In a move that is likely to affect millions of Nigerians, the Central Bank of Nigeria (CBN) has announced the introduction of new fees for Automated Teller Machine (ATM) transactions. The new fees, which take effect on March 1, 2025, will see customers paying more to access their money from ATMs.
According to the CBN, customers using on-site ATMs will be charged N100 per N20,000 withdrawal. Those using off-site ATMs will be charged N100 plus a surcharge of not more than N500 per N20,000 withdrawal. However, customers withdrawing from ATMs belonging to their own banks (On-Us transactions) will not be charged.
The introduction of these new fees has raised concerns among Nigerians, who are already grappling with the economic challenges posed by inflation, unemployment, and a depreciating naira. Many have taken to social media to express their dissatisfaction with the new fees, arguing that they will further increase the cost of living and reduce their purchasing power.
The CBN has not provided any explanation for the introduction of the new fees, but it is likely that the move is aimed at generating revenue for the banks and reducing the cost of maintaining the ATM infrastructure. However, critics argue that the new fees will disproportionately affect low-income earners and those living in rural areas, who have limited access to banking services and rely heavily on ATMs to access their money.
As the March 1 deadline approaches, Nigerians are bracing themselves for the impact of the new fees. While some may opt to use alternative banking channels, such as mobile banking or online banking, others may be forced to pay the new fees, which could further erode their already limited financial resources.
