The Central Bank of Nigeria (CBN) has announced that customers will now incur charges when using Automated Teller Machines (ATMs) of banks that are not their own.
This decision was communicated in a circular dated February 10, 2025, addressed to all banks and financial institutions, signed by John Onojah, the CBN’s Acting Director of the Financial Policy and Regulation Department.
The circular clarified that the three free monthly withdrawals previously allowed for remote-on-us transactions (withdrawals from other banks’ ATMs) would no longer apply.
It outlined that starting from March 1, 2025, banks and financial institutions would be required to implement the following charges:
- Customers withdrawing from their own bank’s ATMs will not be charged.
- Customers withdrawing from another bank’s ATM will incur a fee of ₦100 for every ₦20,000 withdrawn.
- For off-site ATMs (those located outside a bank’s premises, such as in shopping malls or eateries), an additional surcharge of up to ₦500 per ₦20,000 will apply, along with the standard ₦100 fee for withdrawals made by customers of other banks.
The CBN explained that the decision to revise the charges was due to rising costs and a need to enhance the efficiency of ATM services across the country. The circular further noted that this review is aimed at accelerating ATM deployment and ensuring financial institutions apply the appropriate charges to consumers.
