Nigerians to Pay More for ATM Transactions as CBN’s New ATM Fee Begins.

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Banks in Nigeria have started loading their ATMs with cash as they commenced charging N100 for transactions on March 1, 2025. The Central Bank of Nigeria released the revised ATM transaction fees in a circular dated February 10, 2025.

Under the revised fee structure, withdrawals from one’s bank ATMs will remain free of charge. However, customers using ATMs of other banks will be subjected to a charge of N100 per withdrawal of N20,000 or less at on-site ATMs.

For further information, read more details here

Off-site ATMs will attract an additional surcharge of up to N500 per transaction. For international ATM withdrawals, charges will be based on cost recovery, meaning customers will bear the exact fee applied by the international acquirer.

CBN also clarified that Nigerians withdrawing less than N20,000 from another bank’s ATM will still be charged a fee of N100 per transaction.

it was observed that banks loaded their ATMs with cash, thus limiting the chances of their customers using another bank’s ATM and incurring the extra charge.

At the Wema Bank Branch, the ATMs notified other banks’ cardholders that they would be charged “N107.50 inclusive in addition to the stated amount.”

When asked about the N100 charge, the bank’s security personnel said, “There’s nothing we can do, as it’s from the authorities.”

For further information, read more details here

The ATMs at the nearby First Bank branch told other banks’ customers attempting to withdraw money from it, “The amount charged on your account may include a fee of N100 in addition to the requested amount.”

A bank customer, Eze Chinonso, lamented that it was one more inconvenience to deal with on his meagre salary from security work.

“This is another cost I must pay to use my money. The cost of data has gone up, and other costs as well. Honestly, this is squeezing an already stressed pocket,” he lamented.

A social media user, Opel Nnenna (@opelnnenna3), also bemoaned the charges and shared an email from a fintech firm on the charges.

“I’m deeply concerned about the increasing banking charges imposed on Nigerian citizens by the Central Bank of Nigeria and the government. It seems unfair that citizens are being charged multiple fees. The economic hardship is becoming unbearable for most Nigerians,” Opel said.

The Central Bank suggested using only your bank’s ATM or other payment channels to avoid the ATM charges.

“You should withdraw money from your bank’s ATM (On-Us transaction) to avoid the transaction fees. Additionally, limiting your use of off-site ATMs is advisable to minimise the surcharge. Further, consumers can explore other payment channels such as mobile apps, POS devices for payments, etc.,” CBN said.

Meanwhile, both the Trade Union Congress and the Socio-Economic Rights and Accountability Project have called for a suspension of the charges.

In a statement signed by the TUC president, Festus Osifo, and Secretary-General, Comrade Nuhu Toro, the union urged all well-meaning Nigerians to reject what it described as an exploitative policy and demand its immediate reversal.

“Our attention has been drawn to a circular from the CBN announcing an increase in ATM transaction fees, effective March 1, 2025. We say unequivocally: enough is enough. The Nigerian workers and the general public have endured relentless economic hardship under this administration,” the statement read.

On Sunday, SERAP called on President Bola Tinubu to direct the CBN to halt the charges.

“We’ve urged President Tinubu to direct the CBN to immediately suspend the ATM fee hike pending a court verdict on the matter. This is entirely consistent with the Nigerian Constitution 1999 [as amended], his oath of office, and promises to uphold the rule of law,” said the organisation.

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