Nigerian Polytechnic Students Reject ‘Outrageous’ ATM Charges, Demand Immediate Reversal from CBN

The National Association of Polytechnic Students (NAPS) has strongly rejected the recent increase in Automated Teller Machine (ATM) transaction fees introduced by the Central Bank of Nigeria (CBN). In a statement issued on February 11, 2025, the student body, representing over 2.5 million Nigerian polytechnic students, described the policy as exploitative and a direct attack on students and low-income earners.

According to NAPS, the revised policy imposes a ₦100 fee per ₦20,000 withdrawal at on-site ATMs and up to ₦500 for the same transaction at off-site ATMs. This means students withdrawing ₦40,000 from an off-site ATM could pay as much as ₦1,200 in charges—an amount they say is unreasonable given the current economic hardship.

Students Condemn ‘Unfair’ Policy

NAPS criticized the CBN’s decision, arguing that it disproportionately affects students, who often lack access to their own banks’ ATMs on campuses and in rural areas. The association noted that most students rely on cash transactions for their daily expenses, and these excessive fees will only deepen financial struggles.

“The policy is anti-student and anti-financial inclusion,” the statement read. “At a time when digital banking is still unreliable, increasing ATM withdrawal costs will only make life harder for students and ordinary Nigerians.”

NAPS Demands Immediate Reversal

The student body has issued a strong demand to the CBN, urging the immediate suspension and review of the policy. They also called on commercial banks to halt its implementation and appealed to the Federal Government to intervene before the charges worsen financial hardships nationwide.

“We will not stand by while students and the masses are subjected to unfair banking policies,” the statement concluded.

As the backlash against the new ATM fees grows, NAPS is mobilizing students and stakeholders for further action if their demands are not met. The ball is now in the CBN’s court to respond to the students’ concerns.