The Central Bank of Nigeria (CBN) has announced a review of ATM transaction fees, with the new charges set to take effect on March 1, 2025. The revision is aimed at addressing rising operational costs and improving the efficiency of ATM services across the country. This is the first adjustment to ATM withdrawal charges since 2019 when fees were reduced from N65 to N35 per transaction.
However, with the latest changes, some transactions will now cost more. The CBN stated that the review aligns with Section 10.7 of the CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions (2020) and is expected to encourage the deployment of more ATMs while ensuring fair charges for consumers.
Under the revised policy:
- Withdrawals at your bank’s ATMs will remain free.
- Withdrawals at bank branch ATMs (on-site transactions) will attract a N100 fee per N20,000 withdrawn.
- Withdrawals from other banks’ ATMs will also incur a N100 fee, plus an additional surcharge of up to N450 per N20,000 withdrawn.
The surcharge will go to the ATM deployer and must be disclosed to customers before withdrawal. International ATM transactions will now include a cost-recovery charge, meaning banks can charge customers the exact amount billed by international acquirers when withdrawing cash abroad.
The three free monthly withdrawals from other banks’ ATMs (Remote-On-Us transactions) will no longer be available. In a circular signed by John Onojah, Acting Director of the Financial Policy and Regulation Department, the CBN urged all financial institutions to comply with the new guidelines and ensure transparency in implementing the revised charges.
