Banks are loading their ATMs with cash as they commenced charging N100 for transactions on March 1.
The Central Bank released the revised ATM transaction fees in a circular dated February 10, 2025. Under the revised fee structure, withdrawals from one’s bank ATMs will remain free of charge.
However, customers using ATMs of other banks will be subjected to 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 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 also clarified that Nigerians withdrawing less than N20,000 from another bank’s ATM will still be charged a fee of N100 per transaction.
On Sunday afternoon, when The PUNCH monitored the banks in Lagos, it was observed that banks loaded their ATMs with cash, thus limiting the chances of their customers using another bank’s ATM and incurring the extra charge.
At the Wema Bank Branch at Barracks Bus Stop along Funsho Williams Avenue in Lagos, the ATMs notified other banks’ cardholders that they would be charged “N107.50 inclusive in addition to the stated amount.”
There were four ATMs on the premises, and they were all loaded.
When asked about the N100 charge, the bank’s security personnel said there was nothing they could do, as it was from the authorities.
The ATMs at the nearby First Bank branch told other banks’ customers attempting to withdraw money from it, “The amount charged on your account may include a fee of N100 in addition to the requested amount.”
This is in addition to any fee charged by your issuer.”
The ATMs at the Access Bank branch at Ojuelegba asked the customers of other banks to confirm if they were willing to pay the access fee of N100.
An attempt to withdraw N10,000 with a Union Bank card brought up a cash withdrawal confirmation page asking, “Please confirm if you wish to continue, Amount withdrawn: N10,000, access fee: N100, transaction amount: N10,100.”
The ATMs at the Zenith Bank branch near Empire Bus Stop brought up a similar notice, saying, “The amount charged to your account will include a fee of N107.50.” and asked if the customer wanted to proceed.
