Banks begin N600 off-site ATM charges per N20,000 withdrawal

Banks begin N600 off-site ATM charges per N20,000 withdrawal

Commercial banks across Nigeria have commenced charging customers N100 per N20,000 withdrawal from their on-site Automated Teller Machines (ATMs) and N600 for off-site ATM following a directive issued by the Central Bank of Nigeria (CBN).

This development was announced by the Central Bank of Nigeria in a circular dated February 10, 2025 on the review of ATM transaction fees, scheduled for implementation from today, March 1, 2025.

Under the updated fee structure, withdrawals from a customer’s own bank ATMs remain free. However, customers using ATMs of other banks will now pay a charge of N100 per withdrawal of N20,000 or less at on-site ATMs, which are located within or directly affiliated with a bank branch.

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”Off-site ATMs, which are positioned outside bank premises in locations such as shopping malls, fuel stations, and other public spaces, will attract an additional surcharge of up to N500 per transaction.

”For international ATM withdrawals, charges will be based on cost recovery, meaning customers will bear the exact fee applied by the international acquirer.

CBN further clarified that Nigerians withdrawing less than N20,000 from another bank’s ATM will still be charged N100 per transaction.

The CBN stated that the new charges were introduced due to “rising costs and the need to improve the efficiency of ATM services in the banking industry.”

 

Banks begin N600 off-site ATM charges per N20,000 withdrawal