The House of Representatives has demanded the immediate suspension of increase in ATM transaction charges and stoppage of free ATM withdrawals for customers from other banks imposed by the Central Bank of Nigeria, CBN.
It said the apex bank prescription of an increase in ATM withdrawal charges and a discontinuation of the free ATM withdrawals for customers using other banks’ ATMs has imposed additional financial burdens on Nigerians.
The Green Chamber pointed out that the banking sector has continued to record significant profits, and as such imposing further charges on consumers without corresponding improvements in service delivery or infrastructure is unjustifiable.
The House was of the opinion that the imposition of additional ATM withdrawal charges would further limit the financial inclusion of Nigerians by discouraging low-income earners from accessing banking services, thereby contradicting the CBN’s financial inclusion agenda.
The decision of the House was sequel to the adoption of a motion moved at the plenary on Tuesday by Marcus Onobun.
