BY NKECHI NAECHE- ESEZOBOR--The Central Bank of Nigeria (CBN) has said customers withdrawing from Automated Teller Machines ( ATM) of other banks would now be charged ₦100 per every ₦20,000 effective from March 1, 2025.
This was contained in a circular addressed to all banks and financial institutions, signed by the apex bank’s acting Director of Financial Policy and Regulation Department, John Onojah.
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 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.”
The apex bank noted that the review is “In response to rising costs and the need to improve efficiency of Automated Teller Machine (ATM) services in the banking industry, the Central Bank of Nigeria 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).
While noting that “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.”
