The governor of the Central Bank of Nigeria, Olayemi Cardoso, has urged Nigerians to open bank accounts in banks that are close to them or have Automated Teller Machines (ATMs) close to them to avoid paying the new charges which takes effect from March 1, 2025.
Speaking at the end of the Monetary Policy Committee meeting in Abuja on Thursday, said the charges are to ensure that banks have the incentive to continue to invest and provide cash in ATMs across the country.
Effective March 1, 2025, the CBN directive had put an end to the monthly three free withdrawals with every withdrawal from another bank’s ATM now incurring a charge of N100 per N20,000 withdrawal.
In addition, withdrawals from ATMs outside bank premises will now attract a surcharge of N500 in addition to the N100 transaction fee, bringing the total charge to N600 per N20,000 withdrawal. Responding to a question on the impact of this on bank customers particularly in the rural areas, Cardoso said “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.”
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