The Socio-Economic Rights and Accountability Project (SERAP) has issued a call to the Central Bank of Nigeria (CBN) to quickly cancel its recent hike in fees for using Automated Teller Machines (ATMs).
SERAP describes this increase as unfair and harmful to many Nigerians.
In a letter sent to CBN Governor Olayemi Cardoso on February 15, 2025, SERAP warned that the new fees would add to the financial struggles of millions, especially those who already find it difficult to make ends meet.
The group gave the CBN a deadline of 48 hours to reverse this decision or they will consider taking legal action.
According to the new rules set by the CBN, using an ATM in places like malls, airports, and other standalone locations will now cost customers an additional fee for every withdrawal of N20,000.
There may also be extra charges for using ATMs at certain sites. These new fees are scheduled to start on March 1, 2025.
In their letter, signed by Deputy Director Kolawole Oluwadare, SERAP criticized this decision, arguing that it unfairly impacts low-income individuals while benefiting banks.
“The increase in ATM fees will hit hardest those who are already struggling and increase poverty levels in the country,” SERAP stated.
They also claimed that banks should bear the costs related to their services instead of pushing those expenses onto customers, especially those who can least afford it.
SERAP accused the CBN of focusing more on the interests of banks instead of the needs of ordinary Nigerians, many of whom already face a high cost of living.
The organization pointed out that while banks report high profits, they continue to impose heavy charges on their customers.
SERAP emphasized that CBN policies should not disadvantage poorer Nigerians in favour of wealthy banks that make significant profits.
In the letter, SERAP also highlighted that this fee increase goes against President Bola Tinubu’s promises to combat poverty in Nigeria and violated laws intended to protect consumers.
They explained that the new ATM fees create inequalities, making it harder for low-income individuals to access banking services while benefiting wealthier customers.
It also contradicts the CBN’s main goal of promoting the economy and fails to align with international human rights standards.
SERAP reminded the CBN of its responsibility to protect the rights of individuals and called for the immediate cancellation of the fee hike.
The human rights group requested that action be taken within 48 hours and warned that legal measures may follow if they do not receive a response.
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