Automated Teller Machine (ATM) transactions in Nigeria surged within the first quarter of 2025 regardless of the Central Bank of Nigeria (CBN) introducing new withdrawal expenses in February.
Information from the CBN’s quarterly statistical bulletin for Q1 2025 confirmed that ATM withdrawals reached N15.97 trillion between January and March, in comparison with N5.46 trillion in the identical interval of 2024 — a 192.7% improve year-on-year.
Transaction counts additionally grew sharply. ATMs processed 411.42 million withdrawals in Q1 2025, up from 210.66 million in Q1 2024, representing a 95.3% rise.
The expansion in worth outpaced the rise in volumes, which implies that Nigerians had been taking out far bigger sums per withdrawal.
What the info reveals
The month-to-month figures spotlight how withdrawal behaviour shifted throughout the quarter. In January 2025, ATM withdrawals had been valued at N4.81 trillion from 147.24 million transactions.
In February, volumes dropped to 134.59 million, however values rose to N5.40 trillion. By March, the primary full month beneath the brand new price regime, withdrawals reached a file N5.76 trillion, regardless that transaction counts declined additional to 129.59 million.
- The divergence between falling transaction counts and rising values signifies that many shoppers responded to the brand new expenses by consolidating their money wants into fewer, bigger withdrawals.
- The typical withdrawal per transaction climbed from about N32,660 in January to greater than N44,500 in March. In contrast with March 2024, when the common withdrawal was round N23,500, this represents an 89% improve year-on-year.
- The size of development turns into clearer when put next with the identical interval in 2024. In January 2024, ATM withdrawals totalled N2.15 trillion throughout 69.62 million transactions.
By January 2025, the worth had greater than doubled, whereas transaction counts additionally greater than doubled. February 2024’s N1.72 trillion from 73.16 million transactions surged by 215% to N5.40 trillion from 134.59 million in February 2025. March 2025’s N5.76 trillion was greater than 3 times the N1.60 trillion withdrawn in March 2024.
What it’s best to know
In February 2025, the CBN introduced a revised price regime for ATM withdrawals, which took impact from March.
The coverage scrapped the sooner allowance of three free month-to-month “Not-On-Us” withdrawals — transactions made at one other bank’s ATM — and launched a brand new cost construction.
- Below the rules, withdrawals at one other bank’s on-site ATM entice a price of N100 per N20,000 withdrawn, whereas off-site ATMs carry a further surcharge of as much as N500.
- The coverage aimed to assist banks recuperate rising working prices and encourage extra environment friendly use of ATMs.
- Nevertheless, as a substitute of discouraging transactions, the most recent knowledge present that Nigerians continued to rely closely on ATMs, with each the quantity and worth of withdrawals growing considerably.
- The figures counsel that the brand new CBN charges could have altered withdrawal patterns however did little to cut back general reliance on ATMs. For banks, the surge means increased price revenues from interbank withdrawals, but additionally larger stress on ATM networks and money logistics.
For shoppers, inflationary pressures are doubtless pushing households and companies to take out bigger sums to satisfy increased dwelling and operational prices.
The information reveals that Nigerians should not solely persevering with to make use of Automated Teller Machines regardless of increased expenses, however they’re additionally counting on them greater than ever, withdrawing file quantities of money in fewer, bigger transactions.
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