By Kazeem Ugbodaga
Guaranty Trust Bank (GTBank) and Ecobank Nigeria have informed customers of the Central Bank of Nigeria’s (CBN) revised Automated Teller Machine (ATM) withdrawal fees, which will take effect from March 1, 2025.
In a circular dated February 10, 2025, the CBN cited rising operational costs and the need to enhance ATM service efficiency as reasons for the policy update.
The revised charges, outlined in Section 10.7 of the CBN Guide to Charges by Banks, Other Financial, and Non-Bank Financial Institutions (2020), aim to accelerate ATM deployment and ensure financial institutions apply appropriate fees.
Under the new directive, withdrawals from ATMs owned by a customer’s bank will remain free.
However, customers withdrawing from ATMs located within bank branches will be charged ₦100 per ₦20,000 withdrawn.
Those using ATMs of other banks will pay a ₦100 fee per ₦20,000 withdrawal, along with an additional surcharge of up to ₦450.
The CBN emphasised that the surcharge will be credited to the ATM deployer and must be clearly disclosed to customers at the point of withdrawal.
Ecobank, in a customer notification on Saturday, confirmed that the new charges would apply to all Ecobank cardholders in line with the CBN directive.
The bank encouraged customers to use Ecobank ATMs for more cost-effective transactions or explore digital banking alternatives.
“We encourage the use of Ecobank ATMs for cash withdrawals for more cost-effective and convenient cash transactions or exploring our digital banking channels as alternatives to cash transactions,” the Ecobank said.
GTBank, on the other hand, simply forwarded the CBN circular to its customers, notifying them of the impending changes to ATM withdrawal fees.
