Nigerians withdrew a total of N36.34 trillion via automated teller machines between January and June 2025, a sharp rise of 197.66% from the N12.21tn recorded in the same period of 2024.
This surge occurred despite new withdrawal fees introduced by the Central Bank of Nigeria (CBN).
Data from the CBN’s latest quarterly statistical bulletin show that the value of ATM withdrawals nearly tripled year on year, showing the resilience of cash usage even as regulators moved to make cash access more expensive.
What does the data show
Transaction volumes followed the same pattern. Nigerians carried out 858.80 million ATM withdrawals in the first half of 2025, up from 496.47 million in the corresponding period of 2024.
The increase of 362.34 million transactions represents a growth of 72.98%, indicating that higher charges did little to curb demand.
Quarterly figures show that ATM usage accelerated sharply in 2025. In the first quarter, withdrawals totalled N15.97tn, compared with N5.46tn in the first quarter of 2024. This represents an increase of N10.52tn, or about 192.9%. Transaction volumes rose from 210.66 million to 411.42 million, reflecting a growth of roughly 95.3%.
The momentum strengthened in the second quarter. Between April and June 2025, Nigerians withdrew N20.36tn from ATMs, more than three times the N6.75tn recorded in the same period of 2024.
The increase of N13.61tn translates to a growth of about 201.7%. Volumes also climbed from 285.81 million transactions to 447.39 million, an increase of 56.5%.
Monthly data highlight how consistently ATM usage expanded throughout the six months. In January 2025, withdrawals stood at N4.81tn, compared with N2.15tn in January 2024, while transaction volumes more than doubled from 69.62 million to 147.24 million.
February withdrawals rose to N5.40tn from N1.72tn a year earlier, with volumes increasing to 134.59 million. March recorded N5.76tn in withdrawals, up from N1.60tn in March 2024, alongside 129.59 million transactions.
The upward trend continued in the second quarter. April withdrawals rose to N6.38tn from N1.81tn a year earlier. May recorded the highest monthly value at N7.44tn, compared with N2.49tn in May 2024, while June eased slightly to N6.55tn but still far exceeded the N2.45tn recorded in June last year.
POS still leads, but ATM growth outpaces it
The persistence of strong ATM usage contrasts with the steady expansion of point-of-sale transactions, which continue to dominate in absolute terms.
POS transaction values increased from N85.91tn in the first half of 2024 to N147.20tn in the first half of 2025, while volumes rose from 6.40 billion to 7.72 billion transactions.
However, the pace of growth in ATM withdrawals far outstripped that of POS channels, highlighting the enduring role of cash in daily economic activity despite rising costs and policy efforts to encourage digital payments.
What you should know
This surge came after the CBN revised its ATM fee regime in February 2025. Under the new framework, customers using another bank’s ATM pay N100 per N20,000 withdrawn, with additional surcharges of up to N500 per N20,000 on off-site ATMs such as those located in malls, fuel stations, and airports.
- The apex bank also removed the previous allowance of three free monthly withdrawals at other banks’ ATMs.
- According to the CBN, the review was driven by rising costs and the need to improve efficiency in ATM operations. In its circular, the bank said the changes were expected to accelerate ATM deployment and ensure appropriate pricing of the service.
- However, instead of discouraging transactions, the latest data show that Nigerians continued to rely heavily on ATMs, with both the volume and value of withdrawals increasing significantly.
The figures suggest that the new CBN fees may have altered withdrawal patterns but did little to reduce overall reliance on ATMs. For banks, the surge means higher fee revenues from interbank withdrawals, but also greater pressure on ATM networks and cash logistics.
It’s a game of maths. If I will pay ₦300 for every ₦10,000 withdrawal from the POS terminals, why not use the bank ATM which will charge ₦107.5 per ₦20,000 transaction. Also, it should be noted that due to the ₦107.5 fees from the bank ATMs, the machines suddenly began to have cash. CBN was financially smart with that move.