The Central Bank of Nigeria (CBN) has announced a review on the transaction fees for automated teller machines (ATMs) to address the rising operational costs and enhance efficiency in the banking sector.
A review of ATM transaction charges was last done in 2019 when the fee was reduced to N35 from N64 per withdrawal.
According to the Acting Director of the Financial Policy and Regulation Department, John Onojah, the new revised charges will take effect from March 1.
According to him, the review is in line with Section 10.7 of the CBN guide to charges by banks, and other financial and non-bank financial institutions (2020).
He said, “This review is expected to accelerate the deployment of ATMs and ensure that appropriate charges are applied by financial institutions to consumers of the service.
“Accordingly, banks and other financial institutions are advised to apply the following…
Read More
