Bank customers across Nigeria have expressed frustration and anger over the recent introduction of additional ATM fees, accusing the Bola Tinubu-led administration of formulating policies without considering the economic hardships faced by ordinary citizens. Naija247news gathered that the new charges, which include fees for cash withdrawals and balance inquiries, have sparked widespread criticism, with many describing them as a further burden on an already struggling population.
Thank you for reading this post, don't forget to subscribe!According to Naija247news, the Central Bank of Nigeria (CBN) approved the new fee structure last week, citing the need to cover operational costs and encourage cashless transactions. However, the move has been met with fierce backlash from customers who argue that the timing is insensitive, given the rising cost of living and widespread financial hardship in the country.
Naija247news understands that under the new policy, customers will be charged ₦35 for cash withdrawals and ₦10 for balance inquiries on other banks’ ATMs, in addition to existing fees. Many Nigerians have taken to social media to vent their frustrations, with hashtags like #ATMCharges and #StopTheFees trending on Twitter. “This is unbelievable. How can the government keep piling more expenses on us when people are struggling to feed their families?” asked Mr. Chinedu Okoro, a Lagos-based trader.
According to Naija247news, the backlash has also drawn reactions from civil society organizations, which have called on the government to reconsider the policy. “This is a clear case of policy insensitivity. The government should be looking for ways to alleviate the people’s suffering, not adding to it,” said Comrade Ayo Adewale, a human rights activist.
The CBN has defended the new fees, stating that they are necessary to maintain the efficiency of the banking system. Naija247news reports that the apex bank has also emphasized the importance of transitioning to a cashless economy, which it claims will reduce the cost of cash management and curb illicit financial activities.
However, critics argue that the policy disproportionately affects low-income earners and small business owners who rely heavily on cash transactions. “Many Nigerians don’t have the luxury of going cashless. This policy is out of touch with reality,” said Mrs. Bimbo Oladeji, a market trader in Ibadan.
According to Naija247news, the controversy has put the Tinubu administration under increased scrutiny, with many questioning its commitment to alleviating the economic challenges facing Nigerians. As the debate over the new ATM fees continues, bank customers are calling for urgent action to address their concerns. For now, the policy remains in place, leaving millions of Nigerians to bear the brunt of yet another financial burden.
