Following a movement of pressing public significance, the Home of Representatives has handed a decision calling for the suspension of the rise in Automated Teller Machine (ATM) transaction prices and the stoppage of free ATM withdrawals for patrons from different banks in Nigeria.
The movement moved by a member, Marcus Onobun, drew the eye of the Home to a round by the Central Financial institution of Nigeria to that impact.
Lawmakers had been apprehensive that this is able to impose extra monetary burdens on Nigerians.
The Home requested the CBN to droop the coverage pending correct engagement with the related committees on banking, finance, and monetary establishments.
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On February 10, 2025, the apex financial institution introduced that prices would apply anytime prospects use the ATMs of banks apart from theirs.
“The three free month-to-month withdrawals allowed for remote-on-us (different financial institution’s prospects/not-on-us shoppers) in Nigeria underneath Part 10.6.2 of the Information shall now not apply,” the financial institution stated in a round to monetary establishments.
The CBN directed banks and different monetary establishments to use the next prices with impact from March 1, 2025.
The apex financial institution stated whereas prospects withdrawing on the ATMs of their banks and monetary establishments received’t be charged, prospects withdrawing from the ATM of different banks would now be charged ₦100 per each ₦20,000.
The CBN stated for off-site ATMs — automated teller machines not on a financial institution’s premises – like these at buying malls, eateries and different public locations — a surcharge of no more than ₦500 per each ₦20,000 will apply along with the statutory ₦100 payment for withdrawals by prospects of different banks’ ATMs.
The apex financial institution attributed the reviewed prices to rising prices and the necessity to enhance the effectivity of ATM companies within the nation.
“This evaluate is anticipated to speed up the deployment of ATMs and be sure that acceptable prices are utilized by monetary establishments to shoppers of the service,” the round acknowledged.
Criticisms have trailed the brand new coverage however the apex financial institution insisted that its coverage is mutually helpful to prospects and business banks.
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