By Ade Iyamoye
Nigerians are expressing outrage as banks implement the Central Bank of Nigeria’s (CBN) new ATM withdrawal fees, which impose a ₦100 charge for on-site withdrawals and up to ₦600 for off-site transactions per ₦20,000 withdrawn.
A survey across ATMs in Abuja revealed widespread frustration, with customers lamenting the financial strain.
“This policy only punishes the poor,” said Luke Abudu, a First Bank customer, who noted that such charges discourage people from keeping their money in banks.
At Zenith Bank’s Mararaba branch, Victoria Adejo pointed out that withdrawing from Point of Sale (PoS) agents is now cheaper than using ATMs.
Adding to the frustration, Guaranty Trust Bank (GTB) notified customers that their usual three free withdrawals from other banks’ ATMs have been scrapped.
The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to halt the implementation pending a court verdict, arguing that enforcing the charges while litigation is ongoing undermines the rule of law.
CBN insists the fee hike is necessary to offset rising operational costs, but critics argue it disproportionately affects struggling Nigerians.
