CBN Scraps Free ATM Withdrawals, Introduces Charges

The Central Bank of Nigeria (CBN) has announced a review of transaction fees for automated teller machines (ATMs) across the country, effectively ending free ATM withdrawals. The new charges will take effect from March 1, 2025. According to a circular signed by the Acting Director of the Financial Policy and Regulation Department, John Onojah, the review aims to address rising operational costs and enhance efficiency within the banking sector. Key changes under the new review include: - On-Us transactions (same bank's ATM): Free withdrawals will continue. - Not-On-Us transactions (other banks' ATMs): - On-site ATMs (within bank premises): N100 per N20,000 withdrawal. - Off-site ATMs (outside bank premises): N100 per N20,000 withdrawal, plus an additional surcharge of up to N500. - International withdrawals: Charges will be based on the exact amount imposed by the international acquirer. The CBN cited rising costs and the need to enhance ATM efficiency as the primary reasons for the review. The regulator expects this adjustment to accelerate the deployment of ATMs across Nigeria while ensuring that financial institutions appropriately charge customers for the service.

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