-
Serap makes the Central Bank of Nigeria (CBN) the last 48-hour atum to reverse the newly announced ATM transaction fees.
-
It describes hiking as “illegal, unfair, unreasonable and unjust.”
-
The group warned that if CBN fails to reverse the decision, legal action will be taken to force Apex Bank to comply.
The Socio-Economic Rights and Accountability Project (SERAP) has made the Central Bank of Nigeria (CBN) the 48-hour final atum to reverse the newly announced ATM transaction fees.
The organization urged CBN Governor Olayemi Cardoso to immediately revoke the policy, signed by SERAP Deputy Director Kolawole Oluwadare in an open letter dated February 15, 2025.
Serap believes that this increase contradicts Article 42(1)(a) of the CBN Act 2007, which provides that Apex Bank ensures “in national interest” The public provides appropriate and reasonable financial services.”
attention: Click “here” To join our WhatsApp group and receive news updates directly on your WhatsApp!
The organization also cites Section 1(c)(d) of the Federal Competition and Consumer Protection Act of 2018, which aims to “protect and promote the interests and benefits of consumers” and prohibits “restrictive or unfair” Business practice.”
Also Read: CBN Warns Banks not to limit ATM withdrawals to below ₦20,000
“The increase in ATM transaction fees will hit the hardest people at the bottom of the economy and exacerbate the country’s growing poverty.
“The CBN policy should not be biased towards poor Nigerians and favors the continued announcement of Naira banks at the expense of customers,” Serap said.
CBN assured Keystone Bank client after court order
The Central Bank of Nigeria (CBN) assured the clients of Keystone Bank to not panic after a court order was ordered to confiscate the bank’s shares to the federal government.
Apex Bank in a statement signed by CBN company COMBAN COMPLOCATIONS, Apex Bank said Keystone Bank is still safe, reasonable and fully operational.
Continue reading here
