Nigerian Banks Introduce New ATM Transaction Charges

Following a regulatory review, Nigerian Deposit Money Banks (DMBs) have begun implementing revised fees for ATM transactions, effective March 1, 2025.

The new structure eliminates previous ATM administration charges as part of efforts to ease commercial banks' infrastructure maintenance costs.

In compliance with the Central Bank of Nigeria (CBN) directive, banks have notified customers via email that ATM withdrawals from their respective banks will remain free of charge. However, withdrawals from ATMs of other banks where the customer does not hold an account will now attract a fee of N100 per N20,000.

Additionally, standalone ATM withdrawals will incur a charge of N100 plus a surcharge of N500 per N20,000 withdrawn. For international transactions, the exact charge imposed by international carriers will be deducted, applicable to both debit and credit card transactions.

Customers have also been informed that, starting in March, the existing policy of allowing three free withdrawals from other banks’ ATMs will no longer apply.