E-Financial
CBN, CPC Look Elsewhere as Banks Milk Nigerians through ATMs
Stephen Ubimago, law editor at the Independent newspapers has asked the Central Bank of Nigerian (CBN) and the Consumer Protection Council of Nigeria (CPC) to act and stop needless extortion of ATM users in Nigeria.
Ubimago, said that that banks have continued to programme their ATMs in such a way as to extort users of the machines, while the CBN has simply been aloof.
Because the closest deposit money bank to where Babatunde Ajiri, a furniture-maker, has his workshop and showroom is the Sterling Bank branch along the Sango-Ogbayo Road, in Ogun State, he had often made withdrawals from his First Bank account using the Automated Teller Machines (ATM) at the said Sterling Bank branch.
To be sure, he is usually charged N65 on his third withdrawal transaction from the Bank’s ATM using his First Bank debit card.
Ordinarily, a user is charged for what the Central Bank of Nigeria (CBN) calls an “extended use of other banks’ ATMs,” unlike when he uses the ATM of his own bank.
According to reports, the said N65 is a fee meant for, among other things, the maintenance of the machines.
But the disturbing part of the story is that from the said Sterling Bank ATM, a user cannot withdraw more than N10, 000 in one transaction.
Thus for a withdrawal of N30, 000, a user must make three transactions. This means that for those three transactions on the machine, he will be charged the statutory N65; and for a N100, 000-withdrawal, an excessive N195 is charged. This is a rip-off, to state the least.
As such, Ajiri has practically stopped using the said Sterling Bank’s ATM, save on occasions when he is withdrawing small sums.
He now prefers journeying all the way to Sango just to access any of the ATMs of the First Bank branch located there, for at least he wouldn’t be charged so extortionately except the sum of N50 once in a month, which is fair enough.
According to Ubimago, to state that the said Sterling Bank branch is making a kill from programming its ATMs to only dispense such atomistic sum is to state the obvious.
And the fact that the bank is the only major financial institution operating in the Ijoko- Ota area means it is operating in a niche environment or indeed like a monopoly.
However, from most banks’ ATM a user could withdraw at a go N20,000 – meaning that before the N65 statutory fee could be charged on his account (that is, if he is not a customer of the bank), he must have withdrawn at least N60,000. This is also fair.
Therefore, for ATM users like Ajiri, the problem is not the N65 charge upon every third withdrawal transaction on another bank’s ATM; but the fact that it appears the CBN does not seem to regulate the banks in terms of how they programme their ATMs to dispense cash.
And Ajiri’s story is not isolated.
Miss Agatha Young, a First Bank customer and Abuja resident, narrating a similar experience said, “I live in Kubwa, and almost all banks’ ATMs in my area dispense maximum of N10, 000.
“Recently, I needed to withdraw N200,000 and my bank’s ATM was crowded, so I went to use another bank’s ATM only to discover that the machine was dispensing only N10,000 per transaction.
“I was only able to withdraw N150, 000 because other customers were waiting on the queue and I was tired of going through the same process.
“I also discovered I was charged so much for those transactions as I had exceeded three withdrawal limit using the other bank’s ATM, which is outrageous.’’
Another user, Sunday Mgbede, a Guarantee Trust Bank customer, residing in Nyanya, another Abuja suburb, said most of the ATMs in his area dispensed maximum of N10, 000 per transaction.
“If you want to make withdrawals at weekends around the Nyanya/Mararaba axis, you will discover that only few ATMs are dispensing over N10, 000 per transaction,” he said.
“The concerned authorities should please look into this matter because people are suffering, there is no money in the country, yet banks want to make profit off customers.”
Another customer of First Bank, Erica Jonah, said she used her ATM card to withdraw N100,000 from another bank and discovered the machine was programmed to dispense N10,000 per transaction and was charged N65 per transaction.
Jonah said that was not her first experience, describing the practice by banks involved as fraudulent.
It is in light of the foregoing that the Senate on Wednesday, October 17, last year, asked its committees on Banking, Insurance & other Financial Institutions and Finance to invite Mr Godwin Emefiele, the CBN Governor, to explain why its approved official charges are skewed in favour of banks as against ordinary bank customers.
The committees are also to investigate the propriety of ATM Card maintenance charges in comparison with international best practices and report back to the Senate.
These resolutions were sequel to a motion sponsored by Gbenga Ashafa (APC, Lagos East) on “Illicit and Excessive Charges by Nigerian Banks on customers account with particular focus on Automated Teller Machine (ATM) Maintenance and Withdrawal Charges.”
Ashafa noted there have been several complaints from Nigerians generally and on social media concerning illicit and excessive charges by commercial banks on customers’ account with particular focus on ATM maintenance charges and ATM withdrawal charges.
It would be recalled that the CBN in 2017 increased the maintenance fees charged by banks on debit and credit card maintenance from N100 a year to N50 per month (N600 a year) as contained in its “Guide to Charges by Banks and other Financial Institutions.”
Ashafa also expressed worry that most banks have deliberately manipulated their ATM not to dispense more that N10,000 per withdrawal in some cases and in most cases not more than N20,000.
“This is a deliberate ploy to manipulate the ATM machines which are ordinarily manufactured to dispense as much as N40,000 per transaction, in order to attract more bank charges from customers who are forced to carry out more transactions due to the manipulated machines,” Ashafa said on the occasion.
“It appears the CBN is becoming insensitive to the plight of Nigerians who are already complaining of excessive charges by commercial banks. If the CBN is trying to encourage a cashless Nigeria, why should they be making it more difficult and expensive for Nigerians to do transactions.”
In his contribution, Ike Ekweremadu, the Deputy Senate President, urged the CBN to live up to its responsibility of protecting the interests of Nigerians and not just the banks.
He also chided the Consumer Protection Council (CPC) for not “living to expectation,” calling on the institutions to wake up to its responsibility of protecting the interest of customers.
The Senate, thereafter, urged banks to allow N40, 000 maximum per withdrawal through an ATM and not N10, 000.
Despite these and other resolutions passed by the Senate, the banks have been defiant.
The CBN and CPC must therefore urgently act to rein in this needless exploitation of Nigerians in the name of ATM maintenance charges; otherwise the leadership of these institutions should resign.
The Securities and Exchange Commission (SEC) has unveiled plans to make sustainability reporting mandatory for large public interest entities from 2027 as Nigeria moves to align its corporate disclosure framework with global environmental, social and governance (ESG) reporting standards.
The phased implementation will begin with voluntary adoption by early adopters and large public interest entities before becoming mandatory in 2027. The requirement will extend to other public interest entities in 2028 and small and medium-scale enterprises (SMEs) by 2030.
Dr Emomotimi Agama, Director-General of the SEC, disclosed this at the 2026 Financial Institutions Training Centre (FITC) Sustainability and ESG Conference 3.0 in Lagos, themed ‘Building a Sustainable Africa: Integrating Environmental Stewardship, Social Investment, and Strong Governance for a Prosperous Future’.
Agama said Nigeria’s sustainability disclosure regime is being aligned with the International Sustainability Standards Board (ISSB) framework, including IFRS S1 and IFRS S2, which have emerged as the global benchmark for sustainability reporting.
He said that institutional investors increasingly consider ESG performance a key determinant of capital allocation rather than a peripheral corporate responsibility issue, noting that the price of entry is disclosure.
He said the reforms would strengthen investor confidence and position Nigerian businesses to access global capital markets, where sustainability disclosures are becoming an essential investment requirement.
According to him, Nigeria’s capital market has recorded significant expansion, with market capitalisation growing from about N130 trillion to nearly N160 trillion following recent market reforms, while assets under management have surpassed N9 trillion.
To deepen sustainable finance, Agama said the commission was promoting infrastructure, green and municipal bonds, alongside infrastructure-focused investment funds, to mobilise long-term capital for critical national projects.
He added that the SEC would also encourage investments in the blue economy and support financing for the power sector through green energy bonds, project bonds and public-private investment structures.
The SEC chief cited the recent launch of the Nigerian Exchange (NGX) Impact Board as another milestone in advancing sustainable finance and urged companies, regulators and investors to move beyond commitments by embedding sustainability into governance, operations and investment decisions.
Managing Director and Chief Executive Officer of the Financial Institutions Training Centre (FITC), Dr Chizor Malize, said sustainability and ESG had evolved from compliance issues to core drivers of business competitiveness, investment decisions and economic development.
She said the conference, now in its third edition since 2024, had become a leading platform for advancing sustainability discourse in Africa, adding that this year’s gathering was designed to move stakeholders “from conversation to commitment”.
Chairman of the FITC Advisory Board, Prof Fabian Ajogwu, described governance as the foundation of sustainable development, arguing that Africa must become a standard-setter rather than merely adopting frameworks developed elsewhere.
Although Africa contributes less than four per cent of global greenhouse gas emissions, he said, the continent bears a disproportionate share of climate-related impacts, including worsening floods and increasingly erratic weather patterns.
Ajogwu also cited estimates that poor governance costs Africa between $88 billion and $90 billion annually, while highlighting technology-driven agricultural initiatives, including a partnership involving Morocco’s OCP Group and the Nigeria Sovereign Investment Authority (NSIA), as examples of practical models that should be replicated across the continent.
Delivering the keynote address, Chairman of the MTN Nigeria Foundation, Mosun Belo-Olusoga, said the debate over the relevance of sustainability and ESG had ended, with the real challenge now centred on implementation.
She observed that global investors increasingly evaluate businesses on governance quality, resilience and their ability to manage environmental and social risks, in addition to profitability.
Belo-Olusoga noted that despite contributing the least to global carbon emissions, Africa possesses vast arable land, abundant renewable energy resources and critical minerals required for the global energy transition.
She identified four leadership priorities for the continent: shifting from short-term performance to long-term value creation, replacing corporate philanthropy with strategic social investment, moving beyond regulatory compliance to responsible leadership, and strengthening collaboration among governments, businesses and development partners.
She also outlined five priorities for Africa’s ESG agenda over the next decade, including embedding sustainability into corporate strategy and governance, investing in human capital, mobilising indigenous capital through instruments such as green bonds and pension funds, strengthening institutional accountability, and fostering partnerships in renewable energy, digital technology and climate-smart agriculture.
“The defining challenge before Africa is not a shortage of vision; it is execution,” Belo-Olusoga said, urging governments to create enabling policies, businesses to integrate ESG into enterprise risk management, and financial institutions to develop innovative financing mechanisms that support a green and inclusive economy.
Nigeria’s Bank Verification Number (BVN) database expanded to 69.55 million as of July 5 2026 from 69.32 million in June 2026, according to latest data released by the Nigeria Inter-Bank Settlement System (NIBSS).
BVN is an 11-digit biometric identification system introduced by the Central Bank of Nigeria and managed by the Nigeria Inter-Bank Settlement System (NIBSS) to secure customer accounts and reduce fraud.
This means that BVN enrolments increased by 228,947 between June and July 5 this year.
With the BVN database standing at 67.8 million as of December 31, 2025, it also means that the database grew by 1.75 million between the end of last year and July 5, 2026.
Specifically, with less than 1.8 million BVN enrolments so far recorded for this year, it is looking highly unlikely that BVN registrations at the end of 2026 will come close to the 4.3 million total registrations recorded in 2025.
Analysts note that while the expansion in the BVN database last year was largely driven by the introduction of the NonResident Bank Verification Number (NRBVN) initiative, which enables Nigerians in the diaspora to do their BVN enrolment remotely, thereby removing physical barriers and boosting cross-border financial engagement, the Central Bank of Nigeria (CBN) in March this year, announced a revised BVN regulatory framework, that saw it introducing stricter controls on suspected fraudulent transactions, BVN enrollment, and data access within the banking system.
According to the regulator, the amendments to the BVN framework, which came into effect on May 1, 2026, were aimed at strengthening fraud monitoring, improving identity management within the financial system and safeguarding the integrity of banking transactions, by strengthening identity verification and ensuring that BVN registration aligns with legally recognised age thresholds.
Thus, under the revised BVN framework, the apex bank introduced a stricter age requirement for BVN enrolment, limiting registration to 18-year-old individuals and above.
Also, under the new framework, customers will only be allowed to change the phone number associated with their BVN once. The CBN further stated: “Under the new guidelines, financial institutions are required to establish and maintain a temporary watch-list for BVNs linked to suspected fraudulent transactions reported within the banking system.
“A BVN may remain on this temporary Watch-list for a maximum period of twentyfour (24) hours, during which the BVN owner shall be contacted to provide clarification regarding the identified transaction(s).”
Launched on February 14, 2014, by the CBN in collaboration with the Bankers’ Committee, the NIBSS, and the German firm Dermalog, the BVN scheme was designed to capture the biometrics of all bank customers and provide each with a unique 11-digit identification number that can be verified across the Nigerian banking industry.
Central Bank of Nigeria (CBN) has reaffirmed that the standard N100 banknote remains legal tender across the country, warning that its rejection by individuals, businesses and institutions violates the law.
The clarification follows reports that some members of the public have refused to accept the standard N100 note over concerns about its legal tender status following the introduction of the commemorative N100 banknote issued to mark Nigeria’s centenary.
In a statement signed by Mrs. Hakama Sidi-Ali, acting director of Corporate Communications, the apex bank stressed that “both the commemorative N100 banknote and the standard N100 banknote are valid legal tender and must be accepted for all transactions nationwide.”
The CBN explained that the commemorative N100 note was introduced to celebrate Nigeria’s centenary and did not replace the existing standard N100 banknote.
The CBN cautioned individuals, businesses, financial institutions and other economic agents against rejecting the standard N100 note, noting that such action contravenes the provisions of the CBN Act and undermines public confidence in the national currency.
It warned that appropriate enforcement measures would be taken against any person or organisation found violating the law.
The apex bank reaffirmed its commitment to protecting the integrity of the naira, maintaining confidence in all duly issued banknotes and ensuring the smooth circulation of currency across the country.
The CBN also urged members of the public to continue accepting and transacting with all banknotes legally issued by the Bank and advised anyone seeking further clarification to use its official communication channels.
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