The Central Bank of Nigeria (CBN) has confirmed the N100 ATM withdrawal fee for transactions under N20,000 at banks other than the card issuer’s. The CBN also issued a warning to banks against imposing maximum withdrawal limits below N20,000 per transaction.
The clarification, published in a Frequently Asked Questions (FAQ) document on the CBN website, aims to protect customers. The bank stated that the purpose is that cutomer will not be forced to make multiple small withdrawals.
“Yes, the fee of N100 will apply if you withdraw less than N20,000 from another bank (a bank other than the one that issued your payment card),” the CBN document confirmed.
The CBN will sanction banks that force customers to withdraw less than N20,000 per transaction, if the customer has enough money.
“Any bank that compels a customer with sufficient funds in their account to withdraw less than N20,000 per transaction, against their desire for a higher sum, would be contravening this regulation and will be sanctioned appropriately,” the CBN warned. This regulation addresses concerns about potential abuses related to ATM withdrawal charges.
