MIRIAM NNOLI 
The Central Bank of Nigeria (CBN) has announced it eliminated the three free monthly withdrawals previously allowed for customers using other banks’ Automated Teller Machines (ATMs).
According to a circular dated February 10, 2025, and signed by John Onojah, the Acting Director of the Financial Policy and Regulation Department the apex bank directed all banks and financial institutions to implement new ATM withdrawal charges from March 1, 2025.
New Telegraph reports that customers will now pay for every withdrawal made from another bank’s ATM and the effect is expected to accelerate the deployment of ATMs across the country while ensuring that financial institutions apply appropriate charges for the service.
However, the review affects the charges prescribed in Section 10.7 of the CBN Guide to Charges by Bank and other Financial and Non-Bank Financial Institutions (2020).
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According to the statement, for withdrawals made at off-site ATMs, a charge of N100 per N20,000 withdrawal will apply, along with a surcharge of up to N500, also the surcharge, which will be an income of the ATM deployer or acquirer, must be disclosed at the point of withdrawal.
It read, “The three free monthly withdrawals allowed for Remote-On-Us (other bank’s customers/Not-On-Us consumers) in Nigeria under Section 10.6.2 of the Guide shall no longer apply.
“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 prescribed in Section 10.7 of the extant CBN Guide to Charges by Banks, Other Financial 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 consumers of the service. Accordingly, banks and other financial institutions are advised to apply the following fees with effect from March 1, 2025.”
