The Central Bank of Nigeria (CBN) has announced new charges for Automated Teller Machine (ATM) transactions, set to take effect from March 1, 2025. These charges will affect customers withdrawing cash from ATMs across the country, depending on whether they use on-site, off-site, or on-us ATMs.
Breakdown of the New ATM Charges:
On-site ATMs (ATMs located within bank premises): Customers will be charged N100 per N20,000 withdrawal.
Off-site ATMs (ATMs located outside bank premises): A standard charge of N100 plus a surcharge of up to N500 per N20,000 withdrawal will apply.
On-Us Transactions (customers using their bank’s ATM): These withdrawals will remain free of charge.
Explanation of the New Policy
To make things clearer, here’s a simple breakdown of how these charges will affect cash withdrawals:
1. ATM Withdrawals: If you withdraw money from another bank’s ATM, you will be charged N100 per N20,000 withdrawal, in addition to electronic charges like SMS alerts (N50 per transaction).
2. POS Withdrawals: If you use a POS machine to withdraw cash, the CBN will charge you N400, plus another N100 if you withdraw above N10,000. On top of that, POS agents will still add their own service fees.
3. Total Cost: If you withdraw N20,000 using a POS machine, you could end up paying between N800 to N1,000 in total charges.
As this policy takes effect, customers are advised to be aware of the new charges and avoid conflicts with POS agents, as they are only following the new regulations. The CBN aims to encourage cashless transactions, but these charges may significantly impact those who rely on cash withdrawals for daily transactions.
Stay updated for more developments on this policy a
nd its impact on Nigerians.