Lamentations As Banks Begin N100 ATM Charges
There was palpable frustration across ATM points in Osun State on Saturday as commercial banks commenced the implementation of new withdrawal charges following a directive from the Central Bank of Nigeria (CBN).
Under the revised policy, customers using ATMs outside their bank’s network will now be charged N100 per N20,000 withdrawal at on-site ATMs—those located within bank premises—while off-site ATMs, such as those in shopping malls and fuel stations, will attract a N600 fee per transaction.
The new charges, which took effect today, 1st March 2025, have sparked outrage among customers, many of whom lamented the additional financial burden amidst rising economic hardship.
Customers Express Displeasure
When Osun Defender visited several ATM points in Ile-Ife, and Ilesa, customers were seen expressing their frustrations over the policy.
Many lamented that it would further strain their already struggling finances.
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A visibly angry customer, Mrs. Funmilayo Adebayo, who was withdrawing cash at a bank along Lagere in Ile Ife said, “Everything in this country is just designed to make life harder for the common man. Before, they were deducting N35 after the third withdrawal from another bank’s ATM, now they have moved it to N100 for every N20,000. What if I need to withdraw N100,000? That means I will pay N500 extra just like that. This is unfair.”
Another customer, Mr. Samson Adeyemi, a trader in Ile-Ife, fumed at the additional charge for off-site ATMs.
“Most of us don’t even have the luxury of using our bank’s own ATMs because they are either not working or there is a long queue. Now, they want us to pay N600 just to withdraw our own money at off-site ATMs. How is this fair?” he queried.
At a bank along in Ilesa, students of a higher institution were also seen expressing their frustrations.
A student, who simply identified herself as Adesewa, said, “This policy will only make life difficult for students. We rely on ATMs near our hostels for convenience, but now they are saying we should pay N600 extra. Where do they expect us to get that money from?”
CBN Justifies New Charges
The CBN, in its circular dated 10th February 2025, defended the policy, stating that the charges were introduced due to rising operational costs and the need to improve ATM services across the country.
The apex bank further clarified that international ATM withdrawals would now be based on cost recovery, meaning customers would bear the exact charges applied by international service providers.
Sodiq Lawal is a passionate and dedicated journalist with a knack for uncovering captivating stories in the bustling metropolis of Osun State and Nigeria at large. He has a versatile reporting style, covering a wide range of topics, from politics , campus, and social issues to arts and culture, seeking impact in all facets of the society.
