In a move that’s left many Nigerians fuming, the Central Bank of Nigeria (CBN) has hiked ATM transaction fees, sparking widespread criticism and calls for the Federal Competition and Consumer Protection Commission (FCCPC) to intervene.
The new fee structure imposes a ₦100 fee on ATM withdrawals made at machines outside bank premises and an additional surcharge of up to ₦500 per ₦20,000 withdrawal at shopping centres, airports, or standalone cash points. Critics argue that this fee hike will widen the financial exclusion gap, making banking services more expensive and less accessible to consumers, especially those in rural and underserved areas.
*“Unlawful, Unfair, Unreasonable, and Unjust”*
The Socio-Economic Rights and Accountability Project (SERAP) has already taken legal action against the CBN, slamming the move as “unlawful, unfair, unreasonable, and unjust”. The FCCPC is now under pressure to act and protect consumers from what is seen as an unfair and excessive charge.
*FCCPC Must Act Swiftly*
As the primary agency responsible for consumer protection in Nigeria, the FCCPC has a responsibility to prevent businesses, including government institutions, from imposing unfair and excessive charges on consumers. The FCCPC must act swiftly to address this issue and ensure that consumers are protected from exploitation.
*Calls for Collaboration*
In a related development, the FCCPC has been urged to collaborate more effectively with the CBN to ensure consumer interests are protected. While the CBN has introduced policies aimed at reducing banking excesses, stricter enforcement is needed to prevent unfair practices.
The clock is ticking for the FCCPC to act and protect Nigerian consumers from this outrageous fee hike. Will they rise to the challenge?
#dazzlenews.com.ng
