Lagos, Nigeria – As Nigerian banks implement the revised ATM transaction fees mandated by the Central Bank of Nigeria (CBN), customers are expressing frustration over the additional charges imposed on withdrawals made from other banks’ ATMs.
Effective March 1, 2025, ATM withdrawals of N20,000 or less from a different bank’s on-site ATM will now attract a fee of N100. Off-site ATMs, located in public places such as malls and fuel stations, will carry an additional surcharge of up to N500 per transaction.
The CBN, in a circular dated February 10, 2025, explained that the fees are part of a cost-recovery strategy. However, the decision has sparked outrage among Nigerians, with many decrying the increasing cost of banking transactions amid economic hardship.
A survey conducted in Lagos revealed that banks have loaded their ATMs with cash, aiming to reduce the need for customers to use other banks’ ATMs and incur additional charges. At Wema Bank’s Barracks Bus Stop branch, ATMs displayed a notification warning customers of the N107.50 charge, inclusive of VAT. Similarly, First Bank ATMs alerted users that an extra N100 would be deducted in addition to the withdrawal amount.
Guaranty Trust Bank (GTBank) provided a detailed breakdown of the charges, stating: “In line with CBN’s directive, there will be a charge of N100 and N7.50 VAT for cash withdrawals of other banks’ cards on GTCo ATMs.”
Customers have taken to social media to protest the new charges, with many arguing that they place an additional strain on already struggling citizens.
Eze Chinonso, a security worker, lamented, “This is another cost I must pay just to access my money. With rising data costs and other expenses, this is making life even harder.”
Social media user Opel Nnenna (@opelnnenna3) also voiced concerns, stating, “The economic hardship is becoming unbearable. If the CBN and the government cannot manage financial policies effectively, perhaps it’s time for new leadership.”
The Trade Union Congress (TUC) and the Socio-Economic Rights and Accountability Project (SERAP) have called for an immediate suspension of the charges.
The TUC, in a statement signed by President Festus Osifo and Secretary-General Nuhu Toro, urged Nigerians to reject what they termed an “exploitative policy.” The union criticized the government for imposing additional financial burdens without providing relief measures.
SERAP has also petitioned President Bola Tinubu to intervene and suspend the charges pending a court ruling on the matter. “We have urged President Tinubu to direct the CBN to halt the fee hike, in line with constitutional rights and his oath of office,” the group stated.
In response to the backlash, the CBN has advised customers to use their bank’s ATMs to avoid the charges. Additionally, the regulator recommended using mobile banking apps, POS payments, and other digital platforms to minimize ATM reliance.
Despite these recommendations, Nigerians remain concerned about the cumulative effect of rising financial service costs, with many calling for urgent government intervention.
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