Leading Nigerian banks, United Bank for Africa (UBA) and First City Monument Bank (FCMB), have notified their customers of new ATM withdrawal charges set to take effect from March 1, 2025.
This development follows a directive issued by the Central Bank of Nigeria (CBN) on February 10, 2025, which outlined updated guidelines for ATM transactions.
In separate emails to customers, both banks detailed the revised charges aimed at standardizing fees across the banking sector.
According to FCMB, customers can continue to withdraw cash at FCMB ATMs at no cost. However, withdrawals at other banks’ ATMs will attract a fee of N100 per N20,000 for on-premises transactions. For off-premises withdrawals at other banks’ ATMs, an additional surcharge of N500 will apply, making the total charge N600 per N20,000 withdrawn.
International ATM withdrawals will be charged based on the fees set by the international acquirer.
Similarly, UBA announced that its customers could make free withdrawals at UBA ATMs. However, withdrawals at ATMs of other banks will incur a fee of N100 per transaction, while off-premises ATM withdrawals will cost N600 per transaction.
International withdrawal charges will also vary according to the policies of the respective international acquirers.
Both banks encouraged their customers to minimize ATM fees by leveraging their mobile banking apps, internet banking services, and USSD codes for transactions.
FCMB highlighted the use of its digital channels, including FCMB mobile, internet banking, *329#, and POS options, as cost-effective alternatives.
Customers with inquiries were advised to contact the banks’ customer service departments via email or phone. FCMB provided an email address (customerservice@fcmb.com) for support, while UBA directed customers to its 24-hour Customer Fulfilment Centre at 0201-2808822 or 0700 2255822.
The new charges have sparked conversations among bank users, with many expressing concerns over the additional costs, especially in light of the current economic climate.
Financial experts suggest that the revised ATM fees reflect broader regulatory efforts to manage cash handling costs and encourage the use of digital banking channels.
As the implementation date approaches, customers are advised to review their withdrawal habits and explore alternative transaction options to manage costs effectively.
