The Central Bank of Nigeria has announced a review on the fee charged on automated teller machines ,ATMs, transactions.
CBN said the development becomes necessary in order to o address the rising operational costs and enhance efficiency in the banking sector.
According to the Acting Director of Financial Policy and Regulation Department, John Onojah, the new revised charges will take effect from March 1.
Mr. Onoja said the review is in line with Section 10.7 of the CBN guide to charges by banks, other financial and non-bank financial institutions (2020).
He said, “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.
“Accordingly, banks and other financial institutions are advised to apply the following fees with effect from March 1, 2025.”
However, the review will not affect customers who withdraw from ATMs belonging to their banks (On-us-transactions).
For withdrawals at ATMs of other banks (Not-on-Us transactions), an off-site withdrawal will attract a N100 fee plus a surcharge of up to N450 per N20,000 withdrawal.
The apex bank revealed that a N100 fee per N20,000 withdrawal will be applied at on-site ATMs (those located at bank branches).
The CBN clarified that for international withdrawals using debit or credit cards, banks and financial institutions are now permitted to apply “a cost-recovery charge equivalent to the exact amount charged by the international acquirer”.
“Furthermore, 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,” CBN added.