ATM Transactions Increases by 197%
Nigerians withdrew N36.34 trillion from Automated Teller Machines (ATMs) between January and June 2025, a 197.66% increase from the same period in 2024, despite new withdrawal fees introduced by the Central Bank of Nigeria (CBN).
This surge shows cash is still widely used, with ATM transactions nearly tripling year-on-year.
The increase in ATM withdrawals was seen across all six months, with May recording the highest monthly value at N7.44 trillion.
Transaction volumes also jumped by 72.98% to 858.80 million, indicating higher charges didn’t deter people from using ATMs.
The CBN’s revised fee regime, which took effect in February 2025, charges customers N100 per N20,000 withdrawn from another bank’s ATM, with additional surcharges for off-site ATMs.
Despite this, Nigerians continued to rely heavily on ATMs, highlighting the enduring role of cash in daily economic activity.
In contrast, point-of-sale (POS) transactions continue to dominate in absolute terms, with values increasing from N85.91 trillion in H1 2024 to N147.20 trillion in H1 2025.
However, ATM growth outpaced POS channels, underscoring cash’s persistent importance.
The CBN attributes the ATM surge to rising operational costs and efforts to improve efficiency. The regulator has also mandated banks to deploy more ATMs, aiming to increase access and reduce reliance on POS agents.