- February 10, 2025
CIRCULAR TO ALL BANKS AND OTHER FINANCIAL INSTITUTIONS
REVIEW OF AUTOMATED TELLER MACHINE TRANSACTION FEES
In response to rising costs and the need to improve 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).
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. Accordingly, banks and other financial institutions are advised to apply the following fees with effect from March 1, 2025:
Furthermore, 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.
Please be guided accordingly.
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ATM Transaction Fees |
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On-Us (customer withdrawing at the ATM of the customer’s financial institution) in Nigeria |
No charge |
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Not-On-Us (withdrawal from another institution’s ATM) in Nigeria |
On-site ATMs: A charge of NI 00 per N20,000 withdrawal. |
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Off-site ATMs: A charge of NIOO plus a surcharge of not more than N500 per N20,000 withdrawal. The surcharge, which is an income of the ATM deployer/acquirer, shall be disclosed at the point of withdrawal to the consumer. |
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International Withdrawals (per transaction) whether debit/credit card |
Cost Recovery — exact charge by international acquirer |
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