On February 10, 2025, the CBN released a circular informing all banks and financial institutions that it will be implementing a review of the current ATM transaction fees.
According to the Bank, the review is in response to rising costs and the need to improve the efficiency of ATM services in the banking industry. The CBN in the circular informed financial institutions that the review is expected to “accelerate the deployment of ATMs and ensure that appropriate charges are applied by financial institutions to consumers of the service.”
It had in September 2024 announced that banks that failed to load their ATMs with cash would be penalised. The previous withdrawal fees, which included three free withdrawals per month at ATMs of other financial institutions and a ₦65 charge for each subsequent withdrawal, will no longer apply.