The Central Bank of Nigeria (CBN) has introduced revised transaction fees for Automated Teller Machine (ATM) withdrawals, set to take effect on March 1, 2025
In a circular signed by John Onojah, Acting Director of the Financial Policy and Regulation Department, the apex bank explained that the changes aim to address rising operational costs and improve banking service efficiency.
This marks the first adjustment in ATM withdrawal fees since 2019, when the CBN reduced charges from N65 to N35.
According to the CBN, the updated fees align with Section 10.7 of the CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions (2020).
“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),” the statement read.
“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,” the CBN added.
Under the new structure:
- Withdrawals from a customer’s own bank’s ATMs (On-Us transactions) remain free.
- Withdrawals from ATMs located at bank branches (On-Site ATMs) will now attract an N100 fee per N20,000 withdrawn.
- Withdrawals from other banks’ ATMs (Not-On-Us transactions) will incur an N100 fee plus a surcharge of up to N450 per N20,000 withdrawal.
The CBN emphasized that the surcharge belongs to the “ATM deployer/acquirer and must be disclosed to consumers at the point of withdrawal.”
For international ATM withdrawals using debit or credit cards, banks and financial institutions can now charge a “cost-recovery charge equivalent to the exact amount charged by the international acquirer.”
Additionally, the previous allowance of three free monthly withdrawals for Remote-On-Us transactions (other bank customers) has been discontinued under Section 10.6.2 of the Guide.
The CBN has directed all financial institutions to comply with the new guidelines ahead of the March 1, 2025, implementation date.
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