Nigerian Banks Send Message to Customers As New ATM Charges Begin
- Nigerian banks have started informing their customers about new ATM charges which took effect on March 1st
- The CBN has already informed Nigerians about these new ATM and withdrawal changes starting from March
- SERAP has sued the CBN and has asked President Tinubu to help stop banks from implementing these new changes
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Nigerian banks have begun informing their customers about new Automated Teller Machines (ATMs) charges which took effect from March 1, 2025.
Legit.ng reported that the Central Bank of Nigeria (CBN) has revised charges on withdrawals from ATMs across Nigeria.
Source: Getty Images
The new changes end the three free withdrawals a month that customers previously enjoyed.
This is contained in a CBN circular released on the bank’s website and signed by the Acting Director of the Financial Policy and Regulation Department, John S. Onojah.
CBN revises ATM charges for customers
Based on the circular, these are now the revised charges.
- Customers withdrawing from on-site ATMs located within bank premises will be charged N100 for every N20,000 withdrawal.
- For off-site ATMs located outside bank premises, such as in markets or public malls, customers will pay N100 for every N20,000 withdrawal, plus a surcharge of up to N500.
- The surcharge will be paid to the ATM deployer/acquirer, and customers will be informed of the exact amount before completing the withdrawal.
- For international withdrawals, charges will be determined by the international acquirer.
Why CBN reviewed ATM charges
The CBN stated in its circular that this revision is necessitated by rising operations costs for the banks, and the need to improve ATM efficiency, DailyTrust reports.
The apex bank also said that this update will speed up the deployment of ATMs across Nigeria since banks will now get adequate payment for their services.
Banks send messages to customers
Several leading banks, including First Bank of Nigeria, Access Bank, and Zenith Bank, Guaranty Trust Bank. Wema and Ecobank have begun notifying their customers via email, and SMS of the new ATM changes.
The notifications outline the updated fees and emphasise the importance of adhering to the new guidelines to avoid unexpected charges.
Ecobank wrote:
"Dear Valued Customer, Please be informed that, effective March 1, 2025, new ATM transaction fees will apply to all Ecobank cardholders, in line with the Central Bank of Nigeria's (CBN) directive."
"We encourage the use of Ecobank ATMs for cash withdrawals to ensure more cost-effective and convenient transactions. Alternatively, you may explore our digital banking channels for seamless transactions without the need for cash."
GTbank also wrote:
"Dear Customer, Please be informed that, effective Saturday, March 1, 2025, the following fees will apply to ATM transactions:
| Transaction type | Fee |
| Withdrawals at GTBank ATMs | No charge |
| Withdrawals at ATMs of other banking institutions | Withdrawals at ATMs within the bank's branch: N100 per N20,000 withdrawal.Withdrawals at standalone ATMs: A charge of N100 plus a surcharge of up to N500 per N20,000 withdrawal. |
| International withdrawals on debit or credit cards | The exact charge applied by the international acquirer will be deducted. |
"Additionally, please note that the three (3) free monthly withdrawals at other banks' ATMs (for GTBank customers) and at GTBank ATMs (for customers of other banks) will no longer apply.
This fee review aligns with the recent policy directive of the Central Bank of Nigeria (CBN), which aims to encourage banks to accelerate the deployment of ATMs while ensuring appropriate charges for this service."
Bank releases new requirements to buy dollar
Earlier, Legit.ng reported that Wema Bank announced the availability of foreign exchange (FX) for personal transactions through the newly introduced Electronic Foreign Exchange Matching System (EFEMS).
The bank stated this in an email update sent to customers titled; 'Important update: EFEMS funds for invisible transactions are now available.
Wema Bank explained that the EFEMS provides customers with access to FX for tuition fees, Personal Travel Allowance (PTA), Business Travel Allowance (BTA), medical expenses, and other personal transactions under Form A.
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Source: Legit.ng
