The Socio-Economic Rights and Accountability Project, SERAP, has issued a 48 hours ultimatum to the Central Bank of Nigeria, CBN, to reverse the newly announced hike in Automated Teller Machine, ATM, transaction fees, calling it “unlawful, unfair, unreasonable, and unjust”.
SERAP Deputy Director, Kolawole Oluwadare, in an open letter dated February 15, 2025, urged CBN Governor Olayemi Cardoso to immediately reverse the policy.
According to SERAP, the development would worsen the financial hardship faced by Nigerians, particularly low-income earners.
The letter titled, ‘SERAP gives CBN 48 hours to withdraw ‘unlawful, unfair hike in ATM transaction’, observed that the increase contradicts Section 42(1)(a) of the CBN Act 2007, which mandates the apex bank to ensure “adequate and reasonable financial services for the public” in the national interest.
The letter also cited Section 1(c)(d) of the Federal Competition and Consumer Protection Act, 2018, which seeks to protect and promote the interests and welfare of consumers and prohibits restrictive or unfair business practices.
According to the letter, the increase in ATM transaction fees will hit the hardest those at the bottom of the economy and exacerbate the growing poverty in the country