The Central Bank of Nigeria (CBN) has announced an increase in ATM withdrawal charges. These charges are set to take effect from March 1st. This new policy will impact bank customers across the country, including residents and business owners in Amuwo-Odofin.
For those who rely on ATMs for cash withdrawals, this change means higher transaction costs, especially for frequent users. Local traders, small business owners, and residents who depend on cash for daily transactions may feel the impact the most.
Many Amuwo residents already struggle with cash availability at ATMs, with machines often running out of cash or limiting withdrawals. With the new charges, using alternative banking methods like mobile transfers and POS agents may become a more cost-effective option.
The Central Bank of Nigeria (CBN) has announced an increase in ATM withdrawal charges, set to take effect from March 1st. This new policy will impact bank customers across the country, including residents and business owners in Amuwo-Odofin.
For those who rely on ATMs for cash withdrawals, this change means higher transaction costs, especially for frequent users. Local traders, small business owners, and residents who depend on cash for daily transactions may feel the impact the most.
However, customers using another bank’s ATM will now be charged N100 per N20,000 withdrawal when using ATMs located within bank premises. For withdrawals made at off-site ATMs, a charge of N100 per N20,000 withdrawal will apply, along with a surcharge of up to N500. The surcharge, which will be an income of the ATM deployer or acquirer, must be disclosed at the point of withdrawal.
The CBN also stated that international ATM withdrawals would be charged at the exact rate set by the international acquirer. The apex bank attributed the review to rising costs and the need to enhance efficiency in ATM operations.
Many Amuwo residents already struggle with cash availability at ATMs, with machines often running out of cash or limiting withdrawals. With the new charges, using alternative banking methods like mobile transfers and POS agents may become a more cost-effective option.
What do you think about these new charges? Share your thoughts in the comments.