The Central Bank of Nigeria (CBN) said it will penalise banks that prevent customers with sufficient funds from withdrawing up to N20,000 per transaction.
The apex bank disclosed this in a ‘FAQ document explainer released on Thursday in reaction to its recent review of automated teller machine (ATM) withdrawal fees.
Part of the document read:
The CBN stressed that ATM charges for withdrawals made from other banks’ ATMs, both on-site and off-site, are based on the expectation that customers can withdraw up to N20,000 per transaction.
The apex bank also noted that withdrawals from a customer’s bank ATMs remain free of charge.
However, withdrawals from another bank’s ATM (Not-On-Us transactions) will attract a charge of N100 per N20,000 withdrawal.
It added that if the transaction is carried out at an off-site ATM—those located outside bank premises such as shopping malls or fuel stations—an additional surcharge of up to N500 may apply.
The CBN also clarified that customers withdrawing less than N20,000 from another bank’s ATM will still be charged the N100 fee.
It said:
The CBN has also emphasised that banks cannot charge more than the prescribed fees, and any additional charges would be considered a violation.
Part of the document reads:
The CBN has directed affected customers to file complaints against banks that impose unnecessary restrictions.
He said:
The CBN, however, recommended that customers withdraw cash from their own bank’s ATMs to prevent incurring additional fees.
It also urged customers to consider other payment methods, including mobile banking apps, POS terminals, and various digital payment options to reduce ATM withdrawal costs.
TimesNow.com.ng reported that CBN fined nine banks for failing to dispense cash via ATMs during the Christmas holidays.
The apex bank fined the banks N150 million each, saying that the fines would be deducted from their accounts.
Source: TimesNow.com.ng
