The Socio-Economic Rights and Accountability Project (SERAP) has called on the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, to immediately withdraw what it described as an “unlawful, unfair, and unjust” increase in Automated Teller Machine (ATM) transaction fees.
The CBN recently announced new charges for ATM withdrawals outside bank premises, effective March 1, 2025. Under the new policy, a fee of N100 will apply for every N20,000 withdrawn from ATMs located in places such as shopping centres, airports, and standalone cash points, with an additional surcharge of up to N500 per withdrawal.
In an open letter dated February 15, 2025, and signed by its deputy director, Kolawole Oluwadare, SERAP condemned the policy, warning that it would worsen economic hardship for ordinary Nigerians and violate their rights. The organisation argued that the new charges would hit the poorest citizens the hardest, exacerbating the country’s poverty crisis.
According to SERAP, “The increase in ATM fees should be borne by wealthy banks and their shareholders, not struggling Nigerians. This decision benefits only the CBN and commercial banks, which continue to declare trillions of naira in profits at the expense of the public.”
SERAP further accused the CBN of disregarding its obligations under the Nigerian Constitution, the Federal Competition and Consumer Protection Act (FCCPA), and international human rights standards. It warned that the increase would create a two-tier financial system that discriminates against low-income Nigerians.
Citing Section 42(1)(a) of the CBN Act 2007, SERAP reminded the apex bank that it is mandated to promote “adequate and reasonable financial services for the public” and ensure its policies align with the national interest. The group also referenced the FCCPA, which prohibits unfair business practices and excessive charges that harm consumers.
The organisation demanded that the CBN withdraw the increase within 48 hours or face legal action. “If we do not hear from you within 48 hours, we will take all appropriate legal actions in the public interest,” SERAP stated.
The group emphasized that imposing high fees during an economic crisis, when banks are reporting record profits, was both exploitative and unjust. It urged the CBN to realign its policies with its mission to support economic growth and financial inclusion, rather than deepen poverty.
