The Central Bank of Nigeria (CBN) has recently announced a significant increase in ATM withdrawal charges, which has been trending in the news. Effective from March 1, 2025, the new policy introduces a N100 fee per N20,000 withdrawal for transactions at on-site ATMs (those located at bank branches). For withdrawals at ATMs of other banks (Not-on-Us transactions), an additional surcharge of up to N450 per N20,000 will apply. This means customers could be paying up to N600 per N20,000 for off-site ATM withdrawals.
The CBN stated that this review aims to address rising operational costs and improve efficiency in the banking sector. The new charges are expected to accelerate the deployment of ATMs and ensure fair charges for consumers. However, this policy change has sparked concerns among customers and analysts, who fear that it may lead to increased reliance on Point of Sale (PoS) services and higher service fees from PoS operators
What are your thoughts on these new charges?
