The Central Bank of Nigeria (CBN) has revised Automated Teller Machines (ATM) transaction fees effective since 1st March, 202, aiming to address rising in operational costs and enhance ATM service efficiency across the banking industry.
This policy adjustment has sparked mixed reactions, with some Nigerians concerned about the additional financial burden while others see it as a step towards expanding ATM accessibility. The CBN encouraged customers to plan their withdrawals accordingly and leverage alternative cashless payment systems where possible.
The CBN assured the public that there will be no charges for withdrawals made at customers’ respective banks’ ATMs. It also urged financial institutions to comply with the new regulations and provide transparent communication to customers about the changes.
This review is necessary to create a sustainable system for the operation of ATM services and to meet the increasing demand for cash withdrawals in various locations across the country
