Nigerians groan as banks begin new ATM charges

Banks have commenced the implementation of the new Automated Teller Machine (ATM) transaction charges on customers following the Central Bank of Nigeria’s (CBN) directive.

Scores of Nigerians have been lamenting about the increase.

Speaking in Abuja on Sunday, March 2, 2025, a customer seen at First Bank along Nyanya-Jikwoyi road, Luke Abudu, said the implementation would only affect the poor masses struggling to make a living.

Abudu said the move would discourage customers from lodging monies in the banks.

He stated: “I came to withdraw N20,000 but I found out that I was charged N100 for the withdrawal.

“This is too much for a small business owner like me.”

Another customer at Zenith Bank in Mararaba, Victoria Adejo, seen at Zenith Bank, said withdrawal from the Point of Sale (PoS) agents has become cheaper than using an ATM.

Adejo lamented: “It is unfortunate that our government formulate policies without feeling the pulse of the people.

“I read that the CBN said the decision is in response to rising cost and to improve efficiency of ATM services but banks still bill us for service charge.

“They (banks) declare profit in billions and trillions from our monies and the CBN does not consider that.

“This is not good enough at all.”

A customer at Guaranty Trust Bank (GTB) in the Asokoro area of Abuja, Nurudeen Ehimotor, said he was at the bank to use the ATM due to the bank’s poor online network.

CBN announces new charges on ATM withdrawals

He said: “I came to use ATM because I tried to transfer money from my bank using USSD since yesterday but it didn’t go through.

“I have an issue with my app, so I have been using USSD codes for my transfer.

“I think they (the banks) are trying to make people use ATM now for them to make more money.”

Ehimotor appealed to banks to reduce incessant charges on customers account.

The CBN had, on February 10, released a circular to all banks and other financial institutions to apply the fees with effect from March 1.

The CBN noted that the move was in response to rising cost and the need to improve efficiency of ATM services in the banking industry.

Meanwhile, banks had informed their customers through various electronic mails (e-mails) of the increase.

GTB told its customers, in addition to the ATM transaction fee, that the free monthly  withdrawals usually enjoyed by them would no longer be applied.

“Please note that the three free monthly withdrawals at other banks’ ATMs (for GTBank customers) and GTBank ATMs ( for other bank customers) will no longer apply,” the bank said.

Also, Access Bank informed its customers that ”All Access Cards now work seamlessly across all ATMs and POS machines, so you can make payments without hassle.”

The Star