• News
  • Business
  • Opportunities
  • Articles & Resources
  • Spotlight
  • Views
    • Interviews
    • Opinions
  • MSME Jobs
  • More
    • Africa
    • World
  • webmail
  • Terms of Use
MSME Africa
  • News
  • Business
  • Opportunities
  • Articles & Resources
  • Spotlight
  • Views
    • Interviews
    • Opinions
  • MSME Jobs
  • More
    • Africa
    • World
  • webmail
  • Terms of Use
No Result
View All Result
  • News
  • Business
  • Opportunities
  • Articles & Resources
  • Spotlight
  • Views
    • Interviews
    • Opinions
  • MSME Jobs
  • More
    • Africa
    • World
  • webmail
  • Terms of Use
No Result
View All Result
MSME Africa
No Result
View All Result

CBN Confirms N100 ATM Withdrawal Fee Below N20,000

Olusola Blessing by Olusola Blessing
February 14, 2025
in Business, News
0
CBN Injects $150m to Defend Naira as FX Pressure Mounts
Share

The Central Bank of Nigeria (CBN) has confirmed that Nigerians withdrawing less than N20,000 from another bank’s Automated Teller Machine (ATM) will be charged a N100 fee per transaction.  

This is part of the newly revised ATM transaction fees set to take effect from March 1, 2025, as outlined in a circular dated February 10. The directive, explained in a Frequently Asked Questions (FAQ) document published by the apex bank, clarifies the new charges affecting cash withdrawals at ATMs across the country.  

Under the revised fee structure, withdrawals from ATMs belonging to a customer’s own bank will remain free. However, those using another bank’s ATM will be charged N100 for every withdrawal of N20,000 or less at on-site ATMs—machines located within or directly affiliated with a bank branch.  

For off-site ATMs, such as those found in shopping malls, fuel stations, or public spaces, an additional surcharge of up to N500 per transaction will apply. International ATM withdrawals will be charged based on cost recovery, meaning customers will bear the exact fee applied by the international acquirer.  

The CBN stated that the charge on withdrawals below N20,000 is aimed at preventing customers from splitting transactions into smaller amounts to avoid fees.  

“Yes, the fee of N100 will apply if you withdraw less than N20,000 from another bank’s ATM,” the CBN document read. “The reason for this is to prevent customers from being compelled to break their withdrawals into smaller amounts to evade charges. ATM transactions will now incur a base fee of N100 per transaction. Additionally, a tiered fee structure will apply for transactions exceeding N20,000, with an extra N100 charged for each subsequent withdrawal of N20,000 or a portion thereof.”  

 

Another major change is the removal of the previous three free monthly withdrawals for customers using other banks’ ATMs. From March 1, 2025, all withdrawals from another bank’s ATM will attract charges, potentially increasing costs for frequent ATM users.  

The CBN has emphasized that financial institutions must not charge beyond the prescribed fees, although banks may choose to reduce fees based on their business strategies. Any bank found violating these directives—such as forcing customers to withdraw less than N20,000 per transaction despite having sufficient funds—will face sanctions.  

Customers experiencing such issues are encouraged to report complaints to the CBN’s Consumer Protection Department via [email protected].  

To help reduce transaction fees, the CBN has advised customers to withdraw cash from their bank’s ATMs whenever possible. It also urged Nigerians to explore alternative payment options, including mobile banking, POS transactions, and electronic transfers, to reduce dependence on cash withdrawals.

Post Views: 72
Share

Related Posts:

  • Banks in Nigeria Begin N100 ATM Withdrawal Charge
    Bank Customers Lament CBN’s Hike in ATM Withdrawal Fees
  • Banks in Nigeria Begin N100 ATM Withdrawal Charge
    Banks in Nigeria Begin N100 ATM Withdrawal Charge
  • Rising Bank Charges Threaten Nigeria’s Financial Inclusion Gains
    Rising Bank Charges Threaten Nigeria’s Financial…
  • Standard Chartered Limits ATM Withdrawals to N70,000 Daily, Confirms Weekly Withdrawal Cap
    Standard Chartered Limits ATM Withdrawals to N70,000…
  • CBN Unveils New Naira Notes
    BREAKING: CBN announces New Withdrawal Policies,…
  • Central Bank of Nigeria Exempts Microfinance and Mortgage Banks from Cash Withdrawal Limit Policy
    Central Bank of Nigeria Exempts Microfinance and…
Tags: ATMCBN
Previous Post

Nigeria Moves to Revamp Co-operative Sector for Economic Growth

Next Post

Nigeria Unveils 40 Million-Dose Solar-Powered Vaccine Storage Facility

Next Post
Nigeria Unveils 40 Million-Dose Solar-Powered Vaccine Storage Facility

Nigeria Unveils 40 Million-Dose Solar-Powered Vaccine Storage Facility

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

No Result
View All Result
Join MSME on Whatsapp
Subscribe To Our Newsletter
Enter your email to receive a weekly round-up of our best posts. Learn more!
icon
By subscribing, you agree with our privacy policy and our terms of service.

Recent Posts

  • Meta’s Exit Threat Puts Over Half of Nigerian MSMEs at Risk
  • Poor Infrastructure, Logistics Hinder African SMIs from Benefiting Fully from AfCFTA
  • JA Africa and Boeing Launch Youth-Focused STEM and Entrepreneurship Programmes in Nigeria, Togo
  • Nigeria’s Business Confidence Rises to +12.29 in April, but Structural Constraints Persist
  • OPay’s Security Questions Are Back and Smarter Than Ever

Recent Comments

  • 10 Reasons Why SMEs Should Invest in Video Marketing - MSME Africa on How to Create Viral Videos for Social Media in 2024
  • link alay4d on 5 Nigerian-based Companies Providing Accelerator Programs for Startups in 2024
  • Damilare Oladeji on Nigerian Government Agencies that Support Entrepreneurship in 2024
  • situs alay4d on 50 Best Tools to Boost Your Productivity as an Entrepreneur in 2024
  • Otabor Osayomore Blessing on Ultimate 2024 Guide to the Top Business Enabling Cities for Startup Founders and Entrepreneurs in Nigeria
  • About us
  • Advertise with us
  • Contact Us
  • Home
  • News
  • Newsletter
  • Submit News
  • Terms of Use

© 2023 MSME Africa - All rights reserved.

No Result
View All Result
  • About us
  • Advertise with us
  • Contact Us
  • Home
  • News
  • Newsletter
  • Submit News
  • Terms of Use

© 2023 MSME Africa - All rights reserved.