••Apex Bank Threatens Sanctions for Limiting Transactions Below ₦20,000
By Anastasia John E.
The Central Bank of Nigeria (CBN) has warned banks against forcing customers to withdraw amounts lower than ₦20,000 per transaction from Automated Teller Machines (ATMs). In a recently released “Question and Answer” explainer, the CBN addressed its revised ATM withdrawal fees, emphasizing that the charges for withdrawals from other banks’ ATMs (both on-site and off-site) are predicated on customers being able to withdraw up to ₦20,000 per transaction.
The CBN stated, “Any bank that compels a customer with sufficient funds in their account to withdraw less than ₦20,000 per transaction, against their desire for a higher sum, would be contravening this regulation and will be sanctioned appropriately.” Customers facing such restrictions are encouraged to file complaints with the CBN via [email protected].
The apex bank also clarified that while banks cannot exceed the prescribed ATM fees, they are permitted to charge less. “The charges and surcharges are capped, meaning banks and other financial institutions cannot charge more than the fees stated in the circular. However, a bank can charge a lower amount depending on its cost structure and business development drive,” the CBN explained.
The CBN recommends that customers utilize their own bank’s ATMs to avoid extra fees and encourages the use of alternative payment methods like mobile banking apps, POS terminals, and other digital payment options to minimize ATM withdrawal costs.
