How to report banks as CBN set to kickstart new N100 for N20,000 transaction

• The newly published rule on Automated Teller Machine (ATM) transaction fees has been further clarified by the CBN
• It said that there is no fee for “on us” transactions that involve withdrawals made at the customer's bank
• It further stated that N100 will be charged for each N20,000 withdrawal made at an on-site ATM as part of a "Not on us" transaction

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

The CBN has provided more clarification on the recently released guideline on Automated Teller Machine (ATM) transaction fees, slated to come into effect from March 1, 2025.

CBN stated that international ATM withdrawals will be subject to cost recovery charges. Photo Credit: Contributor
Source: Getty Images

It made this known in its Frequently Asked Questions (FAQs) on X detailing what needs to be known about the transaction fee.

Responding to questions on the ‘On us’ and “Not on us transaction”, it stated that the On US transaction involving withdrawal at customer’s bank attracts no charges.

It added that the “Not on us” transaction, involving the withdrawal at another bank’s ATM will attract N100 per N20,000 withdrawal for On site ATM. On the other hand, the charges will attract N100 per N20,000 withdrawal plus a surcharge of up to N500 for "Off site ATMs.

International ATM withdrawals will be subject to cost recovery charges, reflecting the exact fees imposed by international acquirers.

CBN contact

It added that consumers denied the right to withdraw up to N20,000 per transaction can file a complaintwith the CBN using cpd@cbn.gov.ng

For further information, it urged customers to call the number 08176657060 or contact via any of its social media handle.

CBN Identifies High Bank Charges, Others as Challenges

Legit.ng reported that High bank charges appear to be posing serious constraints to business growth in Nigeria, according to a recent survey by the Central Bank of Nigeria (CBN).

The survey also highlights other challenges like harsh business environment, economic instability, insecurity, infrastructural deficit, limited access to credit and high interest rates.

The report titled ‘Business Expectation Survey (BES)’ covered the last couple of months of 2024 especially December 2024.

PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!

Source: Legit.ng