The Central Bank of Nigeria (CBN) has announced a major change in ATM withdrawal fees, eliminating the three free monthly withdrawals for customers using other banks’ ATMs.
This policy update, set to take effect from March 1, 2025, was revealed in a circular signed by John Onojah, Acting Director of the Financial Policy and Regulation Department.
Why the Change?
According to the CBN, this review is aimed at:
✅ Addressing rising operational costs in the banking sector.
✅ Enhancing ATM service efficiency across Nigeria.
✅ Encouraging wider deployment of ATMs by financial institutions.
New ATM Withdrawal Charges
Here’s a breakdown of the revised fees:
🔹 On-Us Transactions (Same Bank ATMs): Withdrawals remain free.
🔹 Not-On-Us Transactions (Other Banks’ ATMs):
- On-Site ATMs (Within Bank Premises): N100 per N20,000 withdrawal.
- Off-Site ATMs (Outside Bank Premises): N100 per N20,000 withdrawal, plus a surcharge of up to N500.
🔹 International Withdrawals: Charges will depend on the fees set by the international acquirer.
With this change, customers will now incur charges on every withdrawal made from an ATM that does not belong to their bank.
The CBN emphasized that this adjustment is necessary for improved service delivery and to ensure that banks charge appropriately for ATM usage.
What This Means for You
If you frequently use ATMs from banks other than your own, expect higher transaction costs starting next month.
Customers are advised to plan withdrawals carefully and explore alternative banking channels to minimize extra fees.
Stay tuned for more updates!
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