BREAKING: Nigerians To Pay More For Withdrawals
Nigerians will soon pay higher charges for withdrawals at commercial banks’ Automated Teller Machine (ATM) as the Central Bank of Nigeria (CBN) has reviewed transaction fees, citing rising operational costs and the need to enhance banking services.
In a circular signed by John Onojah, Acting Director of the Financial Policy and Regulation Department, the apex bank confirmed that the new charges will take effect from March 1, 2025.
This marks the first adjustment since 2019 when withdrawal fees were reduced from N65 to N35.
However, the latest revision means customers will now pay more for cash withdrawals at ATMs, particularly for transactions involving other banks.
The CBN emphasised that the surcharge for withdrawals at ATMs of different banks “is the income of the ATM deployer/acquirer and must be disclosed to consumers at the point of withdrawal.”
Explaining the rationale behind the increase, CBN stated: “In response to rising costs and the need to improve 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. (the Guide).”
According to the CBN, this review aims to “accelerate the deployment of ATMs and ensure that appropriate charges are applied by financial institutions to consumers of the service.”
Banks and other financial institutions have been directed to comply with the new directive ahead of its implementation on March 1.
“Accordingly, banks and other financial institutions are advised to apply the following fees with effect from March 1, 2025,” the further stated.
