Digital Times Nigeria
  • Home
  • Telecoms
    • Broadband
  • Business
    • Banking
    • Finance
  • Editorial
    • Opinion
    • Big Story
  • TechExtra
    • Fintech
    • Innovation
  • Interview
  • Media
    • Social
    • Broadcasting
Facebook X (Twitter) Instagram
Trending
  • “How Do I Kelee Gi?”: The Song That Rose From The Rubble Of A Lagos Bomb Blast
  • Hydrogen, Lagos State Govt Power Wellness Drive For Business Owners In Ikeja
  • Tinubu Hails NASENI’s Contributions To National Economy
  • Experts @ABoICT 2025 Warn Of Digital Disaster Risks In Nigeria Without AI Governance
  • NCC Unveils e-Health Project In Akure To Boost Digital Healthcare
  • PalmPay Unveils ‘Passing The Baton’ CSR Initiative To Drive Financial Inclusion In Northern Nigeria
  • Anambra Shines In E-Governance, Ranks Among Top Three States
  • EMOSIM Launches eSIM In Lagos, Heralds New Era Of Global Connectivity And Digital Inclusion
Facebook X (Twitter) Instagram
Digital Times NigeriaDigital Times Nigeria
  • Home
  • Telecoms
    • Broadband
  • Business
    • Banking
    • Finance
  • Editorial
    • Opinion
    • Big Story
  • TechExtra
    • Fintech
    • Innovation
  • Interview
  • Media
    • Social
    • Broadcasting
Digital Times Nigeria
Home » Nigerians To Pay More For ATM Withdrawals As CBN introduces New Charges
BANKING

Nigerians To Pay More For ATM Withdrawals As CBN introduces New Charges

DigitalTimesNGBy DigitalTimesNG12 February 2025No Comments3 Mins Read81 Views
Facebook Twitter Pinterest Telegram LinkedIn Tumblr WhatsApp Email
ATM
Automated Teller Machine (ATM)
Share
Facebook Twitter LinkedIn Pinterest Telegram Email WhatsApp

News Highlights:

  • The Central Bank of Nigeria (CBN) has introduced new fees for ATM withdrawals, effective March 1, 2025.
  • The CBN has removed the three free monthly withdrawals previously allowed for customers using other banks’ ATMs.

Nigerians will henceforth, pay higher charges on cash withdrawals as the Central Bank of Nigeria (CBN) has introduced new ATM charges for both “on-site” and “off-site” withdrawals.

On-site ATM withdrawals refer to those made at a machine owned by a bank but outside its branch premises while off-site ATM withdrawals are those at shopping centres, airports or standalone cash points.

The revised fees, announced in a circular on Monday by Acting Director of the Financial Policy and Regulation Department, John Onojah, will take effect from 1 March.

The adjustment marks the regulator’s latest effort to balance rising operational costs with the need for financial sector efficiency.

“In response to rising costs and the need to improve efficiency of Automated Teller Machine (ATM) services in the banking industry, the Central Bank of Nigeria (CBN) has reviewed the ATM transaction fees prescribed in Section 10.7 of the extant CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions, 2020 (the Guide).

“This review is expected to accelerate the deployment of ATMs and ensure that appropriate charges are applied by financial institutions to consumers of the service. Accordingly, banks and other financial institutions are advised to apply the following fees with effect from March 1, 2025,” it said.

Under the updated framework, on-site ATM withdrawals—those made at a machine owned by a bank but outside its branch premises—will now attract a charge of N100 per N20,000 withdrawn.

READ ALSO  Stanbic IBTC Discontinues BDC Business

Off-site ATM withdrawals, such as those at shopping centres, airports or standalone cash points, will incur a N100 fee plus a surcharge of up to N500 per N20,000 withdrawal, bringing the total possible charge to N600.

Withdrawals from an account holder’s own bank’s ATMs remain free.

For international ATM transactions, banks will apply a cost-recovery model, passing on the exact charges imposed by the foreign acquirer to customers.

It also said the three free monthly withdrawals allowed for Remote-On-Us (other bank’s customers/Not-On-Us consumers) in Nigeria under Section 10.6.2 of the Guide will no longer apply.

The move comes as Nigerian banks contend with mounting operational expenses, including infrastructure maintenance and security.

Higher withdrawal costs could disincentivise ATM usage and increase reliance on cash-based transactions, particularly in rural and semi-urban areas where digital payment adoption remains low.

#ATM #CBN #New Charges #Withdrawals
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Previous ArticleReps Demand Telecom Tariff Hike Reversal As New Fees Begin
Next Article Clean Water Access: LG Donates Solar-Powered Borehole To Kano Community
DigitalTimesNG
  • X (Twitter)

Related Posts

Access Holdings Sets Benchmark In Fraud Prevention With ₦193.5 Billion Tech Investment

19 May 2025

Access Bank Launches DiamondXtra Season 17 With Expanded Rewards And ‘Salary For Life’

14 May 2025

UBA Increases Dividend Payout By 79%, Plans Further Capital Raise In 2025

28 April 2025

Access Bank Responds To Viral Report Of Employee Filming Colleagues In Restrooms

28 April 2025

Access Holdings Delivers Strong 2024 Results Amid Rising Costs

17 April 2025

Sterling Bank Cancels Bank Transfer Charges

3 April 2025

Comments are closed.

Categories
About
About

Digital Times Nigeria (www.digitaltimesng.com) is an online technology publication of Digital Times Media Services.

Facebook X (Twitter) Instagram
Latest Posts

“How Do I Kelee Gi?”: The Song That Rose From The Rubble Of A Lagos Bomb Blast

31 May 2025

Hydrogen, Lagos State Govt Power Wellness Drive For Business Owners In Ikeja

30 May 2025

Tinubu Hails NASENI’s Contributions To National Economy

30 May 2025
Popular Posts

Building Explainable AI (XAI) Dashboards For Non-Technical Stakeholders

2 May 2022

Building Ethical AI Starts With People: How Gabriel Ayodele Is Engineering Trust Through Mentorship

8 January 2024

Gabriel Tosin Ayodele: Leading AI-Powered Innovation In Web3

8 November 2022
© 2025 Digital Times NG. Designed by Max Excellence LLC.
  • Advert Rate
  • Terms of Use
  • Advertisement
  • Private Policy
  • Contact Us

Type above and press Enter to search. Press Esc to cancel.