CBN Reviews ATM Transaction Fees From March 1

In a move to address rising operational costs and enhance efficiency in the banking sector, the Central Bank of Nigeria (CBN) has announced a review on the transaction fees for automated teller machines (ATMs).

In a circular signed by John Onojah, acting director of the financial policy and regulation department, the CBN said the revised charges will take effect from March 1.

This is a review of 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 circular stated that customers withdrawing at their bank’s ATMs will attract no charge while On-site ATMs, customers from another financial institution in Nigeria will pay a charge of N100 plus a surcharge of not more than N500 per N20,000 withdrawal.

The surcharge, which is an income of the ATM deployer/acquirer, shall be disclosed at the point of withdrawal to the consumer.

For international withdrawals (per transaction) whether debit/credit card, the cost recovery will be exact charge by the international acquirer.

“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”, the circular confirmed.

Bamidele Ogunwusi is a financial journalist with a strong analytical mind on issues that surround the financial sector.

A graduate of Obafemi Awolowo University, Ile-Ife has garnered experience both locally and internationally in finance reporting.

He has received awards and certificates from notable organisations like: the Centre for Investigative Journalism, Lagos, Bloomberg and Press Association, UK.