Abuja, Nigeria – The Central Bank of Nigeria (CBN) has announced a review of Automated Teller Machine (ATM) transaction fees, set to take effect from 1st March 2025.
The revision, aimed at improving efficiency and boosting ATM deployment, updates the charges outlined in the CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions 2020.
Under the new structure, withdrawals from a customer’s own bank’s ATM (On-Us transactions) will remain free. However, withdrawals from on-site ATMs will now attract a N100 fee per N20,000 withdrawn.
For withdrawals from other banks’ ATMs (Not-On-Us transactions), off-site ATMs will charge N100, along with an additional surcharge of up to N500 per N20,000 withdrawn. This surcharge will go directly to the ATM deployer and will be disclosed to customers at the point of withdrawal.
International ATM withdrawals will be subject to cost recovery, meaning banks will pass on the exact charges imposed by international acquirers to customers.
The CBN expects these adjustments to enhance ATM availability while ensuring fair pricing for financial services users.