The United Bank for Africa (UBA) Plc has fixed N600 as the fees to be charged for every N20,000 withdrawn at its Automated Teller Machines (ATMs) mounted outside its premises.
The lender confirmed this development in a message to its customers on Tuesday, March 4, 2025, a copy which was sighted by Business Post.
Recall that last month, the Central Bank of Nigeria (CBN) announced fresh fees on ATM withdrawals from Saturday, March 1, 2025.
In a circular signed by its Acting Director of Financial Policy and Regulation Department, Mr John Onojah, the central bank said it revised the charges to address rising operational costs and enhance efficiency in the banking sector.
It emphasised that the action was in line with Section 10.7 of the CBN guide to charges by banks, other financial and non-bank financial institutions (2020).
The last review of ATM transaction charges happened in 2019 when the CBN reduced the withdrawal fees from N65 to N35.
“In response to rising costs and the need to improve the efficiency of Automated Teller Machine (ATM) services in the banking industry, the Central Bank of Nigeria (CBN) has reviewed the ATM transaction fees prescribed in Section 10.7 of the extant CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions, 2020. (the Guide),” the CBN said.
“This review is expected to accelerate the deployment of ATMs and ensure that financial institutions apply appropriate charges to consumers of the service.
“Accordingly, banks and other financial institutions are advised to apply the following fees with effect from March 1, 2025.”
According to the new policy, customers withdrawing from their bank’s ATMs (on-us transactions) will continue to enjoy free withdrawals, but a N100 fee per N20,000 withdrawal will be applied at on-site ATMs (those located at bank branches).
For withdrawals at ATMs of other banks (Not-on-Us transactions), an off-site withdrawal will attract a N100 fee plus a surcharge of up to N500 per N20,000 withdrawal.
In its message, UBA said customers will continue to enjoy “free withdrawals at UBA ATMs,” but will part with “N100 per withdrawal at other banks ATMs, and N600 per withdrawal at ATMs outside the bank’s premises,” adding that, “For international transactions, charges will reflect the fees set by the bank handling the transaction.”