February 11, 2025/CBN

“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.”

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.

Accordingly, Banks and other Financial Institutions are advised to apply the following fees with effect from March 1, 2025.

1. On-Us Transactions: No withdrawal charges at a customer’s bank ATM.

2. Not-On-Us Transactions:

• On-site ATMs: N100 per N20,000 withdrawal.
• Off-site ATMs: N100 plus a surcharge of up to N500 per N20,000 withdrawal.
• The surcharge will be disclosed at the point of withdrawal.

3. International Withdrawals: Charges will be based on cost recovery, reflecting the exact fee imposed by international acquirers (see table below)

“Furthermore the three free monthly withdrawals allowed for Remote-On-Us (other bank’s customers/Not-On-Us consumers) in Nigeria under Section 10.6.2 of the Guide shall no longer apply.”