By Dansu Peter In a major policy shift, the Central Bank of Nigeria (CBN) has unveiled new Automated Teller Machine (ATM) transaction char...
By Dansu Peter
The revised fees, outlined in a circular signed by John Onojah, Acting Director of the Financial Policy and Regulation Department, aim to address rising operational costs and improve banking service efficiency.
This marks the first adjustment to ATM withdrawal charges since 2019 when the CBN reduced interbank withdrawal fees from ₦65 to ₦35. The new charges, in line with Section 10.7 of the CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions (2020), are expected to boost ATM deployment and ensure appropriate pricing for consumers.
Under the updated framework:
- Withdrawals from own bank ATMs (On-Us Transactions): Remain free.
- Withdrawals from on-site ATMs (located at bank branches): Attract a ₦100 fee per ₦20,000 withdrawn.
- Withdrawals from ATMs of other banks (Not-On-Us Transactions): Will incur a ₦100 fee plus a surcharge of up to ₦450 per ₦20,000 withdrawal.
- International withdrawals: Banks may impose a cost-recovery charge equivalent to the fee set by the international acquirer.
- Three free monthly interbank withdrawals: Scrapped under Section 10.6.2 of the CBN Guide.
The CBN emphasized that the ₦450 surcharge belongs to the ATM deployer/acquirer and must be transparently disclosed at the point of withdrawal.
Financial institutions have been directed to comply with the new guidelines ahead of the March 1, 2025, rollout.
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