By Augustine Akhilomen
Nigerians have questioned the decision of the Central Bank of Nigeria boss, Olayemi Cardoso, to impose a minimum charge of N100 for ATM transactions exceeding N20,000, which is expected to take effect from March 1st, 2025.
Under the revised fee structure, withdrawals from one’s bank ATMs will remain free of charge.
However, customers using ATMs of other banks will be subjected to a charge of N100 per withdrawal of N20,000 or less at on-site ATMs, which are located within or directly affiliated with a bank branch.
Off-site ATMs, which are positioned outside bank premises such as shopping malls, fuel stations, and other public spaces, will attract an additional surcharge of up to N500 per transaction.
However, such policies have angered some Nigerians who believe that President Bola Tinubu has increased the burden of the masses with such policies.
Meanwhile, bishop Herbert Ekechukwu, a cleric and economist, recounted: “This new policy is expected to take effect from March 1, 2025. Another bank ATM will attract N100 levy, plus additional surcharge of up to N500 per N20,000.”
“Taxes and more taxes on overburdened masses. The average Nigerian is struggling to make a living.
“They are already encumbered with super runaway inflation. To suffocate them again with more taxes shows a high level of insensitivity by the elite ruling class.
“Not quite long, we discussed the proposed increase of telecom tariff and now this.
“I remember many years ago when Military President Ibrahim Babangida was putting Nigerians under great affliction with the Structural Adjustment Programme (SAP).
“General Olusegun Obasanjo warned that SAP should have a human face. I do not see this government having a human face.
“Please, let us think outside the box to grow this economy. Taxation is not the only way to grow the economy.
“Let us look at other options available without putting more stress on the already suffering masses.
“Let our emphasis shift to youth empowerment, agriculture and rural industry, quality education, etc.
“Taxation is necessary, but people’s welfare is of utmost importance.”
Also, Tola Oresanwo, an activist and public affairs analyst, said, “It portrays this administration as one that is insensitive, unresponsive and callous.
“The weight of the burden being placed on the common man in the country is becoming unbearable day by day.
“Although the CBN attributes this review to rising operational costs and the need to enhance the efficiency of ATM services in Nigeria’s banking industry, I want to disagree with that notion because going by the huge profits after tax being declared by these commercial banks, year in, year out, there is no basis whatsoever for an upward review of the ATM transaction charges.
“The increased fees may discourage the use of banking services, especially among low income earners who may see the upward review as a means of cheating or shortchanging them, and this move could negatively impact the CBN’s financial inclusion campaign.”
In the same vein, Utase Joseph Utase, a consultant, stated: “The new CBN policy imposing a minimum charge of N100 per N20,000 withdrawn from other banks’ ATMs will significantly impact on everyday Nigerians.
“Many rely on ATMs for cash transactions, especially in areas with limited banking services.
“This additional cost could strain low income earners who frequently use ATMs for small withdrawals.
“It may also discourage cash transactions, pushing more people toward digital banking.
“However, for those with limited access to mobile banking, it could lead to frustration and increased financial burden.
“Ultimately, while the policy may benefit banks operationally, it adds another expense for regular Nigerians.”
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