February 11, (THEWILL) – The Central Bank of Nigeria has announced a review of transaction fees for Automated Teller Machine (ATM) withdrawals, with the new charges set to take effect from March 1, 2025.
In a circular signed by John Onojah, Acting Director of the Financial Policy and Regulation Department, the apex bank stated that the review aligns with Section 10.7 of the CBN Guide to Charges by Banks, Other Financial, and Non-Bank Financial Institutions (2020).
The circular added that the review aims to address rising operational costs and enhance ATM service efficiency across the banking sector.
The circular read, “In response to rising costs and the need to improve the efficiency of Automated Teller Machine (ATM) services in the banking industry, the Central Bank of Nigeria (CBN) has reviewed the ATM transaction fees prescribed in Section 10.7 of the extant CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions, 2020 (the Guide).
“This review is expected to accelerate the deployment of ATMs and ensure that appropriate charges are applied by financial institutions to consumers of the service. Accordingly, banks and other financial institutions are advised to apply the following fees with effect from March 1, 2025.
“Same Bank ATM Withdrawals (On-Us Transactions): Customers will continue to enjoy free withdrawals at their own bank’s ATMs.
“Other Banks’ ATMs (Not-On-Us Transactions):
“On-Site ATMs (Within Bank Premises): A charge of N100 per N20,000 withdrawal will apply.
“Off-Site ATMs (Outside Bank Premises): Customers will pay N100 per N20,000 withdrawal, along with a surcharge of up to N500.
“International ATM Withdrawals: Charges will be determined by the exact cost imposed by the international acquirer, whether for debit or credit card transactions.”
The CBN emphasised that the surcharge on Not-On-Us withdrawals would serve as income for ATM deployers/acquirers and must be disclosed to customers at the point of withdrawal.
The regulator assured that the new fee structure would accelerate the deployment of ATMs across the country and ensure that financial institutions apply fair and transparent charges for consumers.
Felix Ifijeh is a journalist with years of professional reporting experience. Known for his keen news sense, compelling storytelling and commitment to accurate, impactful reporting, he has built a reputation for turning leads into clear, engaging, and well-structured reports that resonate with readers. His work reflects deep newsroom experience and a commitment to accurate, impactful journalism.
