… To begin the implementation on March 1
The Nigerians will soon pay higher charges for retreats in Commercial Banks' Automated Teller Machine (ATM), since the Central Bank of Nigeria (CBN) has reviewed the transaction rates, citing the increase in operating costs and the need to improve the Banking services
In a circular signed by John Onojah, interim director of the Department of Financial Policy and Regulation, the Apex Bank confirmed that the new positions will enter into force as of March 1, 2025.
This marks the first adjustment since 2019 when retirement rates were reduced from N65 to N35.
However, the last review means that customers will now pay more for cash withdrawals in the ATMs, particularly for transactions involving other banks.
The CBN emphasized that the surcharge for withdrawals in ATMs of different banks “is the entry of the ATM deployment/acquirer and must be revealed to consumers at the withdrawal.”
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Explaining the justification behind the increase, CBN declared: “In response to the increase in costs and the need to improve the efficiency of ATM services (ATM) in the bank industry, the Central Bank of Nigeria (CBN) has reviewed the ATM transaction rates prescribed in section 10.7 of the existing CBN guide for banks, other financial and non -banking financial institutions, 2020. (The guide) “.
According to the CBN, this review aims to “accelerate the deployment of ATM and ensure that financial institutions apply appropriate positions to service consumers.”
Banks and other financial institutions have been ordered to comply with the new directive before implementation on March 1.
“Consequently, banks and other financial institutions are advised to apply the following rates with effect as of March 1, 2025,” they declared more.
Nigerian tribe