Banks Implement New ATM Transactions Charges
Following regulatory review, Nigerian Deposit Money Banks (DMBs) have begun the implementation of new fees for transactions via automatic teller machines (ATMs) effective from March 1, 2025.
The new fees have now faced out previous ATM administration charges as part of efforts to reduce commercial banks infrastructure maintenance burden.
In line with the Central Bank of Nigeria (CBN) directive, banks told customers in a series of emails that there will be no fee for ATM withdrawals with a bank where customers have deposits.
However, withdrawals from other banking institutions where customer has no deposit will attract N100 per N20,000. Banks inform customers that withdrawals on a standalone basis will attract N100 plus a surcharge of N500 per N20,000 cash withdrawal.
International withdrawals with an exact charge by an international carrier will be deducted, and this goes for debit or credit card transactions.
Customers have also been informed that effective from March, free three withdrawals on other banks ATMs will no longer apply. #Banks Implement New ATM Transactions Charges CBN Rejects N1.6trn from Investors, Cuts Treasury Bills Rates
