Standard Chartered Bank (SCB) has set a daily ATM withdrawal limit of N70,000, aligning with the Central Bank of Nigeria’s (CBN) latest cash withdrawal policies. The bank also confirmed that the weekly withdrawal cap remains at N500,000 for individuals and N5 million for corporate organizations.
In a notice to customers, SCB warned that withdrawals exceeding these weekly limits will attract a processing fee of 3% for individuals and 5% for corporate entities, along with necessary regulatory documentation.
The revised transaction fees, effective March 1, 2025, include new charges for ATM withdrawals. While withdrawals at Standard Chartered ATMs will remain free, customers using other banks’ ATMs will now pay N100 per N20,000 transaction. For ATMs outside bank premises, an additional surcharge capped at N500 per N20,000 withdrawal may apply. International withdrawals will be charged based on the fees set by foreign ATM acquirers.
To minimize charges, the bank encouraged customers to use its ATMs or explore digital banking alternatives.
The changes follow the CBN’s recent policy adjustment, which raised withdrawal fees for customers using ATMs of other banks from N35 to N100 per N20,000 withdrawn. The central bank also removed the previous allowance of three free withdrawals per month for such transactions.
This policy, outlined in the CBN’s Guide to Bank Charges and signed by Acting Director of Financial Policy and Regulation, John S. Onojah, is expected to impact customers who frequently withdraw cash from ATMs outside their bank’s network.
