Automated Teller Machine (ATM) transactions in Nigeria surged in the first quarter of 2025 despite the Central Bank of Nigeria (CBN) introducing new withdrawal charges in February.
Data from the CBN’s quarterly statistical bulletin for Q1 2025 showed that ATM withdrawals reached N15.97 trillion between January and March, compared to N5.46 trillion in the same period of 2024 — a 192.7% increase year-on-year.
Transaction counts also grew sharply. ATMs processed 411.42 million withdrawals in Q1 2025, up from 210.66 million in Q1 2024, representing a 95.3% rise.
The growth in value outpaced the rise in volumes, which means that Nigerians were taking out far larger sums per withdrawal.
The monthly figures highlight how withdrawal behaviour shifted during the quarter. In January 2025, ATM withdrawals were valued at N4.81 trillion from 147.24 million transactions.
In February, volumes dropped to 134.59 million, but values rose to N5.40 trillion. By March, the first full month under the new fee regime, withdrawals reached a record N5.76 trillion, even though transaction counts declined further to 129.59 million.
By January 2025, the value had more than doubled, while transaction counts also more than doubled. February 2024’s N1.72 trillion from 73.16 million transactions surged by 215% to N5.40 trillion from 134.59 million in February 2025. March 2025’s N5.76 trillion was more than three times the N1.60 trillion withdrawn in March 2024.
In February 2025, the CBN announced a revised fee regime for ATM withdrawals, which took effect from March.
The policy scrapped the earlier allowance of three free monthly “Not-On-Us” withdrawals — transactions made at another bank’s ATM — and introduced a new charge structure.
For consumers, inflationary pressures are likely pushing households and businesses to take out larger sums to meet higher living and operational costs.
The data shows that Nigerians are not only continuing to use Automated Teller Machines despite higher charges, but they are also relying on them more than ever, withdrawing record amounts of cash in fewer, larger transactions.