CBN Announces New ATM Transaction Fees Effective March 1, 2025

The Central Bank of Nigeria (CBN) has announced revised transaction fees for Automated Teller Machines (ATMs), set to take effect on March 1, 2025.

In a circular signed by John Onojah, Acting Director of the Financial Policy and Regulation Department, the CBN stated that the adjustments aim to address rising operational costs and improve banking efficiency.

This marks the first change in ATM transaction fees since 2019, when the CBN reduced the withdrawal fee from N65 to N35. The revised charges align with Section 10.7 of the CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions (2020).

“In response to rising costs and the need to improve the efficiency of Automated Teller Machine (ATM) services in the banking industry, the Central Bank of Nigeria (CBN) has reviewed the ATM transaction fees prescribed in Section 10.7 of the extant CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions, 2020 (the Guide),” the statement read.

“This review is expected to accelerate the deployment of ATMs and ensure that appropriate charges are applied by financial institutions to consumers of the service,” the CBN added.

Breakdown of the New Charges

• Withdrawals from a customer’s own bank ATMs (on-us transactions) will remain free.
• Withdrawals from ATMs located at bank branches (on-site ATMs) will incur an N100 fee per N20,000 withdrawn.
• Withdrawals from ATMs of other banks (not-on-us transactions) will attract an N100 fee plus a surcharge of up to N450 per N20,000.
• The surcharge will serve as income for the ATM deployer/acquirer and must be disclosed at the point of withdrawal.
• International withdrawals using debit or credit cards will now include a cost-recovery charge equivalent to the exact amount charged by the international acquirer.
• The three free monthly withdrawals for Remote-On-Us transactions (other banks’ customers) will be discontinued under Section 10.6.2 of the Guide.

The CBN has directed all financial institutions to ensure full compliance with the new regulations ahead of the March 1, 2025, implementation date.