Posted by Samuel on Sun 02nd Mar, 2025 - tori.ng
According to the CBN, the review aims to address rising costs and improve ATM service efficiency across the banking sector.
The Central Bank of Nigeria (CBN) has updated its policy on Automated Teller Machine (ATM) fees, removing the allowance for three free monthly withdrawals from other banks' ATMs.
The new charges took effect from March 1, 2025.
According to the CBN, the review aims to address rising costs and improve ATM service efficiency across the banking sector.
The directive is outlined in Section 107 of the CBN Guide to Charges by Banks, Other Financial, and Non-Bank Financial Institutions 2020.
Under the new structure, withdrawals at a customer's own bank’s ATM will remain free.
However, for withdrawals at another bank’s on-site ATM, a fee of ₦100 will be charged per ₦420,000 withdrawal.
Off-site ATM transactions will attract an additional surcharge of ₦100 plus ₦500 per ₦20,000 withdrawal.
The CBN clarified that the surcharge is the income of the ATM deployer or acquirer and must be disclosed to consumers at the point of withdrawal.
For international withdrawals, customers will be charged the exact cost set by the international acquirer, whether they are using a debit or credit card.
Financial institutions have been directed to implement the revised charges and ensure compliance with the updated guidelines.