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Home Economy

CBN ends free ATM withdrawals for other banks’customers

Tuesday, 11 February 2025, 6:39 pm
in Economy, Policies
0
CBN fines nine banks 150 million Naira each for failing to dispense cash
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The Central Bank of Nigeria (CBN) has eliminated free withdrawals for customers using Automated Teller Machines (ATMs) from other banks. Previously, customers were allowed three free withdrawals per month.

CBN stated that this decision was necessary due to rising costs and the need to enhance the efficiency of ATM services. Under the new directive, the policy allowing three free monthly withdrawals for Remote-On-Us transactions (withdrawals by customers using other banks’ ATMs) will no longer be in effect. However, withdrawals made at a customer’s own bank’s ATM will continue to be free. Customers who use another bank’s ATM will incur a charge of N100 for every N20,000 withdrawal if the ATM is located on the bank’s premises. For withdrawals from off-site ATMs, a charge of N100 per N20,000 withdrawal will apply, along with a surcharge of up to N500.

The surcharge, which is revenue for the ATM deployer or acquirer, must be disclosed at the point of withdrawal. Furthermore, international ATM withdrawals will be charged according to the rates set by the international acquirer.

In a circular dated February 10, CBN stated: “In response to rising costs and the need to improve the efficiency of Automated Teller Machine (ATM) services in the banking industry, the Central Bank of Nigeria has reviewed the ATM transaction fees outlined in Section 10.7 of the current CBN Guide to Charges by Banks, Other Financial Institutions, 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 users of the service.

Consequently, banks and other financial institutions are advised to implement the following fees effective March 1.”

Vivian Ifunanya Gerald

Administrator and Writer

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