All you do is bill
CBN’s new charges will take more money out of your account, and SERAP isn’t having it
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Let’s get into the news you missed during the weekend:
SERAP isn’t feeling CBN’s new ATM charges
Dangote is testing the waters in Ethiopia
The Big Deal
SERAP isn’t feeling CBN’s new ATM charges
Yemi Cardoso, Governor of the Central Bank of Nigeria, wears many hats, but the one he wears best is the biller kind. Judging by the interesting decisions made in 2024 under his administration, you can tell that the man loves a good ka-ching sound, regardless of whose pocket it's coming out of.
For his latest trick, the CBN governor has instituted a new rule which will require people who use the Automated Teller Machine (ATM) of a bank that isn’t theirs to put ₦100 for every ₦20,000 in CBN’s pocket.
The new rule which was announced in a circular dated February 10, will take effect from March 1, but the Socio-Economic Rights and Accountability Project (SERAP) isn’t having it. The legal and advocacy organization is demanding that the CBN reverse the newly announced policy with the speed at which they proposed it.
In a statement released on Sunday, February 16, SERAP said it was giving the apex bank a 48-hour ultimatum to take back its words or face legal action. They also described the policy as “unlawful, unfair, unreasonable, and unjust,” especially for Nigerians already struggling with economic hardship.
And SERAP isn’t alone on this. Nigerians, who are still trying to come to terms with the recent hike in telecom services, are also calling out the CBN for making banking more expensive at a time when inflation is already stretching pockets to their limits.
Why is this a big deal?
In its defence, the CBN says the new ATM withdrawal charges will benefit both banks and customers. It claims the policy will bring back the era when ATMs always had cash because banks have now committed to making sure that money is more available in ATMs. The apex bank also promised that it would lead to more ATM deployment, even in remote areas, and help banks recover the high costs of maintaining these machines.
All of that is cute and stuff, but for the average Nigerian, this simply means more unwanted debit alerts. With the new policy, withdrawing ₦20,000 from an ATM that isn’t your bank’s will now come with an extra ₦100 charge. If that ATM is located in a shopping mall or eatery, the fee jumps to about ₦600 per withdrawal. Low-income earners, business owners and Nigerians who rely heavily on cash will feel the pinch the most. While CBN frames this as a mutual benefit, the banks are the ones truly benefiting.
CBN’s argument about cost recovery makes some sense— ATM deployment and maintenance are expensive. But Nigerian banks have been struggling to stock their ATMs with cash for a minute now, and the new “commitment” isn’t enough to guarantee that this latest charge will fix the problem.
Also, if the promise of readily available cash is the only benefit customers will get out of this arrangement, it screams “bare minimum” because cash scarcity was never the norm. Even the CBN knows cash availability is an avoidable problem. In January 2025, they warned banks to improve cash distribution or risk paying a ₦150 million fine. So why does it suddenly feel like Nigerians are the ones footing the bill for banks’ inefficiencies?
This policy looks less like a win-win and more like another way to squeeze money out of Nigerians in an economy where every naira counts. But if the 4% tariff reversal on importation services taught us something last week; it’s that the reversal of this policy is also possible if the right stakeholders refuse to shut up about it. Thankfully, SERAP is doing the Lord’s work, and you can do it too. Start by sharing this edition of The Big Daily on social media and start the conversation.
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Dangote is testing the waters in Ethiopia
When Burna Boy said, “Dangote still dey find money,” he knew what he was talking about. The richest man is expanding his investment portfolio to the cement industry in Ethiopia. The Dangote Group will invest $400 million to expand the Mugher cement plant, doubling its yearly production from 2.5 million to 5 million tons.
Since opening its doors in 2015, the Mugher plant has experienced its fair share of drama, including deadly attacks on employees and property damage due to regional unrest. But despite the dark history, Dangote is banking on it, calling Ethiopia his “best investment destination.”
And it’s not just cement money Dangote is trying to secure. Dangote Group is also expanding into Ethiopia’s sugar industry and is considering building a fertilizer (urea) plant in the country.
With this energy, it’s only a matter of time before Dangote extends the services of his refinery to more African countries.
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