As of March 1, 2025, the Central Bank of Nigeria’s (CBN) revised policy on Automated Teller Machine (ATM) transactions has taken effect.
Commercial banks have begun implementing new fees, which will see Nigerians paying up to N500 extra for ATM withdrawals.
According to Guaranty Trust Bank, withdrawals at GTBank ATMs will remain free. However, using ATMs of other banks will attract charges, including:
- Â N100 per N20,000 withdrawal at ATMs located in bank branches
- N100 plus a surcharge of not more than N500 per N20,000 withdrawal at standalone ATMs
The CBN introduced the new fees to “enhance efficiency and increase the deployment of ATMs across the country.”
However, the policy change has eliminated the previous allowance of three free withdrawals per month at other banks’ ATMs.
The implementation of the new fees has sparked concerns among Nigerians, who will now bear the additional cost of ATM transactions.Â
