Nigerians will soon pay more to access cash from Automated Teller Machines (ATMs) as the Central Bank of Nigeria (CBN) has introduced new withdrawal charges, eliminating free interbank transactions and imposing additional fees on withdrawals at bank-branch ATMs.
The apex bank, in a circular issued by acting Director of Financial Policy and Regulation Department, John Onojah, said the review of ATM transaction fees is aimed at addressing rising costs and improving efficiency in the banking sector.
Under the new policy, withdrawals from ATMs belonging to a customer’s bank will remain free.
However, customers withdrawing from ATMs located at bank branches will now be charged ₦100 per ₦20,000 withdrawn.
For those using ATMs of other banks, the new regulation imposes a ₦100 fee per ₦20,000 withdrawal, along with an additional surcharge of up to ₦450.
The CBN emphasised that the surcharge will serve as income for the ATM deployer and must be clearly disclosed to customers at the point of withdrawal.
International withdrawals using debit or credit cards will also attract a cost-recovery charge equivalent to the exact amount charged by the international acquirer.
Additionally, the CBN has scrapped the three free monthly withdrawals previously allowed for customers using ATMs of other banks, meaning all interbank ATM transactions will now attract charges.
The new policy is set to take effect from March 1, 2025, with financial institutions directed to ensure full compliance before the implementation date.
While the CBN insists that the changes will enhance ATM accessibility and improve banking services, many Nigerians are expected to feel the financial impact of the increased charges, especially at a time of economic hardship.
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