SERAP has urged President Tinubu to suspend the recent increase in ATM withdrawal fees until a court ruling is made. The increase raises concerns about financial inclusion and is seen as an unfair burden on Nigerians, prompting SERAP’s legal challenge against the Central Bank of Nigeria (CBN). Public and expert criticism suggests that this policy could hinder monetary policies and access to cash.
The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to instruct the Central Bank of Nigeria (CBN) to promptly suspend the increase in Automated Teller Machine (ATM) withdrawal charges while awaiting a court ruling. SERAP emphasized that this request aligns with the 1999 Nigerian Constitution and the President’s promise to uphold the rule of law.
Concerns arise from the CBN’s recent approval of heightened ATM withdrawal fees, which may hinder banking access and financial inclusion for Nigerians. This policy will impose higher charges on customers who withdraw funds from ATMs belonging to banks other than their own, prompting backlash from consumer advocacy groups and civil society organizations.
SERAP, a prominent rights organization advocating for transparency, has initiated a lawsuit against the CBN, arguing that the fee increase infringes on the economic rights of citizens. The organization calls for President Tinubu’s involvement, highlighting his duty to safeguard the welfare of citizens against perceived unfair financial policies.
The demand for a suspension of the fee hike is seen by SERAP as both a legal necessity and a testament to the administration’s commitment to public interests. This appeal is particularly pressing as many Nigerians struggle with rising inflation, increased living costs, and overall economic instability.
Public sentiment is evident as citizens express their dissatisfaction on social media regarding this policy, viewing it as unjust. Financial analysts have also voiced concerns, suggesting that higher fees may divert individuals towards informal financial systems and undermine the effectiveness of the country’s monetary policies.
Last week, SERAP filed a lawsuit at the Federal High Court in Lagos seeking to impede the newly imposed ATM fees, registered under case number FHC/L/CS/344/2025. The CBN had announced revised fees on February 11, 2025, set to take effect on March 1, 2025, prompting SERAP’s legal response.
In summary, SERAP’s call for President Tinubu to halt the hike in ATM fees reflects concerns regarding economic rights and public welfare. The organization has petitioned the court to address the fee increase, asserting that it exacerbates economic difficulties for citizens. As discussions continue, the implications of these financial changes highlight the necessity for careful consideration of policy impacts on access to banking services in Nigeria.
Original Source: nairametrics.com
