The Central Bank of Nigeria (CBN) has announced a review on the transaction fees for automated teller machines (ATMs).
In a circular signed by John Onojah, acting director of the financial policy and regulation department, the CBN said the revised charges will take effect from March 1.
This is a review of the ATM transaction fees prescribed in Section 10.7 of the extant CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions, 2020.
The circular stated that customers withdrawing at their bank’s ATMs will attract no charge while On-site ATMs, customers from another financial institution in Nigeria will pay a charge of N100 plus a surcharge of not more than N500 per N20,000 withdrawal.
The surcharge, which is an income of the ATM deployer/acquirer, shall be disclosed at the point of withdrawal to the consumer.
For international withdrawals (per transaction) whether debit/credit card, the cost recovery will be exact charge by the international acquirer.
“This review is expected to accelerate the deployment of ATMs and ensure that appropriate charges are applied by financial institutions to consumers of the service”, the circular confirmed.
