By Capital Watch Media
Banks across Nigeria have started loading their ATMs with cash following the implementation of the new N100 withdrawal fee on March 1, 2025.
The Central Bank of Nigeria, CBN, announced the revised ATM transaction fees in a circular dated February 10, 2025.
The directive states that withdrawals from a customer’s own bank ATM remain free of charge.
However, customers using ATMs of other banks will now incur a N100 fee for withdrawals of N20,000 or less at on-site ATMs located within bank branches.
For off-site ATMs, such as those found in shopping malls and fuel stations, an additional surcharge of up to N500 per transaction may apply.
International ATM withdrawals will be charged based on cost recovery, meaning customers will bear the exact fee imposed by the international acquirer.
On Sunday, during a visit to several bank branches in Lagos, it was observed that banks had fully stocked their ATMs with cash to minimise the likelihood of customers using other banks’ ATMs and facing extra charges.
At the Wema Bank branch at Barracks Bus Stop on Funsho Williams Avenue, the ATMs displayed a message informing non-account holders of a total fee of N107.50, including value-added tax, VAT.
“There’s nothing we can do about the charges; it’s from the authorities,” a security officer at the branch explained.
At the nearby First Bank branch, ATMs also warned other banks’ customers that their transactions might include an additional N100 fee.
Access Bank’s ATMs at Ojuelegba asked users from other banks to confirm whether they were willing to accept the N100 fee before proceeding with their transactions.
A Union Bank cardholder attempting to withdraw N10,000 was prompted to confirm the total transaction amount of N10,100, which included the N100 access fee.
Zenith Bank’s ATMs near Empire Bus Stop showed a similar message, alerting customers that their total charge would include a N107.50 fee.
Guaranty Trust Bank provided a detailed breakdown of the fees, stating, “In line with the CBN’s directive, a charge of N100 and N7.50 VAT will apply to cash withdrawals made with other banks’ cards on GTCo ATMs.”
All the bank branches visited had cash-loaded ATMs, with at least four machines available at each location.
Some customers have expressed frustration over the additional costs associated with ATM use.
Eze Chinonso, a security worker, described the fees as an extra burden on his already limited income.
“This is yet another cost I must bear just to access my money,” Chinonso said.
On social media, a user identified as Opel Nnenna shared an email from a fintech company outlining the new charges for using other banks’ ATMs.
The Central Bank has advised customers to avoid these fees by using their own bank’s ATMs whenever possible.
“Consumers should use their bank’s ATM or alternative payment channels such as mobile apps and POS devices to minimise transaction costs,” the CBN stated.
Meanwhile, the Trade Union Congress, TUC, and the Socio-Economic Rights and Accountability Project, SERAP, have called for the suspension of the new fees.
The TUC described the policy as exploitative and demanded its immediate reversal.
“We say unequivocally: enough is enough,” the union stated.
SERAP also urged President Bola Tinubu to direct the CBN to halt the implementation of the fee increase.
“This policy exacerbates the economic hardship faced by Nigerians,” SERAP said in a statement.
As the debate continues, many Nigerians remain concerned about the rising cost of banking services and its impact on their daily lives.
