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the N65 statutory fee could be charged on his account (that is, if he is not a customer of the bank), he must have withdrawn at least N60,000.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.
E-Financial
Kuda Unveils New Wallet for Multiple Currencies

As the first currency supported by the functionality, Kuda launched an update for its app that allows users to send, receive, hold, and convert USD directly.

Babs Ogundeyi, MD, Kuda
The action comes in response to growing consumer demand for currency-neutral spending, savings, and income management.
As part of its expansion strategy, digital bank Kuda has introduced a multicurrency wallet to assist Africans who live, work, and travel internationally.
Users may keep, fund, and convert between five main currencies—the US dollar, British pound, euro, Nigerian naira, and Canadian dollar—all within a single wallet on the Kuda app with this application, which is still undergoing testing.
“The new wallet is designed to simplify the fragmented experience Africans face when managing money across different countries and currencies,” said Nosa Oyegun, senior vice president, Business Banking, Kuda, during a media parley in Lagos.
“People no longer reside in a single nation. Due to their global reach, Africans should be able to transfer their money with ease, Oyegun stated.
He claims that eligible customers outside of Nigeria may already access the wallet on Android smartphones, and an iOS deployment is planned.
He clarified that Kuda purposefully decided against developing a distinct wallet app.
Customers will be able to log in as normal, open foreign currency balances, convert money when needed, and send or spend money without switching platforms because it will be integrated into the core Kuda experience.
More than N100 billion entered Kuda accounts from LemFi in 2024 alone.
“This wallet is just our first step in acknowledging and supporting the fact that our customers are already living this cross-border reality,” Oyegun stated.
Kuda wants to give people a smooth financial tool that suits their lifestyle, not only currency exchange.
By removing the bottlenecks involved in the need to switch between various apps or financial services, the wallet will enable users from overseas to send money home, exchange currencies, and continue spending from the same account when they visit Nigeria.
Oyegun emphasized throughout the event that the wallet also takes client retention into account.
Kuda plans to keep helping people who move overseas as they adjust to life in other nations rather than losing them.
He further claimed that these users had not churned. “They simply switched nations. We wish to continue servicing them.
Kuda is now one of many African fintech companies developing products for cross-border use cases as a result of the move.
Oyegun pointed out that Kuda’s goal is to become a financial partner for Africans wherever they may be, going beyond simply exchanging currencies.
The bank’s growth trajectory is reflected in Kuda’s first-quarter 2025 performance, which was disclosed during the briefing. Customer confidence in the company’s digital-first strategy was strengthened when it recorded N453 billion in savings deposits and processed N8.4 trillion in total transaction volume.
With the new feature being introduced on the app, Kuda Microfinance Bank hopes to assist online business owners, freelancers, and remote workers who make money in USD with the recently added feature, which is currently undergoing testing.
Users can choose to accept USD payments directly or convert naira into USD using the Spend tab.
In the near future, GBP and EUR will be recognized as alternative currencies, according to the financial institution.
Additionally, in Nigeria, where inflation is severe, having USD on hand might be advantageous and convenient for people.
More Nigerians have recently begun to use digital platforms to improve the stability of their financial status.
For the majority of them, managing multiple currencies—whether via remote work, cryptocurrency, or international trade—has become the standard. Kuda Bank aims to meet these demands and grow its business to meet the demands of the market.
The financial institution’s continued dedication to providing solutions that give its users the best possible experience which is demonstrated by the multicurrency wallet feature.
Speaking about the project, Kuda representatives emphasized that the new wallet was created to make it easier for Africans to manage their money across various nations and currencies.
Customers can log in as normal, open foreign currency balances, convert funds, and spend or send money without switching platforms thanks to the integration of this feature within Kuda.
Along with currency conversion, Kuda plans to provide a financial tool that eliminates the need for users to switch between apps or financial services by enabling users from other countries to send money to Nigeria, convert currencies, and spend from the same account when they visit.
E-Financial
Reps Investigate 25 Insurance Firms for Financial Infractions

The House of Representatives has launched an investigation into 25 insurance companies over alleged financial infractions that have reportedly led to the loss of hundreds of billions of naira in government revenue.
Chairman of the House Sub-Committee on Capital Market and Institutions, Hon. Kwamoti Laori, made the disclosure on Monday during a meeting with representatives of the affected companies at the National Assembly Complex in Abuja.
Laori said the probe was prompted by petitions accusing the companies of violating statutory provisions in their operations, thereby shortchanging the federal government.
“This committee is saddled with the responsibility of addressing a petition based on infractions by these insurance companies regarding their operations and non-compliance with certain statutory provisions,” he said.
“These infractions have led to the federal government losing hundreds of billions of naira in revenue. That is why the companies were invited—to either confirm or refute the liabilities ascribed to them.”
According to the lawmaker, each of the 25 companies had been formally notified of their respective liabilities and summoned to explain their financial dealings.
“The essence of this engagement is to ensure that what is due to the federal government from these private entities is fully remitted,” Laori added.
He emphasized that it is within the constitutional mandate of the National Assembly to track government revenue and block leakages, particularly in sectors involving private sector collaboration.
The committee also frowned at some of the companies’ attempt to stall the investigation by resorting to legal action.
“Some of the companies have gone to court and served the House with court processes. It is now up to us and the House leadership to examine those court papers,” Laori said. “If the court action does not affect the core of our mandate, we will proceed. If it does, we’ll await the court’s decision.”
He criticized what he described as a strategy aimed at obstructing parliamentary oversight.
“Going to court appears to be a deliberate attempt to throw a spanner in the works of the National Assembly,” he stated.
Laori also expressed dissatisfaction with the failure of some company heads to appear in person, instead sending representatives who were unable to respond to critical questions.
“We have insisted that Chief Operating Officers (COOs) must appear in person. One of the COOs sent someone who couldn’t answer any of the allegations—this is unacceptable,” he said. “It is the same people that will later accuse the National Assembly of not doing its job.”
The committee chairman did not spare the industry’s regulator—the National Insurance Commission (NAICOM)—which he accused of negligence.
“NAICOM has a supervisory role, and if they were doing their job effectively, we wouldn’t be here conducting this investigation. They need to sit up,” Laori said.
Meanwhile, 17 of the companies currently in court sent a legal representative, Mr. Abimbola Kayode, to the hearing on Monday.
E-Financial
Naira Slides Again, Hits ₦1,532.34/$ Despite CBN’s Dollar Push

The naira closed the past week weaker than the previous one, as it depreciated by 0.14 per cent week-on-week to settle at 1,532.34/$ at the Nigerian Foreign Exchange Market.
This weakening came despite the naira rebounding to a four-month high on the first trading day to close at 1,518.88/$. After that, it weakened to 1,530.25/$, then lower to 1,533.11/$ before gaining some strength to close the week at 1,532.34/$ at the official market.
During the past week, the highest amount that the naira traded for was 1,538/$, and the lowest was 1,515/$ on the NFEM.
At the parallel market, the currency closed trading within the band of 1,535.00/$ and 1,544.00/$1.
Analysts have maintained that the intervention of the Central Bank of Nigeria and improvement in the foreign exchange liquidity were essential to stabilising the naira at the FX market.
Cowry Assets Management Limited, in its weekly market report, averred that the naira had recorded mixed trading across the markets as it appreciated slightly by 0.06 per cent week-on-week to close at 1,544.00/$1 at the parallel market while closing in the red zone at the official market.
“The divergent movements reflect ongoing supply-demand imbalances and the evolving FX liquidity landscape,” stated the analysts, who, however, maintained that the naira looks to record further gains as improved oil output and elevated prices drive higher dollar inflows, which could sustain the current pace of reserve accretion.
“The positive oil earnings outlook, combined with steady capital inflows, should offer continued support for the naira and enhance near-term FX market stability,” the report added.
Recent data from the Nigerian Upstream Petroleum Regulatory Commission shows that the average daily crude oil production (excluding condensates) rose by 3.6 per cent to 1.51 million barrels per day in June 2025 from 1.45 mbpd in May. This marks the first time in five months that Nigeria has met its OPEC production quota, reflecting improvements in operational efficiencies and security around key oil-producing assets.
AIICO Capital Limited, in its weekly report, noted that the CBN had intervened intermittently in the FX market in the past week.
It stated, “Dollar sales early and late in the week helped maintain relative stability. The naira closed at 1,532.34/$, down 13.6 bps w/w. Reserves rose by $422m to $37.85bn” as of Thursday from $37.43bn in the previous week.
It is expected that the naira will likely hold its current range amid better liquidity, while markets weigh potential FX impacts from the Monetary Policy Committee’s decision starting Monday (today).
Analysts are split on what the decision of the MPC should be regarding the benchmark. On one side, doves are calling for a modest rate cut, pointing to cooling inflation, a more stable naira, and signs of reform traction. On the other hand, hawks are warning that premature easing could undo all the gains of FX reforms and decelerating inflation, especially with food supply shocks and global risk still very much in the picture.
“For now, traders are positioning around the edges, but the real signal will come from the tone of the communique,” Comercio Partners asserted.
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