Banks Start Enforcing CBN’s Directive On ATM Withdrawal Charges

Banks Start Enforcing CBN’s Directive On ATM Withdrawal Charges

Starting from March 1, 2025, commercial banks in Nigeria will begin applying withdrawal fees on Automated Teller Machine (ATM) transactions, as directed by the Central Bank of Nigeria (CBN)……READ MORE

On Friday, many Deposit Money Banks notified their customers of the upcoming fee implementation. Ecobank, a leading commercial bank, issued a statement informing its customers that the new ATM transaction fee would take effect from March 1, 2025, in accordance with the CBN’s directive.

The bank also outlined the transactions that would incur fees, such as offsite withdrawals, while onsite withdrawals would remain free, as per the central bank’s guidelines.

This directive was first announced by the CBN in a circular dated February 10, 2025, titled “Review of ATM Transaction Fees,” with implementation starting on March 1, 2025.

The CBN explained that the fee adjustments are meant to encourage wider ATM deployment and ensure that appropriate charges are levied on consumers. Withdrawals from a customer’s own bank will remain free, but those using ATMs from other banks will face a charge of N100 for withdrawals of N20,000 or less at onsite ATMs located within or directly connected to a bank branch.

Off-site ATMs, such as those in shopping malls, gas stations, and other public spaces, will incur an additional N500 surcharge per transaction. International ATM withdrawals will be charged based on the actual fees applied by the international acquirer.

This change is a response to rising operational costs and aims to improve ATM efficiency in Nigeria’s banking sector.