…N100 per N20, 000 from other banks’ ATMs
Any customer who withdraws money from an ATM (Automated Teller Machines) other than their own bank’s, would henceforth be charged N100 for every N20, 000.
The Central Bank of Nigeria (CBN) which announced the increase in a circular, cited rising operational costs of maintaining ATMs and to enable banks deliver more efficient services.
The apex bank, in circular dated February 10, and issued by the Ag. Director, Financial Policy and Regulation, Mr. John Onojah, directed that the new fees would become effective from March 1, 2025.
It said that with the higher charges, it expected banks to accelerate the deployment of ATMs across the country and ensure their efficient service delivery.
The Circular read in part, “In response to rising costs and the need to improve 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.”
According to the circular, while withdrawal from an on-site ATM (ATM of a bank in its premises) would attract N100 per N20, 000, a withdrawal from another bank’s ATM outside its premises (off-site) would attract additional charges of not above N500 per N20, 000.
For card users abroad, the CBN said that the charges would be as stipulated by the ATM provider.
However, the circular was silent on withdrawals of less than N20, 000 from an ATM owned by another bank, different from the customer’s bank.
It added that ATM withdrawals from a customers’ bank would continue to attract zero fee.
No comments:
Post a Comment