Regulatory Alerts2014-08-13 | BPS/DIR/GEN/CIR/01/010Circular on the Introduction of Fees on Remote-On-Us ATM Withdrawal Transactions
The Central Bank of Nigeria (CBN) has introduced a N65 fee on remote-on-us ATM cash withdrawals for customers using other banks' ATMs. Starting September 1, this fee will apply from the fourth withdrawal in a month, making the first three transactions free for the cardholder but paid by the issuing bank. Issuing banks will also be responsible for covering remuneration of switches, ATM monitoring, and fit-note processing. Banks are expected to inform customers about this change ahead of the implementation date.
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