Reps urge CBN to suspend increase in ATM withdrawal charges

The House of Representatives has urged the Central Bank of Nigeria (CBN) to suspend its directive increasing ATM withdrawal charges.

This resolution resulted from a motion on urgent national importance moved by Marcus Onobun representing (Esan Central/West/Igueben Federal Constituency of Edo State on Tuesday.

Mr Onobun said that additional ATM withdrawal charges would further limit Nigerians’ financial inclusion by discouraging low-income earners from accessing banking services.

He said Nigerians were already grappling with economic hardships, including high inflation, increased fuel prices, electricity tariff hikes, and numerous banking and service charges.

The lawmaker warned that increased ATM withdrawal charges would contradict the CBN’s financial inclusion agenda.

The motion said, “Aware that CBN, in its new circular, has reviewed the ATM transaction fees stipulated under Section 10.7 of the CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions.

“Prescribing an increase in ATM withdrawal charges and a discontinuation of the free ATM withdrawals for customers using other banks’ ATMs.

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“Thereby imposing additional financial burdens on Nigerians.

“Also aware that the said Section 10.7 of this Guide was last reviewed in 2019.

“Reducing ATM transaction fees from N65 Naira to N35 per transaction.”

The Speaker, Abbas Tajudeen, and the entire House adopted the motion, urging the CBN to suspend the increase in ATM withdrawal charges.

(NAN)