The Central Bank of Nigeria has announced the end of free monthly ATM withdrawals for customers using other banks’ machines.
In a circular dated February 10, 2025, the apex bank instructed all financial institutions to begin charging ₦100 for every ₦20,000 withdrawn from ATMs of banks other than the customer’s own. The new policy takes effect from March 1, 2025.
For off-site ATMs located in public places such as shopping malls and restaurants, an additional surcharge of up to ₦500 per ₦20,000 will apply, along with the standard ₦100 fee.
However, customers withdrawing from the ATMs of their own banks will continue to enjoy free transactions.
The Central Bank stated that the decision was driven by rising operational costs and the need to enhance the efficiency of ATM services across the country.
With this new policy, financial institutions are expected to expand ATM deployment and ensure fair charges for consumers.
