The Central Bank of Nigeria (CBN) has announced the removal of the three free monthly withdrawal transaction fees for customers using Automated Teller Machines (ATMs) of other banks, effective from March 1.
The CBN made this disclosure on Tuesday through a circular on its website, directed to all banks and financial institutions.
The circular, signed by John Onojah, the Acting Director of the Financial Policy and Regulation Department, stated that the decision was made in response to increasing costs.
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“In response to rising costs and the need to improve efficiency of Automated Teller Machine (ATM) services in the banking industry, 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 Financial and Non-Bank Financial Institutions, 2020 (the Guide).
“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,” he said.
The circular stated that withdrawals made from a customer’s own bank would incur no charges. However, withdrawals from an ATM of a different bank in Nigeria would incur a fee of N100 for every N20,000 withdrawn.
It also outlined that other financial institutions would charge N100, along with a surcharge of up to N500 per N20,000 withdrawn.
Additionally, the surcharge details must be disclosed to the consumer at the point of withdrawal.
“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,” it said.
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