From Ndubuisi Orji, Abuja
The House of Representatives has charged the Central Bank of Nigeria (CBN) to immediately suspend its new policy on charges on withdrawals from Automated Teller Machine ( ATM).
The House, which stated the policy would further discourage low income earners from accessing banking services, urged the apex bank to suspend the implementation, pending engagement with its relevant committees.
This followed the adoption of a motion by the member representing Esan Central/ Esan West and Igueben Federal Constituency of Edo State, Marcus Onobun.
Onobun, in his motion explained that the CBN recently reviewed ATM withdrawal fees and discontinued free transaction fees for customers using other banks ATM. The lawmaker argued that the new policy would pur more burden on Nigerians.
He said; “According to this new policy, customers withdrawing from their bank’s ATMs will continue to enjoy free withdrawals. However, a fee of N100 per N20,000 withdrawals will be applied to customers from other banks transacting from ATMs within the bank premises.
“Similarly, customers from other banks transacting from ATMs outside the premises of the bank (malls, markets and other public places) will be charged N100 and an additional surcharge of N500.”
Onobun contended that citizens are currently grappling with economic hardship, including high inflation, increased fuel prices, electricity tariff hike, and numerous banking and service charges that significantly reduce disposable income and negatively impact their welfare.
He expressed worry that the imposition of additional ATM withdrawal charges would shut out low income earners from banking services in contradiction of the CBN financial inclusion agenda. Furthermore, the lawmaker noted that it is the duty of the government to protect its citizens from exploitative financial practices that may lead to further economic distress.
“Cognizant of the fact that the banking sector has continued to record significant profits, imposing further charges on consumers without corresponding improvements in service delivery or infrastructure is unjustifiable,” Onobun stated.