JUST IN: CBN Increases ATM Transaction Fees, Banks to Implement New Charges from March 1

The Central Bank of Nigeria (CBN) has announced an upward review of transaction fees for Automated Teller Machine (ATM) withdrawals, with the new charges set to take effect on March 1, 2025.

In a circular signed by John Onojah, Acting Director of the Financial Policy and Regulation Department, the CBN stated that the adjustments aim to address rising operational costs and improve efficiency in the banking sector.

The last revision of ATM charges occurred in 2019 when the CBN reduced withdrawal fees from N65 to N35. However, under the new policy, customers will now pay more for ATM transactions.

For withdrawals at their bank’s ATMs (on-us transactions), customers will continue to enjoy free withdrawals. However, a N100 fee per N20,000 withdrawal will be applied at on-site ATMs—machines located within bank branches. Withdrawals at ATMs of other banks (Not-on-Us transactions) will attract a N100 fee plus a surcharge of up to N450 per N20,000 withdrawal. The CBN clarified that the surcharge is the income of the ATM deployer or acquirer and must be disclosed to consumers at the point of withdrawal.

International withdrawals using debit or credit cards will now attract a cost-recovery charge equivalent to the exact amount charged by the international acquirer. Additionally, the three free monthly withdrawals previously allowed for Remote-On-Us transactions—withdrawals at another bank’s ATM—will be discontinued.

The CBN has directed all financial institutions to comply with the new policy ahead of the implementation date.