Former Kaduna Central Senator, Shehu Sani, has strongly criticized the Central Bank of Nigeria (CBN) for scrapping the three free monthly ATM withdrawals previously allowed for customers using other banks’ Automated Teller Machines (ATMs).
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CBN’s New ATM Withdrawal Charges Take Effect from March 1, 2025
According to a CBN circular dated February 10, 2025, banks and financial institutions are required to implement new ATM withdrawal charges starting March 1, 2025. The circular, signed by John Onojah, Acting Director of the Financial Policy and Regulation Department at the CBN, states that the new policy is aimed at increasing ATM deployment nationwide while ensuring financial institutions apply appropriate service charges.
Breakdown of the New ATM Withdrawal Charges
- Customers withdrawing from another bank’s ATM within bank premises will now be charged ₦100 per ₦20,000 withdrawal.
- For withdrawals at off-site ATMs, a charge of ₦100 per ₦20,000 withdrawal will apply, along with an additional surcharge of up to ₦500.
- The surcharge will be collected by the ATM deployer or acquirer and must be disclosed at the point of withdrawal.
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Public Outcry Over New ATM Charges
Reacting to the new policy, Shehu Sani condemned the CBN’s decision, arguing that the removal of free ATM withdrawals places an additional financial burden on Nigerians, especially during challenging economic times. His criticism aligns with concerns from customers who feel the policy change disproportionately affects low-income earners who rely on ATMs for cash transactions.
What This Means for Bank Customers
With the scrapping of free ATM withdrawals, customers are encouraged to:
✔ Withdraw cash from their own bank’s ATMs to avoid additional charges.
✔ Use alternative digital payment methods such as mobile banking, POS, and online transfers.
✔ Be aware of ATM withdrawal fees to make informed financial decisions.
Final Thoughts
The CBN’s policy shift on ATM withdrawal charges has sparked debate among Nigerians, with critics like Shehu Sani calling for customer-friendly financial policies. As banks implement these new charges, customers must explore alternative banking solutions to reduce extra costs.