CBN Raises Fees for ATM Transactions

New ATM Transaction Fees Announced by CBN

The Central Bank of Nigeria (CBN) has announced a revision of Automated Teller Machine (ATM) transaction fees, effective from March 1, 2025. This move aims to address rising operational costs and enhance efficiency in the banking sector.

Key Changes:

• Withdrawals from Own Bank’s ATMs (On-Us Transactions): Customers will continue to enjoy free withdrawals from ATMs operated by their own banks.
• Withdrawals from Other Banks’ ATMs (Not-On-Us Transactions): The previous allowance of three free monthly withdrawals from other banks’ ATMs has been removed. Now, a fee of ₦100 per ₦20,000 withdrawal will be applied. For off-site ATMs (those not located at bank branches), an additional surcharge of up to ₦500 may be imposed. This surcharge will be disclosed to customers at the point of withdrawal and will serve as income for the ATM deployer or acquirer.
• International Withdrawals: Charges for international ATM withdrawals will now reflect the exact amount set by the international acquirer, allowing banks to apply a cost-recovery charge equivalent to the fees imposed by international entities.

The CBN believes that these adjustments will promote the deployment of more ATMs across the country and ensure that financial institutions apply appropriate charges for their services.