Despite public complaints, Banks on Saturday 1st of March 2025 commenced implementation of the new Automated Teller Machine (ATM) transaction fee charge on customers following the Central Bank of Nigeria (CBN)’s directive.
At some ATM gallery visited on Sunday customers while lamenting the increase called on government to intervene and ease the burden on the masses.
A customer Mr Adewale Olaoye seen at Zenith Bank at Idiagbon bus stop confirmed that N100 was charged for withdrawing N20,000.
“I came to withdraw N20,000 but I found out that I was charged N100 for the withdrawal.
“If I use POS, I will be charged N400 for N20,000 withdrawal all this surcharges will discourage Nigerians from putting money in banks, Nigerians government should do something”.
CBN on Feb. 10 released a circular to all banks and other financial institutions to apply the fees with effect from March 1.
CBN in the circular with title ‘Review of ATM transaction fees’ said the move was in response to rising cost and the need to improve efficiency of ATM services in the banking industry.
“On-Us (customers withdrawing at the ATM of the customer’s financial institution) in Nigeria, no charge.
“Not-on-Us ( withdrawal from another institution’s ATM) in Nigeria; On-site-ATMs: A charge of N100 per N20,000 withdrawal.
“Off-site ATMs: A charge of N100 plus a surcharge of not more than N500 per N20,000 withdrawal.
“The income which is an income of the ATM acquirer/deployer, shall be disclosed at point of withdrawal to the consumer,” it said.
Meanwhile, banks had informed their customers through various electronic mails (e-mails) of the increase.
GTB told its customers in addition to the ATM transaction fee, that the free monthly withdrawals usually enjoyed by them would no longer be applied.
“Please note that the three free monthly withdrawals at other banks’ ATMs (for GTBank customers) and GTBank ATMs ( for other bank customers) will no longer apply,” the bank said.
Also, Access Bank in their official X handle told customers that “All Access Cards now work seamlessly across all ATMs and POS machines, so you can make payments without hassle”.
