The House demanded immediate suspension of the increase in ATM transaction fees and required clients from other banks imposed by CBN Nigeria’s central bank to cease ATM withdrawals.
It said that APEX Bank’s prescriptions increased the ATM withdrawal fee and used ATMS from other banks to stop ATM withdrawals for clients, which imposed an additional financial burden on Nigerians.
Green Room noted that the banking industry continues to record large profits, so it is unreasonable to impose further fees on consumers without corresponding improvements in service delivery or infrastructure.
The House believes that filing additional ATM withdrawal allegations will further limit the financial inclusion of Nigerians, contradicting the CBN’s financial inclusion agenda by preventing low-income earners from accessing banking services.
The House’s decision is a sequel to the motion adopted in the plenary session on Tuesday.
The lawmakers said that moving the motion said that CBN reviewed ATM transaction fees under Article 10.7 of the CBN Guidelines for Banks, Other Financial and Non-Bank Financial Institutions in the new circular.
He stressed that Section 10.7 of this guide was last reviewed in 2019, reducing ATM transaction fees from N65 to N35 per transaction.
Onobun said that under the new policy, customers withdrawing from banks’ ATMs will continue to enjoy free withdrawals.
However, he explained that every 20,000 n200 n100 fee would be charged to customers from other banks that trade ATMs in the bank’s house.
Onobun stressed that customers from other banks from ATM transactions outside the banking venue (shopping centers, marketplaces and other public places) will charge N100 fees and an additional N500 surcharge.
In its resolution, the House urged CBN to “immediately suspend the implementation of this policy to await proper engagement with relevant committees of banks, finance and financial institutions.”
Unfortunately, Nigerians are already struggling to cope with a variety of economic difficulties, including high inflation, rising fuel prices, interest rate hikes in electricity prices, and a large number of banking and service fees that will significantly reduce disposable income and negatively affect citizens’ economic welfare.
Legislators say the role of the government includes protecting citizens from exploitative financial practices that can lead to economic distress
