-Bank Financial Institutions.

He explained that the new policy increases ATM withdrawal fees and abolishes free withdrawals for customers using ATMs outside their bank, adding more financial strain on Nigerians.

Onobun recalled that the last review of Section 10.7 in 2019 reduced ATM withdrawal charges from ₦65 to ₦35 per transaction.

He stated, “Under this new policy, customers withdrawing from their bank’s ATMs will continue to enjoy free withdrawals. However, customers from other banks using ATMs within bank premises will now be charged ₦100 per ₦20,000 withdrawal.”

He added, “Similarly, customers using ATMs located outside bank premises, such as malls and marketplaces, will face a ₦100 fee plus an additional ₦500 surcharge.”

Expressing concern over the policy, Onobun noted that Nigerians are already grappling with multiple economic hardships, including inflation, rising fuel prices, increased electricity tariffs, and excessive banking fees, all of which are diminishing disposable income and worsening financial burdens.

He warned that imposing additional ATM withdrawal charges could further discourage financial inclusion, particularly for low-income earners, contradicting the CBN’s goal of expanding banking access.

Onobun also criticized the banking sector for imposing excessive charges on consumers while recording massive profits, yet failing to improve service quality or banking infrastructure.