Senator Shehu Sani warns as CBN increases ATM charges

DDM News

Former lawmaker and human rights activist, Senator Shehu Sani, has criticized the recent increase in ATM charges in Nigeria.

According to Diaspora digital media (DDM), he warned that continuous increases in ATM fees could discourage digital banking and push Nigerians back to outdated banking methods.

Sani shared his concerns on X (formerly Twitter), stressing that rising ATM charges could make financial transactions more difficult for the public.

“If the CBN continues to increase ATM charges, people will return to cashing cheques in banks,” he stated.

His comments reflect growing frustration with the banking sector, as many Nigerians already struggle with high banking fees.

The increase in ATM charges has sparked widespread concern, particularly among low-income earners who rely on withdrawals for daily expenses.

Many Nigerians believe the continuous increase in banking fees is making financial services unaffordable.

Economic hardships, rising inflation, and reduced purchasing power have already made life difficult for the average citizen.

Critics argue that the increase in ATM charges could force people to withdraw less frequently but in larger amounts.

This could lead to increased cash dependency and discourage financial inclusion efforts in the country.

Some financial analysts warn that constant increases in banking charges could damage public trust in financial institutions.

They argue that excessive fees might push people to store money outside banks to avoid repeated deductions.

Many believe that banks should focus on improving their services instead of continuously increasing transaction charges.

Customers already face network failures, cash shortages, and other challenges when using banking services.

The Central Bank of Nigeria (CBN), which regulates banking fees, has yet to respond to public backlash over the increase.

Financial experts insist that the increase in ATM charges should be reviewed to ensure banking remains accessible to all.

For many Nigerians, ATM withdrawals remain a vital part of their daily transactions, making fee hikes a pressing issue.

Senator Sani’s remarks have resonated with citizens, as many feel banks should ease financial burdens, not add to them.

The increase in ATM fees remains a major concern, reflecting broader issues about financial accessibility and service affordability.

Many Nigerians are calling for urgent regulatory intervention to ensure banking services do not become too expensive for ordinary citizens.

If the increase in ATM charges continues, more people may be forced to abandon digital transactions in favor of cash.

Experts believe that maintaining affordable banking services is essential for economic growth and financial stability.

With the economy already struggling, higher ATM charges could worsen financial difficulties for many Nigerians.

The increase in ATM fees remains a contentious issue, with many hoping for a policy review to ease the financial burden.

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