*Several Nigerian bank customers lament the implementation of the Central Bank of Nigeria’s new Automated Teller Machine transaction fee charge in the country’s financial ecosystem

Isola Moses | 绿帽献妻

Nigerian bank customers are lamenting the implementation of the new Automated Teller Machine (ATM) transaction fee charge in the country’s financial ecosystem.

绿帽献妻 reports the Central Bank of Nigeria (CBN) recently announced and directed the Deposit Money Banks (DMBs) to charge new fees of N100 for N20,000 withdrawal.

The Bankers’ Bank CBN February 10, 2025, had released a circular to all commercial banks, and other financial institutions to apply the fees, effective from 1 March.

The CBN in the circular titled, “Review of ATM transaction fees”, also explained the directive is issued to the DMBs in response to increasing costs, and the need to improve the efficiency of ATM services in the banking industry in the country.

Checks at some banks鈥� ATM galleries Sunday, March 2 Lagos and Abuja, FCT, however, indicated that some customers are complaining about the new chargeable fees on ATM transactions.

Some of the bank customers, in Lagos who visited the ATM points Sunday, March 2, 2025, decried the development, and described the banking regulator’s directive as unfair.

Consumers of financial products, services 聽react

Likewise, Abudu, a customer at First Bank along Nyanya-Jikwoyi Road, in Abuja, said the implementation would only affect the poor masses struggling to make a living.

The customer said the CBN’s move would discourage customers from lodging monies in the banks, agency report said.

Abudu stated: “I came to withdraw N20,000, but I found out that I was charged N100 for the withdrawal.

鈥淭his is too much for a small business owner like me.”

Victoria Adejo, another customer spotted at Zenith Bank Plc, Mararaba Branch, noted that withdrawal from a Point of Sale (PoS) agent is now cheaper than an ATM.

She said: “It is unfortunate that our government formulate policies without feeling the pulse of the people.

鈥淭hey (banks) declare profit in billions and trillions from our monies, and the CBN does not consider that.

“This is not good enough at all.”

Similarly, Nurudeen Ehimotor, a customer at Guaranty Trust Bank (GTB) Limited, in Asokoro, said he was at the bank to use the ATM due to his bank鈥檚 poor online network.

Ehimotor stated: “I came to use ATM because I tried to transfer money from my bank using USSD since yesterday but it didn鈥檛 go through.

鈥淚 have an issue with my app, so I have been using USSD codes for my transfer.

鈥淚 think they (the bank鈥檚) are trying to make people use ATM now for them to make more money.”

He, therefore, appealed to banks to reduce incessant charges on customers鈥� accounts.

It is equally noted that CBN recently stated that On-Us (customers withdrawing at the ATM of the customer鈥檚 financial institution) in Nigeria at no charge.

The Bank, in the circular, said 鈥淣ot-on-Us (withdrawal from another institution鈥檚 ATM) in Nigeria; On-site-ATMs: A charge of N100 per N20,000 withdrawal.

鈥淥ff-site ATMs: A charge of N100 plus a surcharge of not more than N500 per N20,000 withdrawal.

鈥淭he income, which is an income of the ATM acquirer/deployer, shall be disclosed at the point of withdrawal to the consumer.”

Meanwhile, Nigerian banks have informed their customers through various electronic mails (e-mails) of the increase, according to report.

GTB reportedly told its customers that they would no longer be allowed to make free monthly withdrawals in addition to the ATM transaction fee.

It stated: 鈥淧lease note that the three free monthly withdrawals at other banks鈥� ATMs (for GTBank customers) and GTBank ATMs (for other bank customers) will no longer apply.”

Access Bank also in its official X handle has informed customers that 鈥渁ll Access Cards now work seamlessly across all ATMs and PoS machines so that you can make payments without hassle” across the West African country.

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