CBN stops free ATM withdrawals for other banks’ customers

The Central Bank of Nigeria (CBN) has scrapped the three free monthly withdrawals for customers using other banks’ ATMs.

This was confirmed in a circular dated February 10, 2025.

CBN has directed all banks and financial institutions to implement new ATM withdrawal charges from March 1, 2025.

This means customers will now pay for every withdrawal made from another bank’s ATM.

The review affects the charges prescribed in Section 10.7 of the CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions (2020).

The circular, signed by John Onojah, Acting Director of the Financial Policy and Regulation Department at the CBN, is expected to accelerate the deployment of ATMs across the country while ensuring that financial institutions apply appropriate charges for the service.

It read, “The three free monthly withdrawals allowed for Remote-On-Us (other bank’s customers/Not-On-Us consumers) in Nigeria under Section 10.6.2 of the Guide shall no longer apply.”

Under the new directive, withdrawals made from a customer’s bank ATM will remain free.