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JUST IN: House of Reps Tell CBN to Halt ATM Charges Hike

Emmanuel Ademola by Emmanuel Ademola
March 12, 2025
in National
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The House of Representatives (House of Reps) passed a resolution in response to a motion of urgent public interest that calls for the suspension of free ATM withdrawals for Nigerian clients of other banks as well as the reduction of fees associated with ATM transactions.

Recall that in February, the CBN directed banks and other financial institutions to apply new ATM charges with effect

from March 1, 2025.

Marcus Onobun, a member, moved the motion, which brought the House’s attention to a circular issued by the Central

Bank of Nigeria.

Lawmakers were concerned that this would put Nigerians under further financial strain.

In order to properly engage with the relevant banking, finance, and financial institution committees, the House

requested that the CBN halt the policy.

On February 10, 2025, the apex bank announced that charges would apply anytime customers use the ATMs of banks

other than theirs.

“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 in a circular to financial institutions.

With effect from March 1, 2025, the CBN ordered banks and other financial institutions to implement the following fees.

You may also like: NCC Orders Disconnection of Nine Banks’ USSD Codes Over N200bn Debt

Customers who withdraw from the ATMs of their banks and other financial institutions will not be charged, according

to the apex bank, but those who withdraw from ATMs of other banks will now be charged ₦100 for every ₦20,000.

The CBN said for off-site ATMs — automated teller machines not on a bank’s premises – like those at shopping malls,

eateries and other public places — a surcharge of not more than ₦500 per every ₦20,000 will apply in addition to the

statutory ₦100 fee for withdrawals by customers of other banks’ ATMs.

The apex bank attributed the reviewed charges to rising costs and the need to improve the efficiency of ATM services

in the country.

“This review is expected to accelerate the deployment of ATMs and ensure that appropriate charges are applied by

financial institutions to consumers of the service,” the circular stated.

Criticisms have trailed the new policy, but the apex bank insisted that its policy is mutually beneficial to customers

and commercial banks.

Tags: ATM charges/withdrawalCbnHouse of Representative
Emmanuel Ademola

Emmanuel Ademola

Ademola Emmanuel Akadiri is a trained and registered journalist with expertise in political public relations, political branding, media relations, crisis communication, government and media relations. He currently holds a Master's Degree in Mass Communication.

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