Nigeria Apex Bank Announces New ATM Transaction Fees Effective March 1
LAGOS FEBRUARY 12TH (NEWSRANGERS)-The Central Bank of Nigeria (CBN) has revealed new transaction fees for Automated Teller Machines (ATMs), set to take effect on March 1, 2025.
A circular, signed by John Onojah, the acting director of the financial policy and regulation department, explained that the revised charges aim to address increasing operational costs and enhance the efficiency of banking services.
This review marks the first change in ATM transaction fees since 2019 when the CBN reduced the withdrawal fee from N65 to N35.
According to the CBN, the updated fees are in line with Section 10.7 of the ‘CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions (2020).’
The statement reads, “In response to rising costs and the need to improve the efficiency of Automated Teller Machine (ATM) services in the banking industry, the Central Bank of Nigeria (CBN) has reviewed the ATM transaction fees prescribed in Section 10.7 of the extant CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions, 2020 (the Guide).”
“This review is expected to accelerate the deployment of ATMs and ensure that appropriate charges are applied by financial institutions to consumers of the service,” the CBN added.
Under the new rules, customers withdrawing from their own bank’s ATMs (on-us transactions) will still enjoy free withdrawals.
However, withdrawals from on-site ATMs (ATMs located at bank branches) will incur an N100 fee per N20,000 withdrawn.
For withdrawals at ATMs belonging to other banks (Not-on-Us transactions), an N100 fee plus a surcharge of up to N450 per N20,000 withdrawal will apply.
The CBN emphasized that the surcharge is the income of the “ATM deployer/acquirer and must be disclosed to consumers at the point of withdrawal.”
For international withdrawals using debit or credit cards, banks, and financial institutions are now allowed to charge a “cost-recovery charge equivalent to the exact amount charged by the international acquirer.”
Additionally, the CBN stated that the three free monthly withdrawals for Remote-On-Us (other bank’s customers/Not-On-Us consumers) will no longer apply under Section 10.6.2 of the Guide.
The apex bank has urged all financial institutions to ensure compliance with the new guidelines before the March 1, 2025, implementation date.
The Nation
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Posted by News Rangers
on Feb 12 2025. Filed under Business, National.
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