CBN Reviews ATM Transaction Fees to Improve Efficiency
The Central Bank of Nigeria (CBN) has reviewed the Automated Teller Machine (ATM) transaction fees to improve efficiency and accelerate the deployment of ATMs in the banking industry. This review is in response to rising costs and the need to ensure that appropriate charges are applied by financial institutions to consumers.
A press release signed by the Ag Director, Financial Policy and Regulation Department, Mr. John Onoja reads.
New ATM Transaction Fees
Effective March 1, 2025, the following fees will apply:
- On-Us Transactions: No charge for customers withdrawing at the ATM of their financial institution.
- On-site ATMs: A charge of N100 per N20,000 withdrawal.
- Not-On-Us Transactions: A charge of N100 plus a surcharge of not more than N500 per N20,000 withdrawal for off-site ATMs.
- International Withdrawals: Cost recovery, with the exact charge by the international acquirer.
The CBN has also discontinued the three free monthly withdrawal charges, which previously allowed customers to withdraw from other financial institutions’ ATMs without being charged transaction fees three times a month.
