Nigeria’s commercial banks have started charging N100 n20,000 to customers for withdrawing their on-site automatic teller machines (ATMs) and N600 and charged N600 to on-site ATMs after directives issued by the Central Bank of Nigeria (CBN).
With the updated fee structure, withdrawals from customers’ own bank ATMs are still free. However, customers using ATMs from other banks will now pay for N100 for every 20,000 n20,000 or less on the on-site ATMS, which is located within or directly affiliated with the bank branch.
“On-site ATMs located outside banking sites such as shopping malls, gas stations and other public places will attract surcharges up to N500 per transaction.
“For international ATM withdrawals, the fees will be based on cost recovery, which means that the client will bear the exact costs of the international acquirer.
CBN further clarified that Nigerians withdraw less than N20,000 from another bank’s ATM will still charge N100 per transaction.
CBN said new allegations were raised due to “rising costs and the need to improve the efficiency of ATM services in the banking industry.”
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