Abuja, Feb. 23, 2025 – The Socio-Economic Rights and Accountability Project (SERAP) has filed a suit against the Central Bank of Nigeria (CBN) to stop the implementation of the ATM fee hike.
The CBN, had on Feb. 10 2025, reviewed upwards ATM transaction fees up to N600 per withdrawals.
SERAP described the fee hike as “unlawful, unfair, unreasonable, and unjust.”
SERAP said the suit, FHC/L/CS/344/2025, was filed by Kolawole Oluwadare and Andrew Nwankwo at the Federal High Court in Lagos on Friday.
The suit is contending, among others, “That the CBN is failing to comply with the Nigerian Constitution, the Federal Competition and Consumer Protection Act and the country’s international human rights obligations in the exercise of its statutory powers and functions.
“That the increase in ATM transaction fees ought to have been shouldered by wealthy banks and their shareholders, not the general public.
“That the CBN policies should not be skewed against poor Nigerians and heavily in favour of banks that continue to declare trillions of naira in profits mostly at the expense of their customers.
“That the increase in ATM transaction fees would inflict misery on poor Nigerians and contribute to human rights abuses.
“That the fees will Impose exorbitant ATM transaction fees on socially and economically vulnerable Nigerians at a time several Nigerian banks are declaring trillions of naira in profits yearly is manifestly unfair, unreasonable and unjust.”
SERAP is, therefore, seeking a court order to stop the implementation of the ATM fee hike.
It is also asking the court to determine whether the CBN’s decision is in violation of the Federal Competition and Consumer Protection Act 2018.
SERAP is also seeking a declaration that the fee hike is contrary to sections 1(c) and (d), 104, 105, and 127(1) of the Act, which mandate the protection of consumer rights and prohibit unfair business practices.
“The increase creates a two-tiered financial system that discriminates against poor Nigerians who may not be able to afford or pay the increased ATM fees,” SERAP argued in its suit.
“The increase in ATM transaction fees ought to have been shouldered by wealthy banks and their shareholders, not the general public.”
No date has been fixed for the hearing. (GBN)
