Effective March 1, 2025, the Central Bank of Nigeria (CBN) will implement revised ATM transaction fees, according to a circular dated February 10, 2025. John Onojah, Acting Director of the Financial Policy and Regulation Department, signed the circular, which outlines the new guidelines. The CBN's adjustments aim to address rising operational costs, improve banking efficiency, encourage ATM deployment, and ensure fair and transparent charges for customers.
Under the new fee structure, "On-Us" transactions, or withdrawals from a customer’s own bank’s ATM, will remain free of charge. However, a fee of ₦100 will be applied for every ₦20,000 withdrawn at on-site ATMs within bank branches when customers use other banks' ATMs.
For "Not-On-Us" transactions, which occur when a customer withdraws from another bank’s ATM, there will be a charge of ₦100 plus a surcharge of up to ₦500 per ₦20,000 withdrawal at ATMs located outside of bank branches. The surcharge goes to the ATM deployer/acquirer and will be disclosed to the consumer at the point of withdrawal.
The CBN has also removed the previous benefit of three free monthly withdrawals for remote-on-us transactions, meaning customers will now pay for every transaction at other banks’ ATMs. For international ATM withdrawals using debit or credit cards, banks and financial institutions will apply a "cost-recovery charge" equivalent to the exact fee imposed by the foreign financial institution.
The CBN has stated that the ₦100 charge on withdrawals below ₦20,000 is intended to prevent customers from splitting withdrawals into smaller amounts to avoid fees. The CBN has directed all financial institutions to comply with the new fee structure before implementation.
