CBN TO ENFORCE NEW ATM FEES STARTING MARCH 1
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The Central Bank of Nigeria (CBN) has announced a revision of transaction fees for automated teller machines (ATMs) to address rising operational costs and improve efficiency in the banking sector.
The last review of ATM transaction fees occurred in 2019, when the fee was lowered from N64 to N35 per withdrawal.
John Onojah, the Acting Director of the Financial Policy and Regulation Department, stated that the updated charges will come into effect on March 1.
He explained that this revision aligns with Section 10.7 of the CBN guide to charges by banks, as well as other financial and non-bank financial institutions (2020).
He said, “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.”
However, the review will not impact customers who withdraw from ATMs of their own banks (On-us transactions).
For withdrawals made at ATMs of other banks (Not-on-Us transactions), an off-site withdrawal will incur a N100 fee, along with a surcharge of up to N450 per N20,000 withdrawn.
The central bank also stated that a N100 fee per N20,000 withdrawal will apply at on-site ATMs (those located at bank branches).
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