CBN Announces New ATM Transaction Fees Effective March 1, 2025

The Central Bank of Nigeria (CBN) has announced a review of Automated Teller Machine (ATM) transaction fees, which will take effect from March 1, 2025.

The revised charges aim to address rising operational costs and enhance efficiency in the banking sector.

Under the new policy, customers withdrawing from their bank’s ATMs (on-us transactions) will continue to enjoy free withdrawals. However, a fee will be applied at on-site ATMs (those located within bank premises). For withdrawals at ATMs of other banks (off-site or not-on-us transactions), a fee will be charged, plus an additional surcharge. International withdrawals will be subject to charges based on the exact amount imposed by the international acquirer.

The CBN has also eliminated the previous policy that allowed three free monthly withdrawals for remote-on-us transactions (customers using other banks’ ATMs). This means that every withdrawal on another bank’s ATM will now attract a charge.

The CBN expects these adjustments to improve ATM services and ensure appropriate charges for consumers. Financial institutions have been advised to comply with the new directives ahead of the implementation date.