New ATM Charges: SERAP gives CBN 48 hours to withdraw ‘unlawful’ hike
The Socio-Economic Rights and Accountability Project (SERAP), has urged the Governor of the Central Bank of Nigeria, Mr Olayemi Cardoso, to withdraw the increase in charges on the use of Automated Teller Machine (ATM).
SERAP described the increase in ATM transaction fees as “patently unlawful, unfair, unreasonable and unjust,” and demanded for its immediate withdrawal.
In a letter to the CBN governor, the action of the apex bank will only inflict misery on poor Nigerians and contribute to human rights abuses.
The CBN recently announced that ATM withdrawals made at a machine owned by a bank but outside its branch premises will now attract a charge of N100 per N20,000 withdrawn. ATM withdrawals at shopping centres, airports or standalone cash points, will incur a N100 fee plus a surcharge of up to N500 per N20,000 withdrawal.
In the letter signed by SERAP deputy director Kolawole Oluwadare, the organisation said that the increase in charges would exacerbate the growing poverty in the country.
SERAP said, “The increase in ATM transaction fees ought to have been shouldered by wealthy banks and their shareholders, not the general public. The increase only benefits the CBN and commercial banks at the expense of poor Nigerians.”
According to SERAP, CBN policies should not be skewed against poor Nigerians in favour of banks “that continue to declare trillions of naira in profits mostly at the expense of their customers”.
“The increase in ATM transaction fees would inflict misery on poor Nigerians and contribute to human rights abuses.”
It said if the CBN governor refused to respond within 48 hours, “SERAP shall take all appropriate legal actions to compel you and the CBN to comply with our request in the public interest.”
