The Socio-Economic Rights and Accountability Project (SERAP) has demanded the Central Bank of Nigeria (CBN) immediately reverse its recently announced ATM transaction fee increase. SERAP issued the demand to CBN Governor Olayemi Cardoso, calling the hike “unlawful.”
The new fees, slated to begin March 1, 2025, will charge N100 per N20,000 withdrawn from ATMs not located at a bank’s branch. Withdrawals at locations like shopping centers and airports will incur the N100 fee plus a potential N500 surcharge per N20,000.
SERAP argues this ATM transaction fee increase disproportionately affects low-income Nigerians. The organization stated the fees will worsen poverty. SERAP believes banks, not the public, should bear these costs.
SERAP gave the CBN a 48-hour ultimatum to reverse the decision. If the CBN does not comply, SERAP threatened legal action.
The organization claims the ATM transaction fee policy benefits only the CBN and commercial banks. It views the policy as unjust to the public.
The CBN announced the fee increases earlier. The increases affect withdrawls made at machines owned by one back, outside its branches.
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