The United Bank for Africa (UBA) Plc has introduced a new charge of N600 for every N20,000 withdrawn at Automated Teller Machines (ATMs) located outside its bank premises.
The bank announced this fee adjustment in a message sent to its customers on Tuesday, March 4, 2025. This change follows the Central Bank of Nigeria’s (CBN) announcement of revised ATM withdrawal fees, which took effect on March 1, 2025.
The CBN’s new directive, issued last month, outlined a revision in ATM withdrawal charges to address increasing operational costs and improve banking sector efficiency. The circular, signed by Mr. John Onojah, Acting Director of the Financial Policy and Regulation Department, explained that these revisions align with Section 10.7 of the CBN Guide to Charges by Banks, other Financial, and Non-Bank Financial Institutions (2020).
This is the first review since 2019, when the CBN reduced the fee for ATM withdrawals from N65 to N35.
In response to the latest policy, UBA confirmed that customers will still enjoy free withdrawals at UBA ATMs. However, withdrawals at ATMs located outside UBA branches will now attract the N600 fee, while withdrawals from other banks’ ATMs (Not-on-Us transactions) will incur a N100 charge, along with an additional surcharge of up to N450 per N20,000 withdrawn.
The new policy also outlines that customers will be charged N100 for every N20,000 withdrawn at ATMs located on-site, i.e., within bank branches.
For international ATM transactions, the charges will follow the fees set by the bank processing the transaction.
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