The Socio-Economic Rights and Accountability Project (SERAP) has given the Central Bank of Nigeria (CBN) an ultimatum of 48-hours to reverse the recent hike in ATM transaction charges and fees.
SERAP is a Nigerian non-governmental organization (NGO) dedicated to promoting transparency, accountability, and respect for socio-economic rights in Nigeria. The organization made this statement on its X, formerly Twitter page.
According to the organization, CBN’s act to increase fees charged by automated teller machines (ATMs) in Nigeria is “unlawful, unfair, unreasonable, and unjust,” especially for citizens living below average in Nigeria.
BREAKING: We’ve given the Central Bank of Nigeria [CBN] 48 hours to reverse the patently unlawful, unfair, unreasonable, and unjust increase in ATM transaction fees, or face legal action. The charges will hit hardest those at the bottom of the economy.@cenbank
— SERAP (@SERAPNigeria) February 16, 2025
SERAP warns the apex bank that if its does not comply within the range of the 48 hours, the apex bank will face legal consequences. It’s important to know that this is not the first time SERAP is taking legal actions against government institutions, especially the ones that involve citizens policies that bring concerns as anti-people.
At the time of writing, CBN did not responded to SERAP’s warning. However, critics argues that the apex bank’s decision contradicts its commitment and promised dedication to promoting financial inclusion and eliminating banking transactions fees for the average Nigerian.
The increase in ATM transaction fees, effective March 1, 2025, is attributed to rising operational costs and the need to enhance the efficiency of ATM services within the banking industry, CBN claims.
However, under the revised fee structure, withdrawals from ATMs of banks other than the customer’s own will incur a charge of N100 per N20,000 withdrawn at on-site ATMs, and an additional surcharge of up to N500 per transaction at off-site ATMs.
The CBN emphasizes that these adjustments aim to prevent customers from splitting withdrawals into smaller amounts to avoid fees and to ensure appropriate charges are applied by financial institutions.
Just of recent, the apex bank issued a sanction warning to any bank that limit customers’ withdrawals below N20,000 per transaction. “Any bank that compels a customer with sufficient funds in her account to withdraw less than N20,000 per transaction against the customer’s desire for a higher sums, would be contravening this regulation’s spirit and sanctioned appropriately,” CBN warned.
