By Ighomuaye Lucky. O
The Central Bank of Nigeria (CBN) has stopped free customer withdrawals from the Automated Teller Machines (ATMs) of banks other than theirs.
The decision was announced in a circular dated February 10, 2025, addressed to all banks and financial institutions, as revealed by CBN’s acting Director of Financial Policy and Regulation Department, John Onojah.
“The three free monthly withdrawals allowed for remote-on-us (other bank’s customers/not-on-us consumers) in Nigeria under Section 10.6.2 of the Guide shall no longer apply,” part of the circular reads.
Banks and other financial institutions were directed to apply the following charges with effect from March 1, 2025.
The apex bank said that while customers withdrawing at the ATMs of their banks and financial institutions won’t be charged, those withdrawing from the ATM of other banks would now be charged ₦100 per every ₦20,000.
For off-site ATMs — automated teller machines not on a bank’s premises – like those at shopping malls, eateries and other public places — a surcharge of not more than ₦500 per every ₦20,000 will apply in addition to the statutory ₦100 fee for withdrawals by customers of other banks’ ATMs.
CBN reiterated that the new charges are due to soaring costs and the need for improvement in ATM service efficiency around the nation.
“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 circular added.
