The Central Bank of Nigeria (CBN) has introduced new Automated Teller Machine (ATM) transaction fees for banks and financial institutions, effective from March 1, 2025.
This move according to CNN in a statement signed by John S. Onojah Acting Director, Financial Policy and Regulation Department aims to enhance efficiency and increase the deployment of ATMs across the country.
The circular titled “Review of Automated Teller Machine Transaction Fees”, the apex bank stated that the review aligns with Section 10.7 of the CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions, 2020.
The revised fees will affect both domestic and international transactions.
Under the new structure, “On-Us” withdrawals—when a customer uses their own bank’s ATM—will remain free.
However, on-site ATM withdrawals will attract a N100 fee for every N20,000 withdrawn.
For “Not-On-Us” transactions, which occur when a customer withdraws from another bank’s ATM, an off-site withdrawal will be charged N100 plus a surcharge not exceeding N500 per N20,000.
The circular clarified, “The surcharge, which is an income of the ATM deployer/acquirer, shall be disclosed at the point of withdrawal to the consumer.”
International withdrawals on both debit and credit cards will be based on a cost recovery model, meaning the exact charge imposed by the international acquirer will apply.
Additionally, the CBN has scrapped the previous provision that allowed customers three free monthly withdrawals from other banks’ ATMs.
The circular states, “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.”
The directive mandates all banks and financial institutions to implement these charges by the stipulated date.
The CBN believes the move will ensure fairness in ATM service costs and encourage further investments in the sector.
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