The House of Representatives has called on the Central Bank of Nigeria to urgently halt the increase in ATM transaction fees and the elimination of free ATM withdrawals for customers from other banks in Nigeria
This resolution followed a motion of urgent public importance presented by Marcus Inobon during the plenary on Tuesday.
Hon. Inobon emphasized the adverse effects of these transactional fees on Nigerians who are already facing multiple economic challenges, such as high inflation, rising fuel prices, increased electricity tariff, and various banking and service charges that significantly reduce disposable income and negatively impact the economic welfare of citizen.
He expressed concerns that the imposition of additional ATM withdrawal charges will further limit the financial inclusion of Nigerians by discouraging low-income earners from accessing banking services and undermining the CBN’s agenda for financial inclusion.
Hon. Inobon pointed out that the banking sectors continue to generate substantive profits, hence imposing additional charges on customers without any significant enhancement in service quality or infrastructure is unacceptable.
(UPSOUND- HON. MARCUS INOBON, FEDERAL LAWMAKER, EDO STATE)
In another development, the bill for an Act to recognise and protect human rights defenders has passed its second reading in the House of Representatives.
The bill, co-sponsored by Hon. Abiola Makinde and Hon Mudasiru Lukman aim to enhance the capacity of the Nigerian government to protect human rights defenders in Nigeria.