Nigeria banks have begun implementing new ATM transaction fee as directed by CBN, leading to concerns amongst customers.
The policy which took effect from March 1, 2025,includes a charge of N100 per N20,000 withdrawal from ATMs of other banks, with an additional N500 surcharge for off-site ATMs.
Many customers expressed frustration, arguing that the increased fees would discourage banking and add financial strain, especially on small business owners.
Some also noted that using Point of Sale (PoS) agents is now cheaper than withdrawing from ATMs.
The CBN justified the fee hike as a response to rising operational costs and a measure to improve ATM efficiency.
However, banks have also removed the three free monthly withdrawals that customers previously enjoyed at other banks’ ATMs, further intensifying dissatisfaction.
Some customers have reported network issues forcing them to use ATMs instead of mobile banking, adding to their frustration over the new charges.
