ATM Charges: House of Reps Urges CBN To Suspend Hike, Reason Emerges
- Members of the House of Representatives have reacted to the planned increase in Automated Teller Machine (ATM) transaction charges
- Federal lawmakers have urged the CBN to suspend increasing the charges attached to ATM transaction
- According to the House of Reps, the increase would impose additional financial burdens on Nigerians
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Legit.ng journalist Adekunle Dada has over 7 years of experience covering metro, government policy, and international events
FCT, Abuja - The House of Representatives has passed a resolution urging the Central Bank of Nigeria (CBN) to suspend the increase in Automated Teller Machine (ATM) transaction charges.
The federal lawmakers also called on the apex bank to stop the stoppage of free ATM withdrawals for customers from other banks in Nigeria.
Source: Facebook
The call was made following a motion of urgent public importance, by a member, Marcus Onobun,
He drew the attention of the House to a circular by the CBN to that effect on Tuesday, March 11, 2025.
As reported by Channels Television, the lawmakers expressed worry that this would impose additional financial burdens on Nigerians.
The House asked the CBN to suspend the policy pending proper engagement with the relevant committees on banking, finance, and financial institutions.
The apex bank said customers withdrawing from the ATMs of other banks would now be charged ₦100 per 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.
This is in addition to the statutory ₦100 fee for withdrawals by customers of other banks’ ATMs.
In a circular sent to financial institutions on February 10, 2025, the apex bank said:
“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,”
Legit.ng earlier reported that one of Nigeria’s microfinance banks, Carbon, disclosed that it is moving away from Visa and adopting Verve, a local card issuer owned by Interswitch.
Carbon now joins several Nigerian financial technology firms that have recently issued over 17 million Verve cards.
The move now positions the company to compete favourably in the local banking and fintech ecosystem.
Source: Facebook
Legit.ng also reported that a Nigerian man who spent much to customise his Automated Teller Machine (ATM) card stirred mixed reactions from people.
The man showed that his nickname was boldly printed on the front of the ATM card that came in black color.
Every Point of Sale (POS) shop he took the card to for withdrawal expressed surprise, as some asked if it would work.
ATM card: Cybersecurity expert raises alarm
Meanwhile, legit.ng reported that a cybersecurity expert alerted Nigerians on the danger of using ATM card PINs for online transactions.
Kingsley Aguoru, a British Nigerian, called on the Central Bank of Nigeria and the EFCC to bank card PIN use for online transactions.
He said the practice has become obsolete globally and asked that banks and payment platforms use OTPs and multi-factor authentication.
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Source: Legit.ng
