Oyinpereye Forcados
The Central Bank of Nigeria (CBN) has provided further clarification on its recent policy change regarding Automated Teller Machine (ATM) transaction fees.
In a guideline released on its official X handle on February 13, 2025, titled “What You Need to Know About the New ATM Transaction Fees,” the apex bank justified the adjustments as necessary to address rising operational costs and improve the efficiency of ATM services across the banking sector.
This announcement follows the CBN‘s circular issued on February 10, 2025, which outlined a review of ATM withdrawal charges.
According to the bank, the revision aims to encourage the deployment of more ATMs nationwide while ensuring a fair and transparent fee structure for customers. The revised charges will take effect from March 1, 2025, with all financial institutions mandated to comply.
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A critical aspect of the new guideline is that customers will not incur any charges when withdrawing cash from ATMs operated by their respective banks. However, transactions on other banks’ ATMs will attract the revised fees.
The policy shift is expected to strike a balance between operational sustainability for banks and accessibility for customers, ensuring a more robust and efficient banking ecosystem in Nigeria.