The Central Bank of Nigeria (CBN) has reviewed the fees for Automated Teller Machine (ATM) transaction in Nigeria.
CBN, in a Circular by the Director, Financial Policy and Regulation Department, John Onojah, said the new fees take full effect from March 1, 2025.
According to the Circular, the apex bank said a customer withdrawing at the ATM of his or her financial institution in Nigeria would not be charged any fee.
However, it said, withdrawal from another bank’s ATM even within the bank’s premises would attract a fee of N100 per N20,000 withdrawal.
While a N100, plus a surcharge of not more than N500 per N20,000 withdrawal would be charged on ATMs outside banks’ premises.
“On-Us (customer withdrawing at the ATM of the customer’s financial institution) in Nigeria: No charge
“On-site ATMs: A charge of N100 per N20,000 withdrawal.
“Off-site ATMs: A charge of A100 plus a surcharge of not more than N500 per N20,000 withdrawal.
“The surcharge, which is an income of the ATM deployer/acquirer, shall be disclosed at the point of withdrawal to the consumer,” it said.
The apex bank said that international withdrawals on both debit and credit cards would be based on a cost recovery model, meaning the exact charge imposed by the international acquirer will apply.
CBN explained that the review was in response to rising costs and the need to improve efficiency of Automated Teller Machine (ATM) services in the banking industry.
It said the review was also pursuant to Section 10.7 of the extant CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions, 2020 (the Guide).
The review, according to CBN, is expected to accelerate the deployment of ATMs and ensure that appropriate charges are applied by financial institutions to consumers of the service.
CBN said the current Circular has invalidated the earlier directive that allowed three free monthly withdrawals on other banks ATMs in Nigeria.
It, therefore, directed banks and other financial institutions to apply the new fees with effect from March 1, 2025.
