The Central Bank of Nigeria (CBN) has announced a review of ATM transaction fees, with new guidelines set to take effect on March 1, 2025. The update, issued in a circular dated February 10, 2025 and signed by John S. Onojah, Acting Director of the Financial Policy and Regulation Department, applies to all banks and financial institutions operating in the country.
Under the revised structure, customers withdrawing cash from their own bank’s ATMs will incur no charge. However, those using ATMs owned by other financial institutions will be charged N100 plus a surcharge of up to N500 for every N20,000 withdrawn. The surcharge, which represents income for the ATM deployer or acquirer, will be clearly disclosed at the point of transaction. For international withdrawals, the cost will be exactly recovered by the international acquirer.
CBN officials expect that these changes will encourage the wider deployment of ATMs while ensuring that fees remain fair for consumers.
