The Central Bank of Nigeria (CBN) has announced a new set of transaction fees for Automated Teller Machines (ATMs), which will take effect from March 1, 2025. The review is aimed at addressing rising operational costs and improving the efficiency of ATM services across the country.
In a circular signed by John Onojah, Acting Director of the Financial Policy and Regulation Department, the CBN noted that the new fees were introduced in line with Section 10.7 of the CBN Guide to Charges by Banks, Other Financial, and Non-Bank Financial Institutions (2020). This is the first change in ATM fees since 2019, when withdrawal charges were reduced from N65 to N35.
Under the new structure, customers will continue to enjoy free withdrawals at their own bank’s ATMs (on-us transactions). However, a fee of N100 will now be charged for every N20,000 withdrawal at on-site ATMs located at bank branches.
For withdrawals at ATMs belonging to other banks (not-on-us transactions), customers will be charged N100 plus a surcharge of up to N450 per N20,000 withdrawal. The CBN emphasized that the surcharge is the income of the ATM deployer and must be disclosed to customers at the point of withdrawal.
The new guidelines also eliminate the three free monthly withdrawals previously allowed for remote not-on-us transactions, as specified in Section 10.6.2 of the Guide.
International withdrawals using debit or credit cards will attract a “cost-recovery charge equivalent to the exact amount charged by the international acquirer,” according to the CBN.
The apex bank has directed all financial institutions to comply with the new rules before the March 1, 2025, implementation date to ensure a seamless transition.
