CBN Increases ATM Withdrawal Charges from March 1—Higher Fees Expected at Malls, Airports, and Other Off-Site Locations
Nigerians will pay more for ATM withdrawals starting March 1, 2025, as the Central Bank of Nigeria (CBN) has announced new transaction fees for on-site and off-site ATM withdrawals.
The revised charges, detailed in a circular signed by John Onojah, Acting Director of Financial Policy and Regulation, aim to offset rising operational costs in the banking sector.
New ATM Charges at a Glance:
- On-site withdrawals (ATMs owned by a bank but outside its branch): N100 per N20,000 withdrawal.
- Off-site withdrawals (ATMs at malls, airports, or standalone locations): N100 + up to N500 surcharge per N20,000 withdrawal (total N600).
- Withdrawals from your bank’s own ATM remain free.
- International ATM transactions: Banks will pass on exact fees charged by foreign operators.
- The three free monthly withdrawals for “Remote-On-Us” transactions (withdrawals from another bank’s ATM) have been scrapped.
According to the CBN, the fee hike is intended to expand ATM deployment and ensure fair pricing for banking services. However, the move is likely to impact cash-dependent Nigerians, especially in rural and semi-urban areas where digital banking adoption remains low.
What This Means
With higher withdrawal charges, Nigerians may shift to cashless transactions or withdraw larger amounts less frequently to minimize fees. Banks are also expected to expand alternative banking options, including POS services and mobile banking.
The new charges take effect March 1, 2025.
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