Central Bank of Nigeria Introduces N100, N500 Charges On ATM Withdrawals
Charges for cash withdrawals at Automated Teller Machines (ATMs) have been significantly increased, with fees rising by 185.7% for withdrawals from other bank ATMs and 1,614% for withdrawals from ATMs outside banking premises.
According to a new directive from the Central Bank of Nigeria (CBN), effective March 1, 2025, bank customers will no longer enjoy three free withdrawals per month at another bank’s ATM. Instead, withdrawal fees have been increased to as much as N500 per N20,000 withdrawal.
Previously, in 2019, the CBN had reduced withdrawal charges from N65 to N35 after the first three transactions in a month. However, under the latest circular, all withdrawals from other banks’ ATMs will now attract charges from the first transaction.
In a circular signed by the Director of the Financial Policy and Regulation Department, John Onoja, the CBN justified the fee hike by citing rising costs and the need to enhance industry efficiency.
As per the new guidelines: Withdrawals from another bank’s ATM (not-on-us) will now incur a charge of N100 per N20,000 if the ATM is within a bank’s premises.
Withdrawals from off-site ATMs (outside banking premises) will attract N100 plus an additional N500 surcharge per N20,000 withdrawal, totaling N600 per transaction.
The circular, titled “Review of Automated Teller Machine Transaction Fees,” states that the review aims to boost ATM deployment and ensure financial institutions apply appropriate charges.
Additionally, the directive specifies:
On-Us transactions (withdrawals from a customer’s own bank’s ATM) will remain free.
International withdrawals will be charged based on the exact fee imposed by the international acquirer.
The previous allowance for three free Remote-On-Us withdrawals (other banks’ ATMs) per month is now discontinued.
The Point of Sale (POS) operators welcomed the new charges, expecting an increase in customers. “When the fee was N35, people still used ATMs, but now that it’s N100, more customers will prefer POS agents. POS locations are widespread, while bank branches are fewer and require transportation costs,” the operator noted.
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