The House of Representatives has passed a resolution for the suspension of the increment in Automated Teller Machine (ATM) transaction charges and the stoppage of free ATM withdrawals for customers from other banks in Nigeria.
The decision was taken on Tuesday after the motion was moved by a member, Marcus Onobun, who informed the House about the circular released by the Central Bank of Nigeria (CBN).
The CBN had, on February 10, 2025, disclosed that customers using the ATMs of banks other than theirs would attract charges.
“The three free monthly withdrawals allowed for remote-on-us (other bank’s customers/not-on-us consumers) in Nigeria under Section 10.6.2 of the Guide shall no longer apply,” the circular to financial institutions reads.
Other banks and financial institutions were instructed by the apex bank to apply the charges from March 1, 2025.
Expressing concern over the additional financial burden this would put on Nigerians, the House of Representatives urged the CBN to suspend the policy until proper engagement with the relevant committees on banking, finance, and financial institutions.
(The Sun)
