Kehinde Fajobi
The Central Bank of Nigeria (CBN) has cautioned banks against restricting ATM withdrawals to less than ₦20,000 per transaction when customers have sufficient funds and request a higher amount.
In a Q&A explainer following its recent review of ATM withdrawal fees, the CBN stated that such actions violate its regulations and will attract sanctions.
“Any bank that compels a customer with sufficient funds in their account to withdraw less than ₦20,000 per transaction, against their desire for a higher sum, would be contravening this regulation and will be sanctioned appropriately,” the apex bank said.
It urged affected customers to report violations via cpd@cbn.gov.ng.
“Consumers denied the right to withdraw up to ₦20,000 per transaction are encouraged to file a complaint with the CBN,” it added.
The bank also clarified that while ATM fees are capped, financial institutions can charge less depending on their business model.
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“The charges and surcharges are capped, meaning banks and other financial institutions cannot charge more than the fees stated in the circular.
“However, a bank can charge a lower amount depending on its cost structure and business development drive.”
The CBN advised customers to use their own bank’s ATMs to avoid extra fees and explore digital payment options like mobile banking, POS terminals, and other cashless channels.