By Our Reporter
The Central Bank of Nigeria (CBN) has announced that banks and other financial institutions will begin charging fees for customers withdrawing money from Automated Teller Machines (ATMs) of banks other than their own, effective from March 1, 2025.
In a circular dated February 10, 2025, the CBN’s Acting Director of the Financial Policy and Regulation Department, John Onojah, indicated that the new fee structure will not require charges from customers making withdrawals at ATMs of their own banks, while those using ATMs of other banks will now be charged ₦100 for every ₦20,000 withdrawn.
“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 circular stated.
For off-site ATMs, including those located in public spaces like shopping malls and eateries, a surcharge of up to ₦500 will be added to the ₦100 fee for withdrawals of every ₦20,000 by customers using ATMs not belonging to their bank.
The CBN attributed this decision to “rising costs and the need to improve the efficiency of ATM services in the country.” It further explained that the new charges aim to “accelerate the deployment of ATMs and ensure that appropriate charges are applied by financial institutions to consumers of the service.”