*The Central Bank of Nigeria announces a review of transaction fees for Automated Teller Machines, effective from March 1, 2025, stating that the upward adjustment is expected to 鈥榓ccelerate the deployment of ATMs, and ensure that appropriate charges are applied by financial institutions to consumers of the service鈥�

Isola Moses | 绿帽献妻

The Central Bank of Nigeria (CBN) has announced an imminent review of transaction fees for Automated Teller Machines (ATMs) across the country, effective from March 1, 2025.

This measure is said to be part of current efforts at addressing the increasing operational costs, while promoting efficiency in the banking and financial system in Nigeria.

John Onojah, Acting Director of Financial Policy and Regulation Department, who disclosed this development in a circular, affirmed the CBN would revise charges with effect March 1 this year.

The Bankers鈥� Bank also said the move is a review of 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 circular further noted that consumers of financial products and services withdrawing money at their banks鈥� ATMs would attract no charge.

For on-site ATMs, consumers from other financial institutions in Nigeria would pay N100 fee, and a surcharge of not more than N500 per N20,000 withdrawal.

According to the Bank, the surcharge, which is an income of the ATM deployer/acquirer, shall be disclosed at the point of withdrawal to the consumer.

As regards international withdrawals (per transaction) whether with a Debit/Credit Card, the cost recovery will be exact charge by the international acquirer, stated the CBN.

The circular stated: 鈥淭his review is expected to accelerate the deployment of ATMs and ensure that appropriate charges are applied by financial institutions to consumers of the service.鈥�