The Central Bank of Nigeria (CBN) has proposed raising the fee for issuing a new Automated Teller Machine (ATM) card from N1,000 to N1,500, a 50 percent increase that has drawn criticism from consumer groups and banking experts. The change is part of a 42‑page draft titled “Guide to Charges by Banks and Other Financial Institutions,” released on 21 April 2026. The draft also suggests eliminating maintenance fees on Naira‑denominated debit and credit cards and introducing a $10 annual charge for foreign‑currency cards.
CBN invited feedback from financial institutions and the public until 8 May 2026. The short consultation window has been a focal point of the backlash. Dr. Uju Ogunbunka, president of the Bank Customers’ Association of Nigeria, told Media Talk Africa that the deadline is “too sudden” and provides insufficient time for stakeholders to examine the proposal. “Expecting meaningful feedback and finalising the document within such a short period is unrealistic, especially given the current economic climate,” she said.
Professor Godwin Oyedokun, an accounting and finance lecturer at Lead City University, warned that the higher issuance fee could exacerbate financial exclusion. “At a time when many Nigerians face inflation, stagnant incomes and rising living costs, any upward review of banking charges will attract scrutiny,” he explained. While acknowledging that banks face higher production, cybersecurity and operational costs, Oyedokun argued that the cumulative effect of fees—such as transfer charges, SMS alerts and transaction deductions—already strains consumers. For low‑income earners, students and small‑business operators, an additional N500 can represent a significant expense.
Both speakers highlighted the risk that higher fees may discourage card replacement, push users toward cash transactions and undermine the country’s digital‑payments agenda. Oyedokun noted that the draft’s removal of recurring maintenance charges on Naira cards could offset some of the one‑off increase, but stressed that consumer trust depends on service quality. “Nigerians are more likely to accept reasonable charges when banking services are efficient, transparent and dependable,” he said, citing frequent ATM cash shortages, failed transactions and slow dispute resolution as areas needing improvement.
CBN has not yet indicated whether it will amend the proposed fee or extend the consultation period. The agency’s next step is to review the submissions received by the 8 May deadline and issue a final version of the guide. The outcome will affect the cost of basic banking services for millions of Nigerians and could influence the broader goal of expanding financial inclusion across the country.
