CBN has adjusted ATM transaction charges five times since 2012

Key takeaways

  • Nigeria’s first ATM was deployed in 1990 by Société Générale Bank, marking the start of a new era in banking.
  • Interswitch kicked off interbank transactions in 2003, allowing Nigerians to use ATMs provided by other banks asides their own.
  • The CBN has implemented several policies to regulate ATM deployment, fees, and usage.
  • ATM fees have fluctuated over the years, with a major reduction in 2020 and an increase in 2025.

ATM operations in Nigeria have evolved significantly, shaped by regulatory changes and technological advancements. A recurring theme has been the regulation of withdrawal charges, with the CBN revising fees five times since 2012, including the latest increase, effective March 2025. Recent developments also indicate stricter oversight, as the CBN has sanctioned banks that fail to stock their ATMs. With rising fees and evolving policies, the future of ATMs in Nigeria remains dynamic, influenced by both regulatory decisions and customer banking behaviour.

Source:

Central Bank of Nigeria, Media reports

Period:

1990-2025
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