Commercial banks in Nigeria have begun charging customers N100 for every N20,000 withdrawal from their own on-site ATMs and N600 for off-site ATM withdrawals, following a directive from the Central Bank of Nigeria (CBN).
The CBN announced this change in a circular dated February 10, 2025, stating that the revised ATM transaction fees would take effect from March 1, 2025.
According to the new structure, withdrawals from a customer’s own bank ATMs remain free. However, customers using other banks’ ATMs will now pay N100 per N20,000 or less at on-site ATMs, which are located within or directly linked to a bank branch.
“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, fees will be determined on a cost-recovery basis, meaning customers will pay the exact charge set by the international acquirer.
The CBN also clarified that customers withdrawing less than N20,000 from another bank’s ATM will still incur a N100 charge.
The bank justified these charges by citing “rising costs and the need to improve the efficiency of ATM services in the banking industry.”
