The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Ahmed Tinubu to urgently direct the Central Bank of Nigeria (CBN) to suspend the recently proposed hike in Automated Teller Machine (ATM) fees until the conclusion of a court ruling on the matter.
In a statement released today, SERAP stated that the CBN’s decision to raise ATM withdrawal fees for both in-branch and off-site transactions has the potential to disproportionately impact millions of Nigerians, especially those in rural areas and those already facing financial hardship. The move, which could increase the cost of accessing cash from ATMs, has sparked widespread concern across the nation.
SERAP further stressed that such a fee hike, if implemented without judicial review, could violate the constitutional right of Nigerians to access banking services without undue hardship. The organization has filed a lawsuit against the CBN, urging the court to review the legality and fairness of the fee increase. The court hearing is scheduled to take place in the coming weeks.
"While the CBN’s decision may be framed as a measure to improve the financial system, it is crucial to consider the severe impact it could have on vulnerable Nigerians," said SERAP’s Executive Director, Dr. Adebayo Oduwole. "We are asking President Tinubu to intervene and ensure that the proposed ATM fee hike is put on hold until the court renders its verdict."
SERAP has called on the Federal Government to ensure that the rights of citizens are protected and that policy decisions are aligned with the principles of justice, fairness, and transparency. The organization also emphasized that any decision to increase ATM fees must be accompanied by a comprehensive, public consultation process to assess the implications on Nigerians.
"Millions of Nigerians rely on ATMs for everyday transactions, and imposing higher fees at this time would further deepen existing inequalities. We urge President Tinubu to use his authority to safeguard the interests of Nigerians and ensure that such decisions undergo proper judicial scrutiny before they are enforced," Oduwole added.