By Jessica Osajie / Posted February 11, 2025
The Central Bank of Nigeria (CBN) has announced an increase in ATM withdrawal fees, effective from March 1, 2025, citing rising operational costs and the need for greater efficiency in the banking sector.
Subscribe To The Best Team In Conservative, Business, Technology, Lifestyle And Digital News Realtime! support@ddnewsonline.com
This marks the first adjustment to ATM charges since 2019, when withdrawal fees were reduced from N65 to N35.
Key changes under the new policy will impact electronic transactions in the banks. The review will affect:
ON-US TRANSACTIONS: Withdrawals from ATMs operated by a customer’s own bank will remain free of charge.
ON-SITE ATMS: Withdrawals at ATMs located within bank branches will now incur a fee of N100 per N20,000 withdrawn.
NOT-ON-US TRANSACTIONS: For withdrawals using ATMs of other banks:
OFF-SITE ATMS: A fee of N100 plus a surcharge of up to N450 per N20,000 withdrawal will be applied. The CBN clarified that this surcharge is the income of the ATM deployer/acquirer and must be disclosed to consumers at the point of withdrawal.
INTERNATIONAL WITHDRAWALS: Banks and financial institutions are now permitted to apply a cost-recovery charge equivalent to the exact amount charged by the international acquirer for ATM withdrawals using debit or credit cards abroad.
REMOVAL OF FREE WITHDRAWALS: The previous allowance of three free monthly withdrawals for customers using ATMs of other banks within Nigeria has been eliminated. Consequently, all withdrawals at non-home bank ATMs will now incur charges.
The CBN has directed all financial institutions to comply with the new rules ahead of the implementation date.
Subscribe To The Best Team In Conservative, Business, Technology, Lifestyle And Digital News Realtime! support@ddnewsonline.com
These changes are expected to have a significant impact on banking customers, especially those who frequently use ATMs of other banks or require cash withdrawals exceeding N20,000.
NOTE: Jessica is on Student Industrial Work Experience Scheme (SIWES) at
DDNEWSONLINE.COM from the Department of Mass Communication, National Open University of Nigeria (NOUN).