₦airaland Forum

Commercial banks across Nigeria have commenced charging customers N100 per N20,000 withdrawal from their on-site Automated Teller Machines (ATMs) and N600 for off-site ATM following a directive issued by the Central Bank of Nigeria (CBN).

This development was announced by the Central Bank of Nigeria in a circular dated February 10, 2025 on the review of ATM transaction fees, scheduled for implementation from today, March 1, 2025.

Under the updated fee structure, withdrawals from a customer’s own bank ATMs remain free. However, customers using ATMs of other banks will now pay a charge of N100 per withdrawal of N20,000 or less at on-site ATMs, which are located within or directly affiliated with a bank branch.

”Off-site ATMs, which are positioned outside bank premises in locations such as shopping malls, fuel stations, and other public spaces, will attract an additional surcharge of up to N500 per transaction.

”For international ATM withdrawals, charges will be based on cost recovery, meaning customers will bear the exact fee applied by the international acquirer.

CBN further clarified that Nigerians withdrawing less than N20,000 from another bank’s ATM will still be charged N100 per transaction.

The CBN stated that the new charges were introduced due to “rising costs and the need to improve the efficiency of ATM services in the banking industry.”

Source: https://tribuneonlineng.com/banks-begin-n100-on-site-atm-charges-n600-for-off-site-per-n20000-withdrawal/

UDOKABESTLUV Is Saying, This Fees Are Much.

This kind condition wey minimum wage no even sure....

Chai!!!...

Hey god.. I pity the poor man

Finquas:
Hey god.. I pity the poor man

Many People Will Not Use ATM MACHINE ooo

To Avoid This 100naira And 600naira Charges.

post=134356215:
Many People Will Not Use ATM MACHINE ooo

To Avoid This 100naira And 600naira Charges.

Is POS a better option... Dem go increase too.. watch out

Ok

It's been over 5 yrs I last withdrew using an atm machine. I either withdraw over the counter or via a pos agent depending on the amount.

The sad aspect to this is that it will greatly affect pos charges. We are going to witness a skyrocket in the price of pos charges.

I thought the CBN cancelled these charges.

fmlala:
Ok

Why Are You Saying Ok

Is Like, You Love This New CBN POLICY

N600 is much naaaa. Kilode.

What a country

When you have career corrupt politicians ruling, none is business minded nor smart.
They will keep on milking the citizens for more loot

Dogalmighty17:
I thought the CBN cancelled these charges.

When?

Time for banks to cashout. Some no go allow you collect pass 5k at once, so if I'm withdrawing 20,000 with ATM machine that only dispense 5k, I will be paying 400# charges. Na wa oo, make una kuku kill us na. See as these people dey unveil shege banza one after the other and no one is talking about it. No action, whatever they throw at us, we accept. It is well sha

Banks will start loading the ATMs. It's time for them to start cashing out.

I cannot recall the last time I withdrew from the bank ATM

The same ATM that has gone extinct

This is extreme wickedness. But I love it. The announcement was made long ago. No protests. No complaints. We all relaxed. That shows we are ok with it. So no need to complain now.

Every avenue to extort and exploit Nigerians without cost reflective service

All the charges they've introduced, stamp duty, VAT, card maintainance, sms charge e.t.c ... network stil dey hang, machines are old model

what are we gaining overall

COMRADES are speechless, I don't withdraw more than 10 thousand Naira cash from the ATM this days, these days I do most of my transaction via the app

I wonder if these breed of bandits in power are from from hell. Buhari wasn't this mean but these idiots are stopping at nothing to wreck Nigerians even agbadorians are lost.

Why is Tinubu government tat just taking taking and taking from citizens, and giving nothing back??

God forbid this kind of man in 2027.

What a wicked Rehoboam government

Tinubu just came to punish Nigerians

Them give una 70k minimum wage una day happy, una no know say if satan give u cap he go collect ur head.

By the time Tinubu and 40 thieves are finished with Nigerians.... Even the air we breathe will be taxed .

You vote for a known socialist and tax collector.

Don't start acting surprised when they start taxing your very existence.

Hustle ooooo

y is d govt making lives difficult

Noticed it this morning,10000 to 105 charges using first bank card with union bank ATM, tinubu what is going on ?

Hh

It's animal farm all over again