The Central Bank of Nigeria wants to raise the fee for issuing Automated Teller Machine cards from N1000 to N1500. This has caused a lot of problems for both economists and bank customers.
This comes after the central bank released a 42-page draft of the Guide to Charges by Banks and Other Financial Institutions on April 21, 2026.
It was reported that the proposed charges would include a 50% increase in the cost of issuing ATM cards, the end of maintenance on Naira debit and credit cards, and a $10 fee per year for maintaining cards that are mostly used in foreign currency.
CBN listed other bank fees and asked banks and the public to give their thoughts on them by May 8, 2026.
The apex bank’s policy statement has gotten a lot of attention from Nigerians, especially because of the N1500 ATM card issuance fee.
Some Nigerians said that the ATM card issuance fee would make things even harder for bank customers, while others praised CBN for suggesting that the maintenance fee on Naira debit and credit cards be removed.
Dr. Uju Ogunbunka, President of the Bank Customers’ Association of Nigeria and a financial analyst, talked about the draft in an interview. She said that the deadline for feedback from the public and other interested parties was too short.
He said the move was unrealistic and too quick.
According to Ogunbunka, the timeline seems “too sudden” and doesn’t give stakeholders enough time to look over and respond to the draft, which was just released.
“We don’t agree with the proposed take-off date or the actual take-off date. “It seems a little too sudden and too close,” he said.
He said that it would be hard to get useful feedback and finish the document in such a short amount of time, especially given the current state of the country.
He went on to say, “I think it’s Herculean, especially given what’s going on around us.”
He says that the association’s main concern right now is the short deadline, which makes it hard for stakeholders, especially operators, to fully read the document.
“Our first thought is that the deadline is too tight for people to respond.”
Ogunbunka said, “Nigerians would have had more time to study, especially operators.”
Oyedokun says that the CBN’s plan to raise ATM fees will hurt Nigerians and threaten inclusion.
Godwin Oyedokun, a professor of Accounting and Finance at Lead City University, said he was worried about the fees for issuing and replacing CBN notes.
He said that the policy could make things harder for consumers and make it harder for people to get access to financial services.
According to Oyedokun, the move “has once again brought to light the ongoing conflict between lowering regulatory costs and protecting consumers.”
“Many Nigerians are already dealing with inflation, stagnant incomes, and rising living costs. Any increase in banking fees is sure to draw attention,” he said in an interview on Monday.
He said that from the point of view of regulators and banks, the rise may be reasonable.
He said, “The cost of making cards, chip technology, cybersecurity safeguards, logistics, and service infrastructure has gone up a lot in the last few years.” He also said, “Banks have to deal with rising operating costs, such as power costs, technology investments, and compliance obligations.”
Oyedokun said, “In that sense, a change in fees may be seen as an effort to reflect current economic conditions and keep services going.”
But he made it clear that this is not the case for most Nigerians.
He said, “Consumers often don’t see banking fees as separate charges, but as a whole burden.”
He went on to say, “Transfer fees, SMS alert deductions, electronic transaction charges, and other service-related costs already make it seem like customers are always paying just to get to their own money.”
He warned that “a 50 percent increase in ATM card issuance fees is likely to be seen as another strain on already stretched households” in this context.
Oyedokun said, “For low-income earners, students, pensioners, artisans, and small business owners, N500 is not a small amount.” He talked about how it would affect these groups in Nigeria. It can pay for food, transportation, or basic household needs.
He warned that “if the cost of accessing banking tools keeps going up, some customers may put off getting new cards to replace old or damaged ones, use formal channels less, or go back to cash transactions.”
He said that “these kinds of results would go against the national goal of expanding digital payments.”
The professor agreed that the draft could have some benefits. He said, “Reports suggest that the same framework may remove certain recurring charges, such as monthly card maintenance fees on naira cards.”
He went on to say, “If done right, some customers might save more over time than they lose from the one-time increase.”
Still, he stressed that “public reaction shows that consumers judge policies not only by numbers but also by trust and lived experience.”
Oyedokun said that any rise in fees must be accompanied by better service.
He said, “Nigerians are more likely to accept reasonable fees when banking services are quick, clear, and reliable.”
He said that the system still has problems, like “failed transactions, delayed reversals, ATM cash shortages, poor complaint resolution, and unexplained deductions,” which make people lose faith.
So, the CBN needs to make sure that any new fees come with better protections for consumers.
“Banks should have to be clear about fees, get rid of hidden charges, raise the standards of service, and make it easier to settle disputes.
“Regulatory reform can’t just mean raising fees,” Oyedokun said.
“Banking should always be easy to get to, cheap, and reliable.
He said, “Financial inclusion is not just about opening accounts; it also means making sure that people can use financial services without feeling taken advantage of.”
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