The Central Bank of Nigeria CBN has adopted new Automated Teller Machine (ATM) transaction fees set to take effect on March 1, 2025.
In a circular, signed by John Onojah, the acting director of the financial policy and regulation department, explained that the revised charges aim to address increasing operational costs and enhance the efficiency of banking services.
This review marks the first change in ATM transaction fees since 2019 when the CBN reduced the withdrawal fee from N65 to N35.
According to the statement, the new ATM fees will take effect from March 1, 2025, across all banks and other financial institutions in Nigeria.
Customers (On-Us) withdrawing at the ATM of the customer’s financial institution in the country will secure no charges.
However, a charge of N100 per N20,000 withdrawal applies to On-site ATM users, while a charge of N100 plus a surcharge of not more than N500 per N20,000 withdrawal applies to Off-site ATM users.
The statement further showed that cost recovery from exact charge by international acquirer applies to international withdrawal, per transaction, whether debit or credit card.
- CNB stated that the new development was in response to rising costs and the need to improve the efficiency of ATM services in the banking industry.
The statement read in part, “The Central Bank of Nigeria (CBN) has reviewed the ATM transaction fees prescribed in Section 10.7 of the extant CBN Guide to Charges by Banks, Other Final and Non-Bank Financial Institutions, 2020 (the Guide).
“The 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.”
