PUNCH
On February 10, 2025, the Central Bank of Nigeria announced a significant revision to Automated Teller Machine withdrawal charges, set to take effect from 1 March 2025.
In a circular reflecting the same date, the apex bank directed all banks and financial institutions to implement new ATM withdrawal charges from 1 March 2025.
This means customers will now pay for every withdrawal made from another bank’s ATM.
The review affects the charges prescribed in Section 10.7 of the CBN Guide to Charges by Banks, Other Financial, and Non-Bank Financial Institutions (2020).
The circular, signed by John Onojah, Acting Director of the Financial Policy and Regulation Department at the CBN, is expected to accelerate the deployment of ATMs across the country while ensuring that financial institutions apply appropriate charges for the service.
It read, “The three free monthly withdrawals allowed for Remote-On-Us (other bank’s customers/Not-On-Us consumers) in Nigeria under Section 10.6.2 of the Guide shall no longer apply.”
Under the new directive, withdrawals made from a customer’s bank ATM will remain free.
However, customers using another bank’s ATM will now be charged N100 per N20,000 withdrawal when using ATMs located within bank premises.
For withdrawals made at off-site ATMs, a charge of N100 per N20,000 withdrawal will apply, along with a surcharge of up to N500.
The surcharge, which will be an income of the ATM deployer or acquirer, must be disclosed at the point of withdrawal.
The CBN also stated that international ATM withdrawals would be charged at the exact rate set by the international acquirer.
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