Ahead of the March 1, 2025 implementation of the new charges for withdrawals at Automated Teller Machines (ATMs) across the country, commercial banks have recalibrated their cash points to reflect the new charges.
The Central Bank of Nigeria (CBN) had earlier in February increased what customers will be charged when they withdraw cash from other bank ATMs by 185.7 per cent and 1,614 per cent for those withdrawing from other ATMs outside a banking premises.
This is as customers lamented the increases saying the poor living in rural areas where banking presence will suffer most with the new charges.
Under the new charges, bank customers will no longer enjoy the three free withdrawals every month on cash collected on the ATM of another bank with the charge increased from N35 per withdrawal to N100 per N20,000 withdrawal.
Also customers will be charged an additional N500 on every N20,000 when they withdraw at an ATM that is not located within the premises of a bank.
Some customers who spoke with Leadership claimed that they had been charged the N100 withdrawal at a bank on Friday evening ahead of the March 1, 2025 implementation. Some others lamented that they are being pushed into more hardship with the additional charges despite complaining of the multiple charges being deducted from their bank accounts.
A POS operator in Ile Epo market in Lagos who spoke with LEADERSHIP noted that she does not have any intention of adding to the charges “unless OPAY adds to what they charge me. If they add to what they charge me, then I will have no option but to also increase charges for withdrawal.”
Another POS operator who also shared the same opinion however noted that for areas where there is no banking presence, bank POS operators will most likely add to the charges. According to him “if they factor in the transportation to go to where the bank is and the fact that banks are now collecting more for withdrawal, then the charges will increase.”
The CBN governor, Olayemi Cardoso while speaking on the revised charges had noted that it became inevitable to allow for innovative and improved service.
He stated that “if we are planning for the future, there are certain costs that do need to be absorbed and this is one of them.
“The good news is that if you are withdrawing from your bank, it is not going to cost you anything. If you go to another bank, where you go on a regular basis and you feel this is where you want to be, you can actually go there and apply for a card and that will not cost you anything.
“We believe that with this new measure, it will encourage a greater proliferation of ATMs and will make access to money more seamless and will discourage those who have taken advantage of the gap and are charging exorbitant prices to disburse money to people. It will shut that area out of business overtime.”
