CBN’s N1,500 ATM Card Fee Sparks Backlash

Economists and bank customers have expressed concern over the Central Bank of Nigeria’s proposal to increase ATM card issuance fees from N1,000 to N1,500, saying the move could worsen the financial burden on Nigerians.

The proposal was contained in the apex bank’s 42-page exposure draft of the Guide to Charges by Banks and Other Financial Institutions released on April 21, 2026.

The draft also proposed the removal of maintenance charges on naira debit and credit cards, while introducing a $10 yearly maintenance fee for foreign currency cards.

President of the Bank Customers’ Association of Nigeria, Uju Ogunbunka, criticised the May 8 deadline for public feedback, describing it as too short and unrealistic for stakeholders to properly review the document.

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According to him, Nigerians and operators should have been given more time to study the proposed charges before implementation.

Also reacting, Professor of Accounting and Finance at Lead City University, Godwin Oyedokun, said although the increase may be justified by rising production costs, chip technology, cybersecurity expenses, logistics and other operational costs faced by banks, the timing remains sensitive.

He noted that many Nigerians are already battling inflation, stagnant incomes and high living costs, adding that additional banking charges would naturally attract criticism.

Oyedokun said customers already complain about transfer charges, SMS alert deductions and other service fees, stressing that the proposed hike would be seen as another burden.

He warned that low-income earners, students, pensioners, artisans and small business owners may delay replacing expired or damaged ATM cards due to the higher cost.

According to him, such a development could slow financial inclusion and push some Nigerians back to cash transactions, contrary to the country’s digital payment goals.

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He, however, noted that removing monthly maintenance fees on naira cards may provide long-term relief for some customers.

Oyedokun urged the CBN to ensure that any new charges are matched with better banking services, quick dispute resolution, transparent fees and stronger consumer protection.