New bank charges: 7 things to know about on-site, off-site ATM withdrawal fees
New bank charges: 7 things to know about on-site, off-site ATM withdrawal fees
Following a directive issued by the Central Bank of Nigeria (CBN), commercial banks across Nigeria have commenced charging customers N100 per N20,000 withdrawal from their on-site Automated Teller Machines (ATMs) and N600 for off-site.
New bank charges: 7 things to know about on-site, off-site ATM withdrawal fees
Following a directive issued by the Central Bank of Nigeria (CBN), commercial banks across Nigeria have commenced charging customers N100 per N20,000 withdrawal from their on-site Automated Teller Machines (ATMs) and N600 for off-site.
Tribune Online reports that the development was announced by the Central Bank of Nigeria in a circular dated February 10, 2025 on the review of ATM transaction fees, scheduled for implementation from today, March 1, 2025.
In this article, Tribune Online takes a look at what you should know about the new on-site, off-site ATM withdrawal fees.
1. N100 Fee for On-Site ATM Withdrawals
Customers withdrawing from another bank’s ATM located within a bank’s premises (on-site ATMs) will now be charged N100 per N20,000 withdrawal or less.
2. N600 Charge for Off-Site ATM Withdrawals
Withdrawals from ATMs located outside bank branches, such as those in shopping malls and fuel stations (off-site ATMs), will attract an additional surcharge of up to N500 per transaction, bringing the total charge to N600.
3. No Charges for Own Bank ATM Withdrawals
Customers using their own bank’s ATMs will not be charged for withdrawals, maintaining the previous policy.
4. International ATM Withdrawals to Reflect Actual Costs
Charges for ATM withdrawals made abroad will be based on cost recovery, meaning customers will pay the exact fee applied by the international acquirer.
N100 Charge for Withdrawals Below N20,000
The N100 fee applies even if a customer withdraws an amount less than N20,000 from another bank’s ATM.
CBN’s Justification for the New Charges
The CBN stated that the revision was necessary due to rising costs and to improve the efficiency of ATM services across the banking industry.
7. Legal Challenges
The new fee structure has led to legal action, with organizations like the Socio-Economic Rights and Accountability Project (SERAP) filing lawsuits against the CBN. They argued that the increase in ATM transaction fees is arbitrary and unfair. (Nigerian Tribune)
