Effective March 1, 2025, Nigerian banks have implemented new Automated Teller Machine (ATM) withdrawal charges as directed by the Central Bank of Nigeria (CBN). These changes are part of the CBN’s efforts to promote a cashless economy and address rising operational costs within the banking sector.
Key Changes to ATM Withdrawal Fees:
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Withdrawals from Own Bank’s ATMs: Customers will continue to enjoy free withdrawals when using ATMs operated by their banks.
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On-Site ATM Withdrawals (Other Banks): For withdrawals from ATMs located within or directly affiliated with a bank branch (on-site ATMs) of other banks, a fee of N100 per N20,000 withdrawal will be charged. This fee also applies to withdrawals of amounts less than N20,000.
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Off-Site ATM Withdrawals (Other Banks): Withdrawals from ATMs situated outside bank premises, such as those in shopping malls, fuel stations, and other public spaces (off-site ATMs), will incur a base charge of N100 per N20,000 withdrawal, plus an additional surcharge of up to N500 per transaction. This means a total charge of up to N600 per N20,000 withdrawal.
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International ATM Withdrawals: Charges for international ATM transactions will be based on a cost-recovery model, where customers will bear the exact fees applied by the international acquirer.
The CBN has also eliminated the previous allowance of three free monthly withdrawals for customers using other banks’ ATMs, as stated in Section 10.6.2 of the Guide to Bank Charges.
These revised charges aim to encourage banks to enhance cash availability at ATMs and expand their ATM networks, thereby improving the efficiency of ATM services across Nigeria.
