By Michael Archibong
March 1, 2025 – Abuja, Nigeria
Nigerians woke up today to yet another financial burden as banks across the country officially began charging N100 per ATM withdrawal, following a recent directive approved by financial regulators. The move, which banks claim is aimed at reducing cash transactions and promoting digital banking, has sparked outrage among citizens already struggling under a tough economic climate.
A People Under Siege
For many Nigerians, the new ATM withdrawal charge is another blow in a series of government policies that seem disconnected from the realities of daily life. Inflation is at an all-time high, food prices continue to skyrocket, and fuel costs remain unbearable. Now, even accessing their own hard earned money comes at an extra cost.
“I barely survive on my salary. Now, I have to pay to collect my own money? This is unfair!” cried a civil servant speaking under anonymity
Traders, students, and pensioners are among those hit hardest. In rural areas where digital banking infrastructure is weak, people rely heavily on cash. The new charges mean they will either have to withdraw larger amounts at once making them targets for robbery or pay multiple times if they need smaller amounts.
A Pattern of Economic Strangulation
This is not the first time Nigerians have faced policies that seem to push them deeper into financial strain. The removal of fuel subsidies in 2023, followed by a hike in electricity tariffs, and now these banking charges, all point to a trend where ordinary citizens bear the brunt of economic reforms.
Financial experts argue that while cashless transactions are the future, the Nigerian banking system is not yet prepared for a full transition. Frequent network failures, excessive transfer charges, and cyber fraud have made digital banking unreliable for many.
Public Outcry and Possible Reversal?
The public backlash has been swift. Social media is flooded with complaints, and some advocacy groups are calling for a review of the policy. There are also fears that the move might push more people into informal and unregulated financial systems, further undermining the economy.
For now, Nigerians have no choice but to adjust to yet another policy that makes everyday life more expensive. But with rising frustration and declining trust in financial institutions, the question remains: How much more hardship can the people take?
