The proposed increase in ATM card issuance fees by the Central Bank of Nigeria (CBN) has sparked significant backlash among Nigerians and financial experts. The CBN plans to raise the fee from N1000 to N1500 starting April 21, 2026. This change raises concerns about financial inclusion and the burden on consumers.
The increase is part of a 42-page exposure draft released by the CBN. The public can provide feedback until May 8, 2026. In this draft, the CBN also proposes to eliminate maintenance charges on Naira debit and credit cards, while introducing a $10 annual charge for foreign currency-denominated card maintenance.
Many economists and bank customers worry that the proposed fee hike will strain low-income earners and vulnerable groups. Godwin Oyedokun from the Bank Customers’ Association of Nigeria stated, “A 50 percent increase in ATM card issuance fees is likely to be seen as another strain on already stretched households.” He emphasized that consumers often experience banking charges not as isolated items but as a cumulative burden.
Dr. Uju Ogunbunka criticized the timing of the proposal. He remarked, “We disagree with the take-off date or proposed take-off date. It appears rather too sudden, too near.” The CBN’s policy appears to respond to rising operational costs for banks while potentially worsening conditions for consumers.
Despite these changes, some customers may benefit from the removal of certain recurring charges. However, public reaction indicates that consumers judge policies based on trust and lived experience rather than just arithmetic calculations. The CBN must ensure that revised charges are matched with stronger consumer protection measures.
The deadline for public feedback is May 8, 2026. Further developments will clarify how these proposed changes will affect bank customers across Nigeria.