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New ATM Fees: Bank Customers Lament, Say it Negates Financial Inclusion
Bank customers have decried the upward review of Automated Teller Machine (ATM) transaction fees by the Central Bank of Nigeria (CBN).
Some of the customers in Abuja on Sunday said the new policy negated the financial inclusion and cashless policies of the CBN.
Catherine Itoha, a civil servant, said the tax would discourage the unbanked from getting into the financial inclusion net.
Itoha, who observed that this method of tax generation was not obtainable in other climes, appealed to the CBN to devise other means of tax instead of discouraging banking.
”Is this how they want to encourage a cashless policy? This is definitely not good.
”The tariff is too high. This is the reason why if you go to most bush markets, they do not accept transfers. The traders will tell you that they do not have bank accounts therefore; you pay so much to withdraw.
”The other day that I went to a bush market, I used N4000 to withdraw N90,000 in a Point of Sale (PoS) because they insisted on cash.
”The government should be thinking of how to bring people like those traders into the banking net and not chase them away with charges.
”It is the masses that are suffering from all these charges,” she said.
Davis Agede, a former banker, regretted that the CBN would bring a policy and another to clash with the previous one.
Agede alleged that with the ATM transaction fees increase, the PoS merchants would soon increase their fees.
Hajia Kudirat Aminu, a trader, said she now preferred to keep her money in her home to run away from various bank charges.
Aminu said that although she barely used ATM for withdrawal, the new policy would further discourage some of her fellow traders who were small business owners.
”I go to the market everyday so I do not need to keep my money in the bank.
”This policy will discourage so many small business owners from using their bank accounts,” she said.
Another bank customer, Mr Kayode Are, regretted that all taxes had been reviewed upward in every sector.
”Does the government want to kill us with taxes?
”How will the poor masses survive this? he asked.
Catherine Nnaji, a student and a bank customer, appealed to the CBN to reduce transaction fees charged customers withdrawing from another bank’s ATM.
Nnaji said the appeal was due to the absence of her bank and its ATM within her place of residence.
”My bank is too far away from where I stay. I usually use other bank’s ATM to withdraw money.
”The CBN should pity us because we are students and do not currently have a means of making money,” she said.
NAN reports that the CBN had, on Feb. 10, released a circular to all banks and other financial institutions to apply the increased charges with effect from March 1.
CBN in the circular with the title ‘Review of ATM transaction fees’ said the move was in response to rising cost and the need to improve efficiency of ATM services in the banking industry.
”The CBN has reviewed the ATM transaction fees prescribed in Section 10.7 of the extant CBN Guide to charges by banks, other financial institutions and Non-Bank Financial Institutions 2020 (the Guide).
”This review is expected to accelerate the deployment of ATMs and ensure that appropriate charges are applied by financial institutions to consumers of the service.
”Accordingly, banks and other financial institutions are advised to apply the following with effect from March 1, 2025,” the CBN said.
The CBN in the circular said that customers withdrawing at the ATM of their financial institutions would not be charged.
However, the Bank said that customers withdrawing from another institution’s ATM would be charged.
”On-Us (customers withdrawing at the ATM of the customer’s financial institution) in Nigeria, no charge.
”Not-on-Us (withdrawal from another institution’s ATM) in Nigeria; On-site-ATMs: A charge of N100 per N20,000 withdrawal.
”Off-site ATMs: A charge of N100 plus a surcharge of not more than N500 per N20,000 withdrawal.
”The income which is an income of the ATM acquirer/deployer, shall be disclosed at point of withdrawal to the consumer,” CBN said. (NAN)
Business News
DBN Signs $61m Credit Deal With AfDB, Unveils Support Initiative Report
By Tony Obiechina, Abuja
The Development Bank of Nigeria Plc (DBN) has launched DAWN: DBN Action for Women in Nigeria, unveiled its Impact Report and presented MSME Data Assets at the seventh edition of Annual Lecture held in Abuja.
DBN, in a statement on Thursday, said while delivering a welcome address, its Managing Director and Chief Executive Officer, Dr Tony Okpanachi, said the central challenge was no longer reforms themselves but ensuring benefits reach businesses at end of the chain.
He asked how to make sure benefits reach traders in Onitsha, fabricator in Aba, farmer in Kebbi and young founder in Yaba, noting that MSMEs accounted for about half of Nigeria’s GDP and more than eight in every ten jobs, adding that when reform works for MSMEs it works for most Nigerians.
He explained that reform becomes prosperity only when entrepreneurs can act on it whether through long tenor loans to buy equipment, banks willing to take risk or skills and records needed to grow.
He said working through Participating Financial Institutions DBN provides longer term funding, partial credit guarantees through subsidiary Impact Credit Guarantee Limited and capacity building including Entrepreneurship Training Programme.
He disclosed that as at December 2025 DBN had disbursed a cumulative N1.4 trillion to MSMEs through 84 Participating Financial Institutions creating about 1.6 million jobs nationwide.
Under the new five year strategy, the Bank aims to reach more than two million MSMEs with deliberate targets for women led businesses, youth led businesses and underserved states.
On DAWN, Okpanachi said finance alone had not enabled enough women-led businesses to scale.
He said initiative brings together financing, guarantees and credit support, technical assistance, outcome linked grants and market linkages delivered through banks, microfinance institutions, fintechs, aggregators, cooperatives and direct channels.
Its priority sectors are agriculture and exports, healthcare, arts and creatives, technology and green business.
He said DAWN is about moving gender focused lending beyond intention and turning access into opportunity.
On the sidelines of the lecture DBN and African Development Bank held a signing ceremony of AfDB DBN 61 million United States dollars Gender Line of Credit development that reinforces Bank commitment to women led enterprises.
Okpanachi urged Participating Financial Institutions to extend lending into sectors and states where access to finance has been limited, policymakers and regulators to measure reform by what changes for business at end of chain and MSMEs to formalise, keep good records and use support now available.
The Vice President as Special Guest of Honour was represented by Dr Fred Iklaga Senior Technical Adviser in the Office of Special Adviser to the President on Economy.
Keynote speakers were Chief Executive Officer of MTN Nigeria, Dr Karl Toriola, and Chairman of Nigeria Sovereign Investment Authority, Dr Segun Ogunsanya.
Fireside chat featured Chief Executive Officer of Sterling Bank Abubakar Suleiman, manufacturing and trade entrepreneur Mrs Omoyemi Chukwurah and by video Kola Masha of Babban Gona.
The Secretary to the Government of Federation, represented by Augusta Warren Bekaredebo, said 2026 tax reforms would bring relief to many small businesses expressing optimism that a lot of businesses will be smiling by next year because they will be exempted from tax.
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NLC Threatens Nationwide Action as Talks With FG Collapse
By Tambaya Julius, Abuja
The Nigeria Labour Congress (NLC) has threatened possible nationwide industrial action following the failure of talks with the Federal Government over workers’ welfare, petrol prices and other outstanding labour demands.
The warning came after a meeting between the government and organised labour at the Ministry of Labour in Abuja on Thursday, October 22, ended without an agreement.
The congress has given the Federal Government until Tuesday, October 27, to make meaningful progress on the issues, warning that its relevant organs would decide the next line of action if the next meeting fails to produce concrete commitments.
The NLC has also directed its affiliates, state councils and civil society allies to begin mobilising members for possible nationwide action.
In a statement issued after the meeting, the NLC Acting General Secretary, Benson Upah, expressed disappointment over what he described as the government delegation’s lack of preparedness for the negotiations.
According to the congress, organised labour presented its demands in good faith but left the meeting without any concrete commitments from the government.
The demands include a reduction in petrol prices to 2024 levels, renegotiation of the national minimum wage, implementation of agreed tax relief measures and resolution of the terms of settlement involving the Joint Health Sector Unions (JOHESU).
The congress also called for the resolution of issues raised by the Joint Public Service Negotiating Council (JPSNC) over peculiar allowances, wage awards and hazard allowances.
The NLC said the government delegation lacked the necessary authority to engage meaningfully on the issues presented by labour representatives.
“The meeting between the Federal Government and organised labour, convened at the Ministry of Labour in Abuja on 22nd October 2026, has ended without resolution,” the statement said.
It added that the Minister of Labour requested that the meeting be adjourned until October 27 to allow the government to prepare adequately for further discussions.
The preparations, according to the statement, would include bringing relevant ministers and heads of departments and agencies to the negotiating table.
The congress said it remained open to dialogue but would not accept continued delays in addressing workers’ concerns.
“We will report back to our organs, and if no meaningful progress is made on Tuesday, the relevant organs of the NLC will decide the next line of action,” it said.
The labour body urged workers and members of the public to remain calm while the negotiations continue, even as it directed its affiliates and allies to prepare for possible industrial action.
“However, we urge all affiliates of NLC and TUC; all state councils and our civil society allies to be alert and start mobilising for a possible action across the nation while we hope that the tenets of our demands are met by the government,” the statement added.
The October 27 meeting is expected to provide another opportunity for both sides to address the outstanding issues and prevent a possible escalation of the dispute.
However, the NLC’s decision to begin mobilisation suggests that tensions could rise if the next round of talks fails to produce meaningful progress.
COVER
Election Campaigns: FRSC Bars Officers from Politicians’ Escort
The Federal Road Safety Corps (FRSC) has barred its personnel from escorting politicians during campaigns for the 2027 general elections.
Zonal Commanding Officer, RS6, ACM Abimbola Owolabi, gave the directive during her maiden visit to the Cross River Command in Calabar on Wednesday.
Owolabi said patrol vehicles and sirens must not be used for political activities or private engagements, including weddings and funeral processions.
She directed officers deployed to campaign venues to focus exclusively on traffic management to prevent congestion and road crashes.
The zonal head warned personnel against leading political convoys or providing escorts for politicians, stressing that official vehicles must not be used for unauthorised purposes.


