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Starting from 1 March 2025, banks will charge extra fees for using some Automated Teller Machines. The Central Bank of Nigeria has revised its policy, which means that Nigerians may have to pay an additional surcharge of up to N500 for every N20,000 they withdraw from off-site ATMs.
For example, Guaranty Trust Bank has announced that withdrawals from their own ATMs will remain free. However, if customers use ATMs that belong to other banks, they will have to pay a fee.
At ATMs inside the bank’s branch, the cost will be N100 for every N20,000 withdrawn. At standalone ATMs, customers will be charged N100 plus a surcharge that can be as high as N500 per N20,000 withdrawn.
The new fees follow a directive from the Central Bank of Nigeria that was published on 11 February 2025. The directive was signed by the Acting Director of Financial Policy and Regulation, John S.
Onojah. The aim of the changes is to improve the efficiency of ATM services and to increase the number of ATMs available throughout the country.
One of the most controversial parts of the new policy is the extra surcharge for using ATMs that are not in bank branches. This change is expected to raise the cost of withdrawing cash for many Nigerians, especially for those who rely on these off-site machines because there are few bank branches in their area.
In addition, international withdrawals using debit or credit cards will be charged fees set by the international acquirer. The previous policy that allowed three free withdrawals each month from other banks’ ATMs will no longer apply.
Industry experts have warned that while the new policy may encourage banks to deploy more ATMs, it could also make cash withdrawals more expensive. With a struggling economy and rising inflation, many customers are now worried about the higher costs they may face.
Guaranty Trust Bank has advised its customers to read the circular for more information and reassured them that they will continue to offer their services. As the new charges come into effect, many Nigerians are left questioning whether the new policy will truly benefit them.
