The CBN has provided more clarification on the recently released guideline on Automated Teller Machine (ATM) transaction fees, slated to come into effect from March 1, 2025.
This directive, outlined in a CBN circular dated February 10, 2025, aims to streamline ATM usage and deter customers from making multiple small withdrawals to circumvent fees.
In the document, the CBN also said withdrawals from the ATMs of one’s bank would remain free of charge.
It made this known in its Frequently Asked Questions (FAQs) on X detailing what needs to be known about the transaction fee.
Responding to questions on the ‘On us’ and “Not on us transactions”, it stated that the “On Us” transaction involving withdrawal at the customer’s bank attracts no charges.
It added that the “Not on us” transaction, involving the withdrawal at another bank’s ATM would attract N100 per N20,000 withdrawal for on site ATM. On the other hand, the charges would attract N100 per N20,000 withdrawal and a surcharge of up to N500 for “off site ATMs.
The apex bank further said international ATM withdrawals would be subjected to cost recovery charges, reflecting the exact fees imposed by international acquirers.
It added that consumers denied the right to withdraw up to N20,000 per transaction can file a complaint with the CBN using cpd@cbn.gov.ng
For further information, it urged customers to call 08176657060 or contact it via any of its social media handles.
To avoid transaction fees, the CBN advised consumers to prioritise ATM usage at their primary bank and explore alternatives such as mobile banking apps, electronic transfers and Point of Sale (PoS) transactions.
TimesNow.com.ng earlier reported that a CBN survey showed high bank charges posed serious constraints to business growth in Nigeria.
The survey also highlighted other challenges like harsh business environment, economic instability, insecurity, infrastructural deficit, limited access to credit and high interest rates.
The report titled ‘Business Expectation Survey (BES)’ covered the last couple of months of 2024 especially December 2024.
Proofreading by James, Ojo Adakole, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
