The Central Bank of Nigeria (CBN) announces a review of Automated Teller Machine (ATM) transaction fees, with the revised charges taking effect from March 1, 2025.
In a circular signed by John Onojah, Acting Director of the Financial Policy and Regulation Department, the CBN states that the adjustment addresses rising operational costs and improves banking efficiency.
The last revision of ATM withdrawal charges takes place in 2019, when the CBN reduces fees from N65 to N35 per transaction. With the latest changes, customers pay higher fees for ATM withdrawals, in line with Section 10.7 of the CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions (2020).
Under the revised policy, withdrawals from a customer’s bank ATM (on-us transactions) remain free. However, withdrawals at the same bank’s on-site ATMs (those within bank premises) now attract a N100 charge per N20,000 transaction.
For withdrawals from other banks’ ATMs (Not-on-Us transactions), off-site transactions now incur a N100 fee plus an additional surcharge of up to N450 per N20,000 withdrawal. The CBN clarifies that this surcharge belongs to the ATM deployer/acquirer and must be transparently disclosed to customers at the point of withdrawal.
Additionally, the CBN permits banks and financial institutions to impose a “cost-recovery charge” equivalent to the exact amount charged by international acquirers for debit or credit card withdrawals abroad.
The three free monthly withdrawals previously allowed for Remote-On-Us transactions (where customers use another bank’s ATM) no longer apply.
The CBN directs all financial institutions to comply with the revised fee structure and ensure full implementation by the effective date.
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