THE Central Bank of Nigeria, (CBN) has scrapped free withdrawals for customers using other banks’ Automated Teller Machines (ATMs).
Recall that it was pegged at three free withdrawals per month.
CBN said the review was necessary due to rising costs and the need to improve efficiency of ATM services.
By the new directive, “The three free monthly withdrawals allowed for Remote-On-Us (other bank’s customers/Not- On-Us consumers) in Nigeria under Section 10.6.2 of the Guide shall no longer apply.”
However, withdrawals made from a customer’s bank ATM will remain free.
Customers using another bank’s ATM will be charged N100 per N20, 000 withdrawals – if the ATM is located within bank premises.
But for withdrawals made at off-site ATMs, a charge of N100 per N20, 000 withdrawals will apply, along with a surcharge of up to N500.
The surcharge, according to CBN, an income of the ATM deployer or acquirer, must be disclosed at the point of withdrawal.
However, international ATM withdrawals would be charged at the exact rate set by the international acquirer.
The CBN circular, dated February 10, read in parts: “In response to rising costs and the need to improve efficiency of Automated Teller Machine (ATM) services in the banking industry, the Central Bank of Nigeria has reviewed the ATM transaction fees prescribed in Section 10.7 of the extant CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions, 2020 (the Guide). “This review is expected to accelerate the deployment of ATMs and ensure that appropriate charges are applied by financial institutions to consumers of the service. “Accordingly, banks and other financial institutions are advised to apply the following fees with effect from March 1, 2025.”
Accountability: Tinubu Orders Ministers To Render Account Of Policies, Programmes
President Bola Tinubu has ordered all ministers in his administration to give account of their stewardship to Nigerians with immediate effect.
The Minister of Information and National Orientation, Mohammed Idris, announced the presidential order at a news conference in Abuja, yesterday.
The minister said the briefing by the ministers is to enable Nigerians to know what the government has done and to ask questions. According to Idris, the briefings will serve as a platform for ministers to directly engage with Nigerians, highlight key developments in their respective ministries, and address public concerns. The minister noted that other ministers would also take turns weekly to address Nigerians as part of the ongoing ministerial press briefings.
The ministerial press briefings come ahead of the second anniversary of Tinubu’s administration, reinforcing the government’s commitment to keeping citizens informed about its programme and policies.
