NewStats: 3,261,181 , 8,173,320 topics. Date: Wednesday, 28 May 2025 at 01:28 PM 331o

•As SERAP tells Tinubu to direct CBN to suspend fee hike pending court verdict

BANKS have commenced implementation of the new Automated Teller Machine (ATM) transaction fee charge on customers following the Central Bank of Nigeria (CBN’s) directive.


The News Agency of Nigeria (NAN) correspondent who monitored some banks’ ATM gallery in Abuja and environs on Sunday, reports that some customers were lamenting about the increase.

NAN reports that all the banks’ ATM visited had monies loaded in them.

Mr Luke Abudu, a customer seen at First Bank along Nyanya-Jikwoyi road, said the implementation would only affect the poor masses who were struggling to make a living.

Abudu said the move would discourage customers from lodging monies in the banks.


“I came to withdraw N20,000 but I found out that I was charged N100 for the withdrawal.

This is too much for a small business owner like me,” he said.

Another customer, Mrs Victoria Adejo, seen at Zenith Bank, Mararaba branch said that withdrawal from Point of Sale (PoS) agent was now cheaper than using an ATM.

“It is unfortunate that our government formulates policies without feeling the pulse of the people.


“I read that the CBN said the decision is in response to rising cost and to improve efficiency of ATM services but banks still bill us for service charge,” she said.

Mr Nurudeen Ehimotor, a customer at Guaranty Trust Bank (GTB), Asokoro, said he was at the bank to use the ATM due to the bank’s poor online network.

”I came to use ATM because I tried to transfer money from my bank using USSD since yesterday but it didn’t go through.

”I have an issue with my app, so I have been using USSD codes for my transfer. I think they (the banks) are trying to make people use ATM now for them to make more money,” he said.

Ehimotor appealed to banks to reduce incessant charges on customers’ s.


NAN reports that the CBN had on February 10, released a circular to all banks and other financial institutions to apply the fees with effect from March 1.

CBN in the circular entitled: ‘Review of ATM transaction fees,’ said the move was in response to rising cost and the need to improve efficiency of ATM services in the banking industry.

“On-Us (customers withdrawing at the ATM of the customer’s financial institution) in Nigeria, no charge.


“Not-on-Us (withdrawal from another institution’s ATM) in Nigeria; On-site-ATMs: A charge of N100 per N20,000 withdrawal.

“Off-site ATMs: A charge of N100 plus a surcharge of not more than N500 per N20,000 withdrawal.


”The income which is an income of the ATM acquirer/deployer, shall be disclosed at point of withdrawal to the consumer,” it said.

Banks had informed their customers through various electronic mails (e-mails) of the increase.

GTB told its customers in addition to the ATM transaction fee, that the free monthly withdrawals usually enjoyed by them would no longer be applied.

“Please note that the three free monthly withdrawals at other banks’ ATMs (for GTBank customers) and GTBank ATMs (for other bank customers) will no longer apply,” the bank said.

SERAP has urged President Bola Tinubu to “direct Mr Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN) to suspend the implementation of the increase in Automated Teller Machine (ATM) transaction fees, pending the hearing and determination of the lawsuit before the Federal High Court, Lagos challenging the legality of the increase.”


SERAP also urged him to “seek legal advice from the Attorney-General of the Federation and Minister of Justice, Mr Lateef Fagbemi, on whether the CBN has the legal responsibilities to uphold the rule of law its operations by suspending the ATM fee hike, pending the determination of lawsuit on the matter.”

SERAP had last month filed a lawsuit against the CBN “over the failure to reverse the “patently unlawful, unfair, and unjust increase in ATM transaction fees.”

The lawsuit followed the announcement by the CBN that ATM withdrawals made at a machine owned by a bank but outside its branch premises will now attract a charge of N100 per N20,000 withdrawn. ATM withdrawals at shopping centres, airports or standalone cash points, will incur a N100 fee plus a surcharge of up to N500.

In the open letter dated March 1, 2025 and signed by SERAP deputy director, Kolawole Oluwadare, the organisation said: “Directing the CBN to suspend the ATM fee hike would allow the Federal High Court to hear and determine the case on its merit.”

The letter also read in part: “It would also be entirely consistent with the letter and spirit of the Nigerian Constitution 1999 (as amended), your oath of office and oft-repeated promises to uphold the rule of law.

“Implementing the ATM fee hike while the lawsuit on the matter is pending before the Federal High Court would make a mockery of the judicial process and the rule of law.

“The CBN has the duty to maintain the status quo as of February 26, 2025 when the court processes were duly served on it and during the pendency of the lawsuit filed by SERAP on the ATM fee hike before the Federal High Court, Lagos.”

https://tribuneonlineng.com/new-atm-fees-customers-groan-as-banks-begin-implementation/#

Toh

helinues:
Toh

Oluwole people

Ok

Expect more of these kinds of policies and even worse.
Tinubu's attitude during the #endbadgovernance protests was a test run. He used it to confirm what would happen when he rolls out draconian policies.
Nigerians will just complain in their houses, shops, beer parlours, offices, markets and come online to insult and fight each other.
After a few days, or a few weeks tops, everyone will rest and adjust to the new reality.
The baba whe run am this jazzz na real agba baller!!

We go dey Hurd cash

More charges and taxes to come. On his mandate we stand

Who votes Tinubu 2027, na thunder go fire am.

ZombieDredd:


Oluwole people

werey people

I no even dey use ATM again

Yeye country…
If it was Jonathan’s time, people would have started protesting. Tell me the reason for this, we are being tax unnecessary and what exactly are we getting for it or are we being used to fund a particular lifestyle for some people

Tinubu is only here to collect tax nothing more. Masses should brace up for more. I have given up on this government since day one. A man that priotise to whip his wife the first day of marriage can never make a good husband. Tinubu does not care whose horse is gored so far he can enrich himself more. The guy will finish this country soon. As for NLC, those guys will never do well in life.

Seems like the only idea the master strategist have to offer is taxation upon taxation

Thanks to opay, palmpay, Kuda, moniepoint and the likes.

Everything about Tinubu is tax, tax, tax. That's how he used tax to kill Legos. He sleeps tax, eats tax, piss tax, sh*t tax, drinks tax.

Thinubu the tax man. An average yoruba man knows how to dupe and cheat his fellow human being, it's embedded in their DNA and that what the Agbado is doing.

Very soon he'll sell Nigeria and begin to tax the country he sold it to.

.

People will just complain the first week and then adjust.



Same happened with data.


We are a weakened people.
Not a single fight in us anymore

Tinubu ensured that.

Journalist looking for something to masturbate with.

If you go to POS, you will charged ₦400 for 20,000 and you will not complain.

We complained that banks ATM do not always have cash. The CBN has made it lucrative for banks to load Thier ATM and you are complaining.

Wicked government

Put an Igbo man in the helms of affairs and watch him misbehaving..







ALL THESE STUPID POLICIES WERE INVENTED BY EMEFIELE

As long as it is better than POS charges then it's a welcome development.

Bobloco:

•As SERAP tells Tinubu to direct CBN to suspend fee hike pending court verdict


https://tribuneonlineng.com/new-atm-fees-customers-groan-as-banks-begin-implementation/#

Same people that pay as much as 400 naira as chargies to POS are not lamenting for 100 naira for withdrawing 20k. Nigerians are there own problems awearugat😂

doggedfighter:
People

opay don activate be that# no cash begins #na we government .E go better our normal slangs ....peace

Urgent1Million:
Expect more of these kinds of policies and even worse.
Tinubu's attitude during the #endbadgovernance protests was a test run. He used it to confirm what would happen when he rolls out draconian policies.
Nigerians will just complain in their houses, shops, beer parlours, offices, markets and come online to insult and fight each other.
After a few days, or a few weeks tops, everyone will rest and adjust to the new reality.
The baba whe run am this jazzz na real agba baller!!

They are cowards.

NLC is of no use to the common man. Scap the congress.

stano2:
Yeye country…
If it was Jonathan’s time, people would have started protesting. Tell me the reason for this, we are being tax unnecessary and what exactly are we getting for it or are we being used to fund a particular lifestyle for some people

Nobody is stopping you not to be protest. It is your right ....

Government are making life difficult for people, they are interfering into peoples personal life
money wey una no give us una wan collect
Insecurity, hunger, unemployment hardship. I recently had an accident due to bad roads and proper road safety
Dey wan kill us?

helinues:
Toh

You can't talk. Toh is the response. Sick people everywhere

sonsomegrigbo:
Put an Igbo man in the helms of affairs and watch him misbehaving..







ALL THESE STUPID POLICIES WERE INVENTED BY EMEFIELE

And the big headed cardi B no get sense to reverse the policy. Some people brain just dey on reverse permanently

😫

You can pay above as high as 300 to collect 10,000 from the POS operators but can't pay 100 to collect 20,000 from the ATM machine. Hypocrites.

Nigerians, the most DOCILE creatures in the history of the Universe...😕

Sleekfingers:



Nobody is stopping you not to be protest. It is your right ....

Just the same way they said you can go to court when they know they are everywhere.