Central Bank of Nigeria Revises ATM Charges, New Fees Take Effect March 1
The Central Bank of Nigeria (CBN) has announced a review of ATM transaction fees, set to take effect from March 1, 2025, in response to rising operational costs and the need for efficiency in the banking sector.
While withdrawals from a customer’s own bank’s ATMs will remain free, a N100 fee per N20,000 withdrawal will apply at on-site ATMs located at bank branches. Withdrawals from other banks’ ATMs will attract a N100 fee plus a surcharge of up to N450 per N20,000.
Additionally, international withdrawals using debit or credit cards will now include a cost-recovery charge equivalent to the amount charged by the international acquirer. The CBN also announced the removal of the three free monthly withdrawals for customers using other banks’ ATMs. The apex bank has directed all financial institutions to comply with these new charges as part of efforts to improve service delivery and encourage ATM deployment.
