Central bank of Nigeria (CBN) has updated its policy on Automated teller machine (ATM) fee , , removing the three free monthly withdrawal from other banks’ ATMs.
According to CBN the review aims to address raising cost and improve ATM service efficiency across the banking sector.
The new charges took effect from March 1, 2025.
The directive is outlined in Section 107 of the CBN Guide to Charges by Banks, Other Financial, and Non-Bank Financial Institutions 2020.
Under the new structure, withdrawals at a customer’s own bankโs ATM will remain free.
However, for withdrawals at another bankโs on-site ATM, a fee of โฆ100 will be charged per โฆ420,000 withdrawal.
Off-site ATM transactions will attract an additional surcharge of โฆ100 plus โฆ500 per โฆ20,000 withdrawal.
The CBN clarified that the surcharge is the income of the ATM deployer or acquirer and must be disclosed to consumers at the point of withdrawal.
For international withdrawals, customers will be charged the exact cost set by the international acquirer, whether they are using a debit or credit card.
Financial institutions have been directed to implement the revised charges and ensure compliance with the updated guidelines.
