1 week ago
23
The Central Bank of Nigeria (CBN) has introduced a revised policy on ATM transaction fees, effectively scrapping the three free monthly withdrawals previously allowed for customers using other banks’ ATMs.
In a circular issued by John Onojah, the Acting Director of the Financial Policy and Regulation Department, the new directive applies to all banks and financial institutions in Nigeria and will take effect on March 1, 2025.
The circular reads, “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 CBN explained that the review was necessitated by rising operational costs and the need to improve ATM services across the banking sector. Under the new policy, customers will be charged for every withdrawal made on ATMs belonging to banks other than their own.
“In response to rising costs and the need to improve the 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 apex bank, this adjustment is expected to boost ATM deployment across the country while ensuring that banks adequately cover the costs of offering ATM services.
The CBN emphasized that all banks must adhere to the revised fees from March 1, 2025.
“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. Accordingly, banks and other financial institutions are advised to apply the following fees with effect from March 1, 2025.”
English (US) ·