On Feb. 12, 2025, NGR CB issued FAQs on the review of ATM transaction fees.
Clarified that three free monthly withdrawals allowed for Remote-On-Us customers, those withdrawing from another bank’s ATM, no longer apply under the new review.
Confirmed charges and surcharges are capped, but there is flexibility for a bank to charge a lower amount depending on cost structure, business development drive.
ATM transaction fees prescribed in Section 10.7, Guideto Charges by Banks, Other Financial and Non-Bank Financial Institutions, 2020 reviewed by NGR CB.
Expected to accelerate deployment of ATMs and ensure appropriate charges applied.
No charge for On-Us, i.e. for withdrawals at ATM of customer's financial institution.
Not-On-Us withdrawal from another institution's ATM: on-site ATMs, N100 per N20,000 withdrawal; off-site ATMs, N100 plus surcharge of no more than N500 per N20,000.
International withdrawals (per transaction), debit or credit card: cost recovery, exact charge by international acquirer.
Effectiveness
Banks, other financial institutions advised to apply fees with effect from Mar. 1, 2025.
Feb. 12, 2025 ATM Fee FAQs
On Feb. 12, 2025, NGR CB issued FAQs on the review of ATM transaction fees.
Clarified that three free monthly withdrawals allowed for Remote-On-Us customers, those withdrawing from another bank’s ATM, no longer apply under the new review.
Confirmed charges and surcharges are capped, but there is flexibility for a bank to charge a lower amount depending on cost structure, business development drive.
