Banks Set New ATM Withdrawal Limits For Customers

Commercial banks in Nigeria have set new withdrawal limits on their automated teller machines, ATMs.

According to TheCable, the limits vary across banks in the country.

The development comes following reported cases of cash scarcity in some parts of the country in the second half of last year.

On November 2, 2023, the Central Bank of Nigeria (CBN) said the scarcity experienced in some locations was due to a high volume of withdrawals from its branches by banks and panic withdrawals by customers from ATMs.

However, recent findings across various locations showed that banks have restored limits on ATM withdrawals.

It was gathered that the cap set on account holders also restricts the customers to a certain amount should they attempt to withdraw from a different bank.

BANKS’ NEW DAILY ATM WITHDRAWAL LIMITS

At three Guaranty Trust Bank (GTB) branches located in Ogba, Egbeda, and Fagba in Lagos state, the company’s account holders are only allowed to withdraw N20,000 per day at the ATM, while it dispenses a maximum of N5,000 to non-customers daily.

However, another GTBank in Egbeda has a daily cap of N50,000 for customers and N20,000 for non-customers.

Also, Polaris Bank branches at Festac and Ikeja have N50,000 ATM withdrawal limit per day for the lender’s account holders — but non-customers can only withdraw N20,000 per day.

The limit is different for account holders of United Bank for Africa (UBA), as ATMs at the lender’s branches at Fagba and Ogba only dispense N20,000 and N60,000 to N100,000, respectively, whereas non-customers have a cap of N5,000 and N40,000 to N60,000, respectively.

At Union Bank branches in Ikeja, Ilupeju, and Berger, account holders can withdraw N20,000, N60,000 to N70,000, and N70,000 per day, respectively.

However, non-customers have a limit of N20,000 daily at Union Bank branches in Ikeja and Ilupeju, while they can withdraw up to N40,000 at the Berger office.

For Ecobank account holders, the maximum ATM withdrawal at its branches in Ogba and Berger is N400,000 and N40,000 per day, respectively, while non-customers can withdraw N20,000 daily.

Keystone Bank branches at Ilupeju, Ogba, and Allen set a limit of N40,000, N50,000, and N200,000 per day for account holders, respectively; while the ATM dispenses N20,000, N30,000, and N100,000, (respectively) to non-customers.

The withdrawal limit for Zenith Bank account holders is N100,000 per day at ATMs located at the company’s branches in Aguda and Festac, but non-customers can only withdraw N30,000 and N50,000, respectively.

At its branches in Allen and Akowonjo, First City Monument Bank (FCMB) has an ATM withdrawal cap of N40,000 for account holders, while N20,000 is dispensed to non-customers per day.

Also, Sterling Bank branches at Ilupeju and Allen have a limit of N50,000 for account holders, but the maximum non-customers can withdraw are N25,000 and N50,000, respectively.

Access Bank also has a limit on ATM withdrawals, as the company’s branches in Allen and Ogba offer N40,000 per day to account holders, but dispense N20,000 to N25,000 to non-customers.

Checks at Fidelity Bank’s branches in Ilupeju and Aguda showed account holders can withdraw a maximum of N40,000 — but for non-customers at the Ilupeju office, the amount depends on the bank they are using, while for the Aguda branch, non-customers can withdraw N20,000 or until they can no longer take out funds from the ATM.

First Bank of Nigeria (FBN) also limited account holders’ ATM withdrawals to N40,000 daily, according to findings at its branches in Allen and Berger.

Although non-customers can withdraw N20,000 at FBN’s Allen office, withdrawal at the Berger branch depends on the bank used by non-customers.

For Globus Bank account holders, ATMs at the company’s branches in Ilupeju and Allen have a limit of N150,000 per day, however, non-customers withdrawal limit also depends on their banks.