Published 11th Feb, 2025

By Timileyin Akinmoyeje

The Central Bank of Nigeria (CBN) has scrapped free withdrawals for off-network ATM transactions, effective March 1, 2025. Bank users now have to pay N100 per N20,000 at on-site ATMS, plus an additional surcharge of not more than to N500 per N20,000 for transactions at off-site ATMs.

This revision, disclosed in a circular issued on Monday (FPR/DIR/GEN/CIR/001/002) changes the previous adjustments made in 2019 when the CBN reduced the withdrawal fees from N65 to N35.

The circular states that the review was undertaken “in response to rising costs and the need to improve (the) efficiency of Automated Teller Machine (ATM) services in the banking industry”.

Under the updated rules, on-us transactions — that is, withdrawals made at the ATM of a customer’s own bank — will continue to be free.

In contrast, every withdrawal from an off-network ATM will now incur the N100 fee plus the extra surcharge. The circular notes that “the surcharge, which is an income of the ATM deployer/acquirer, shall be disclosed at the point of withdrawal to the consumer”.

ATM FEE CIRCULAR Download

In addition, for international transactions using debit or credit cards, banks will apply a cost-recovery charge equal to the exact fee imposed by the international acquirer.

Most importantly, the circular states that “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”.

John S. Onojah, Acting Director of the Financial Policy and Regulation Department at the CBN, explained:

“This review is expected to accelerate the deployment of ATMs across the country and ensure that appropriate charges are applied by financial institutions to consumers of the service

He added, “While our previous adjustments in 2019, which reduced ATM withdrawal fees from N65 to N35 and allowed three free monthly withdrawals for off-network transactions, helped lower costs for consumers, the increasing expenses involved in maintaining ATM services necessitate these new measures.”

Financial institutions are now required to implement these changes in line with Section 10.7 of the ‘CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions, 2020’.

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7 replies on “CBN Orders N100, N500 Charges per N20,000 in Off-Network ATM Transactions”

Hmmm Nigeria is gone

Cardoso is just an enemy of the masses. People find it very difficult breathe with your excruciating economic policies, yet it pleases you to crush them with yet another burden. You, in your anti-masses policies, imposed cashlessness on us and now are forcing us to pay extra charges we ordinarily cannot afford? It’s absolutely obstreperous.
Nigeria we hail thee.

Why do I need to pay that when you remove levy charge on all money that go into account
This administration never mean well for citizens there just make themselves rich double taxation on citizens this bad like cbn want too see case

This is serious

Makes no sense at all. We’ll just continue to use POS agents for withdrawals.

The truth is if truly one doubles down/overhauls everything narrated one will find out recurrently that it’s baseless,In other words is just another measure/avenue to display their cupidity driven nature as always,most of the individuals putting this negative leads forth in most cases don’t indulge in taxations d way the common man in Nigeria does, in turn they don’t understand the indepth impecunious,or abject state of poverty some Nigerians are undergoing,yet they claim to be economic frontiers of various parastatals,d solace that an average Nigerian has is that we know that cronyism, and nepotism are what accorded them their various falsified labour posits,but not meritocracy which is why Nigeria still wears an obvert reflection till date