The Central Bank of Nigeria (CBN) has announced a new policy on Automated Teller Machine (ATM) withdrawals.
It eliminates the previously allowed three free interbank withdrawals per month. The revised charges, set to take effect from March 1, 2025, come as part of efforts to address rising operational costs in the banking sector.
Important changes in ATM withdrawal charges
- Withdrawals from Own Bank’s ATM:
Customers can continue to withdraw free of charge when using ATMs operated by their banks. - Withdrawals from Other Banks’ ATMs:
- On-site ATMs (located within bank premises): A charge of ₦100 per withdrawal of up to ₦20,000 will apply.
- Off-site ATMs (located outside bank premises, such as malls and airports): A base charge of ₦100 per ₦20,000 withdrawal, plus an additional surcharge of up to ₦500 per transaction, will be imposed. This means withdrawing ₦20,000 from an off-site ATM of another bank could cost up to ₦600 per transaction.
- International Withdrawals:
Charges will vary based on the rates set by international transaction processors.
The CBN says the new policy is aimed at sustaining ATM services and ensuring banks can maintain efficient operations. However, the changes have raised concerns among Nigerians, particularly those who rely on ATMs for daily transactions.
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