JUST IN: CBN Implements Revised ATM Transaction Fees Starting March 2025

• The last revision of ATM fees occurred in 2019 when the CBN reduced withdrawal fees from ₦65 to ₦35.
• Customers making international withdrawals using debit or credit cards will now face a “cost-recovery charge” equivalent to the exact amount charged by the international acquirer.

The Central Bank of Nigeria (CBN) has announced a revision of Automated Teller Machine (ATM) transaction fees, set to take effect on March 1, 2025.

EKO Hot Blog gathered that according to a circular signed by John Onojah, acting director of the Financial Policy and Regulation Department, the CBN stated that the fee adjustment aims to address rising operational costs and improve efficiency in the banking sector.

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The last revision of ATM fees occurred in 2019 when the CBN reduced withdrawal fees from ₦65 to ₦35.

The new policy, aligned with Section 10.7 of the CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions (2020), may result in higher costs for some ATM transactions.

Under the revised structure, customers making withdrawals from their own bank’s ATMs (on-us transactions) will continue to enjoy free withdrawals.

However, a ₦100 fee will be charged for every ₦20,000 withdrawal at on-site ATMs, located within bank branches.

For withdrawals at other banks’ ATMs (off-site or not-on-us transactions), customers will be charged a ₦100 fee plus a surcharge of up to ₦450 per ₦20,000 withdrawal.

Customers making international withdrawals using debit or credit cards will now face a “cost-recovery charge” equivalent to the exact amount charged by the international acquirer.

The previous allowance of three free monthly withdrawals for remote-on-us transactions (customers of other banks) will no longer apply.

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The CBN has urged all financial institutions to comply with the new directives before the March 1, 2025 implementation date, emphasizing that the revised fees aim to enhance ATM service efficiency and ensure appropriate charges are applied to consumers.

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