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CBN Revises ATM Transaction Charges, New Expenses Take Impact March 1
The Central Financial institution of Nigeria (CBN) has introduced a evaluate of transaction charges for Automated Teller Machines (ATMs), with the revised costs set to take impact from March 1.
In a round signed by John Onojah, Appearing Director of the Monetary Coverage and Regulation Division, the apex financial institution said that the adjustment goals to handle rising operational prices and enhance effectivity within the banking sector.
Underneath the brand new construction:
On-site ATMs (machines positioned inside financial institution premises) will appeal to a cost of N100 per N20,000 withdrawal.
Off-site ATMs (machines positioned exterior financial institution branches) will incur N100 plus a surcharge of as much as N500 per N20,000 withdrawal.
On-Us transactions (clients withdrawing from their very own financial institution’s ATM) stay freed from cost.
The brand new coverage is anticipated to affect banking clients nationwide because it seeks to stability price restoration with service effectivity.
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