In a move aimed at aligning banking
operations with updated regulatory guidelines, the Central Bank of Nigeria
(CBN) has introduced a revised structure for ATM withdrawal charges, effective
March 1, 2025.
These changes will impact customers
using both local and international Automated Teller Machines (ATMs),
particularly when withdrawing cash outside their home banks.
What’s Changing?
Here’s a summary of the updated ATM
withdrawal policy:
- Withdrawals on your bank’s ATMs remain free –
Customers can continue to withdraw funds from their own bank’s ATMs at no
cost.
- First three free withdrawals on other banks’ ATMs
removed – Previously, customers were entitled to three
free withdrawals on other banks’ ATMs per month. This has now been
discontinued.
- New charges on other banks’ ATMs:
- ATMs within bank premises: ₦100
charge per ₦20,000 withdrawal
- ATMs outside bank premises: ₦100
per ₦20,000 withdrawal plus a surcharge of up to ₦500, depending on the
ATM provider
- International withdrawals: Fees
will be based on the foreign bank’s charges, which will be reflected
directly in your account.
Why the Change?
This revision is part of the CBN’s
efforts to streamline banking costs, promote digital banking alternatives, and
encourage efficient ATM usage across the country. Banks are expected to comply
with the directive while ensuring customers are adequately informed of the new
structure.
What Should Customers Do?
To minimize additional charges,
customers are encouraged to:
- Use their own bank’s ATMs whenever possible
- Plan withdrawals to avoid multiple small
transactions
- Explore alternative digital payment methods such
as mobile banking apps, USSD, or point-of-sale (POS) terminals
Commitment to Service
Despite these regulatory changes,
banks have reaffirmed their commitment to delivering efficient and
customer-friendly service. The emphasis remains on providing a secure,
convenient, and cost-effective banking experience.
Stay updated with WAIZED as we continue to bring you timely insights on financial policy updates and how they affect your everyday money decisions.