Abuja, Nigeria – The Central Financial institution of Nigeria (CBN) has introduced a evaluation of Automated Teller Machine (ATM) transaction charges, set to take impact from 1st March 2025.
The revision, aimed toward enhancing effectivity and boosting ATM deployment, updates the costs outlined within the CBN Information to Prices by Banks, Different Monetary and Non-Financial institution Monetary Establishments 2020.
Below the brand new construction, withdrawals from a buyer’s personal financial institution’s ATM (On-Us transactions) will stay free. Nevertheless, withdrawals from on-site ATMs will now appeal to a N100 payment per N20,000 withdrawn.
For withdrawals from different banks’ ATMs (Not-On-Us transactions), off-site ATMs will cost N100, together with an extra surcharge of as much as N500 per N20,000 withdrawn. This surcharge will go on to the ATM deployer and shall be disclosed to clients on the level of withdrawal.
Worldwide ATM withdrawals shall be topic to price restoration, that means banks will move on the precise costs imposed by worldwide acquirers to clients.
The CBN expects these changes to boost ATM availability whereas making certain honest pricing for monetary companies customers.
