Customers to Pay ₦100 for ATM Withdrawals at Other Banks Starting March

The Central Bank of Nigeria (CBN) has announced new charges for customers using Automated Teller Machines (ATMs) of banks other than their own. A circular dated February 10, 2025, revealed that the previous three free monthly withdrawals for such transactions will no longer apply, with the new charges set to take effect from March 1, 2025.

According to the CBN, customers withdrawing from their own bank’s ATM will remain exempt from charges, but withdrawals from other banks’ ATMs will incur a fee of ₦100 for every ₦20,000 withdrawn. Additionally, for off-site ATMs—those located in places like shopping malls and restaurants—a surcharge of up to ₦500 per ₦20,000 will be applied, in addition to the ₦100 charge.

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The CBN explained that the decision to implement these charges was driven by rising operational costs and the need to enhance the efficiency of ATM services across the country. Financial institutions have been directed to implement these charges as part of a broader effort to streamline banking services.

This move by the apex bank follows a review of ATM usage patterns and seeks to ensure the sustainability and improvement of the nation’s ATM infrastructure.