Following the Central Bank of Nigeria's (CBN) directive, banks have started implementing the new Automated Teller Machine (ATM) transaction fees, sparking complaints from customers. A News Agency of Nigeria (NAN) correspondent monitoring ATM galleries in Abuja and its environs reported widespread dissatisfaction among users on Sunday.

According to NAN, all ATMs visited were adequately stocked with cash. However, customers voiced concerns about the increased charges. Luke Abudu, a First Bank customer along the Nyanya-Jikwoyi road, lamented that the new fees would disproportionately affect low-income earners. He expressed fears that the charges would deter people from depositing money in banks. "I came to withdraw N20,000, but I found out that I was charged N100 for the withdrawal. This is too much for a small business owner like me," he stated.

Victoria Adejo, a Zenith Bank customer at the Mararaba branch, noted that using Point of Sale (PoS) agents was now more economical than ATMs. She criticized the government for implementing policies without considering the public's sentiment. "I read that the CBN said the decision is in response to rising costs and to improve the efficiency of ATM services, but banks still bill us for service charge," she said. Adejo also pointed out the disparity between bank profits and customer charges, stating, "They (banks) declare profit in billions and trillions from our monies, and the CBN does not consider that. This is not good enough at all."

Nurudeen Ehimotor, a Guaranty Trust Bank (GTB) customer in Asokoro, explained that he resorted to using the ATM due to the bank's unreliable online network. "I came to use ATM because I tried to transfer money from my bank using USSD since yesterday, but it didn't go through. I have an issue with my app, so I have been using USSD codes for my transfer," he said. Ehimotor suggested that banks might be incentivizing ATM usage to generate more revenue and appealed for a reduction in account charges.

The CBN's circular, released on February 10, instructed all banks and financial institutions to implement the revised fees starting March 1. Titled 'Review of ATM transaction fees,' the circular cited rising operational costs and the need to enhance the efficiency of ATM services as justification for the increase. The new fee structure includes no charges for 'On-Us' transactions (customers using their bank's ATMs). However, 'Not-on-Us' transactions (withdrawals from other banks' ATMs) will incur a charge of N100 per N20,000 for on-site ATMs and N100 plus a surcharge of up to N500 per N20,000 for off-site ATMs. The circular mandates that the ATM acquirer/deployer disclose the income at the point of withdrawal.

Banks have notified their customers about the changes via email. GTB informed its customers that the previously offered three free monthly withdrawals at other banks' ATMs (for GTBank customers) and GTBank ATMs (for other bank customers) would no longer be available. Access Bank also communicated via their official X handle that "All Access Cards now work seamlessly across all ATMs and POS machines so that you can make payments without hassle."