By Jemimah Wellington, JKNewsMedia Reporter
THE CENTRAL Bank of Nigeria (CBN) has announced a revised fee structure for Automated Teller Machine (ATM) transactions, increasing withdrawal charges and introducing new levies effective March 1, 2025.
The bank notes that this move is part of efforts to cover rising operational costs and ensure the sustainability of electronic banking services.
Under the new policy, customers will no longer enjoy free withdrawals from ATMs of other banks, as the previous allowance of three free monthly withdrawals has been scrapped.
Instead, a ₦100 fee will apply to every ₦20,000 withdrawn from ATMs outside a customer’s bank network.
Additionally, banks can impose a surcharge of up to ₦450 per transaction for off-site ATM withdrawals at other financial institutions.
For withdrawals from ATMs located within bank branches, a new charge of ₦100 per ₦20,000 transaction will be introduced.
However, withdrawals from a customer’s own bank’s ATMs will remain free.
International ATM transactions will now attract a cost-recovery charge, which will match the exact fee imposed by the international acquirer.
This means customers withdrawing funds abroad may experience varying costs depending on the bank or service provider handling the transaction.
The CBN has also directed all banks and financial institutions to implement the new charges fully by March 2025.
While the policy aims to maintain service efficiency and improve banking infrastructure, the CBN cautioned that customers may need to adjust their banking habits to manage additional costs.
