The Socio-Economic Rights and Accountability Project has issued an ultimatum to the Central Bank of Nigeria, demanding a reversal of the recent ATM transaction fee hike within 48 hours. In a letter dated February 15, 2025, SERAP expressed concerns about the negative impact of the fee increase on Nigerians, particularly those with lower incomes.
The organization highlighted that the new policy contradicts certain sections of the CBN Act 2007 and the Federal Competition and Consumer Protection Act, which aim to ensure financial services are adequate and reasonable for the public and protect consumer interests from unfair business practices.
SERAP emphasized that the fee hike disproportionately affects the economically disadvantaged and criticized the move as unjust and unfair, especially during a time of economic hardship for many Nigerians. They urged the CBN to reconsider its decision or face potential legal action.
Furthermore, despite the outcry from bank customers over the elimination of free ATM withdrawals, SERAP’s focus remains on challenging the CBN’s decision and advocating for the rights of the most vulnerable in the society.