{Bank} prospects are expressing dissatisfaction because the Central Bank of Nigeria’s (CBN) new withdrawal fees took impact on Saturday, March 1, 2025.
Underneath the revised payment construction, business banks at the moment are charging prospects N100 per N20,000 withdrawal from on-site Automated Teller Machines (ATMs) and N600 for off-site ATM withdrawals.
The CBN issued a round on February 10, 2025, to all banks and {financial} establishments, saying the overview of ATM transaction charges. In response to the brand new pointers, withdrawals from one’s personal {bank} ATMs will stay freed from cost.
Nevertheless, prospects withdrawing N20,000 or much less from one other {bank}’s ATM will incur a N100 payment per transaction. The CBN cited rising prices and the necessity to enhance the effectivity of ATM providers within the banking business as causes for the brand new fees.
On February 28, in the future earlier than the brand new coverage took impact, Zenith Bank notified its prospects through e mail, informing them of the up to date charges. When this author used a First {Bank} ATM card to withdraw N10,000 from an Access Bank ATM, he was charged the brand new N100 payment.
Many Nigerians discover the withdrawal payment enhance burdensome, particularly amid {financial} struggles in an already harsh financial system.
Halima, a buyer, expressed her disappointment, saying, “I used to be charged N600 for a N15,000 withdrawal at a shopping center. I wanted money to finish cost for some gadgets I purchased.”
John Showemimo, one other buyer, was annoyed by the shortage of higher options.
“Utilizing a Level-of-Sale (POS) agent will entice even increased charges. If I wish to use POS to withdraw N20,000, I will probably be charged N500. If I am going to my {bank} ATM, I’ll pay transport fare of N600 to and from, what higher different do I’ve?”
Iya Bode, a dealer who makes use of a characteristic telephone and an ATM card, lamented the rise in fees. “I take advantage of my ATM card greater than 5 instances each day due to the character of my commerce. POS folks cost an excessive amount of, so I often use {bank} ATMs. Now, they’ve elevated their withdrawal payment. That is an excessive amount of. How a lot am I making from this commerce?”
A {bank} employees member who works with the operations division and can be an ATM custodian said that because the new fees took impact on March 1, there was no noticeable discount within the variety of folks utilizing the ATM.
“Clients are complaining in regards to the new withdrawal cost, however they nonetheless come to make use of our ATM. Our machines are shelling out money; we load cash each time we now have it. The strikes made by the CBN to scale back money flows within the financial system intention to scale back felony actions in society; it’s a great transfer,” she stated.
Daniel, a employees member of one of many tier 1 banks, anticipates a discount within the variety of folks utilizing the ATM. He stated prospects will almost certainly shift their consideration in direction of PoS brokers for money withdrawals.
“Individuals will want to make use of the PoS agent than going to the {bank} ATM, particularly prospects withdrawing N10,000 and under. They may reasonably keep away from the stress of going to a distance, standing in line, and the potential for their ATM playing cards getting caught contained in the machine.”
Whereas Nigerians alter to the brand new fees, the CBN has been sued by the Socio-{Economic} Rights and Accountability Challenge (SERAP) over the brand new withdrawal fees. SERAP filed a lawsuit towards the CBN, in search of to reverse the “patently illegal, unfair, and unjust enhance in ATM transaction charges.”
In an open letter signed by SERAP Deputy Director Kolawole Oluwadare, the group has urged President Bola Tinubu to direct the Governor of the CBN, Olayemi Cardoso, to droop the implementation of the elevated ATM charges pending the listening to and dedication of the lawsuit.
“The CBN has the duty to uphold the due strategy of regulation, shield the integrity of the judicial course of, and be sure that its practices and operations don’t undermine the rule of regulation or the Court docket. Implementing the elevated ATM charges whereas the lawsuit is pending would make a mockery of the judicial course of and the rule of regulation,” SERAP said.
