CBN cancels N100 monthly ATM maintenance fee

With effect from April 1, 2013, there would be a new fee structure regarding automated teller machine (ATM) transactions in Nigeria. In the Revised Guide to Bank Charges issued by the Central Bank of Nigeria (CBN) this week [see here] and which will become effective on April 1, 2013, some far-reaching provisions have been made regarding ATM charges in Nigeria. Some of the provisions include the following:

  • ATM card issuing fee: N1,000 (one-off charge).
  • ATM bill payment: N100
  • ATM card maintenance charge: N100 per annum.
  • ATM transaction within the same bank: No charge.
  • ATM transactions using other banks’ ATMs: No charge.
  • ATM transactions on approved independent ATMs: N150 per transaction.
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