The Central Bank of Nigeria (CBN) has introduced a revised fee structure for banks, raising the cost of issuing automated teller machine (ATM) cards from N1,000 to N1,500 and eliminating maintenance fees on Naira‑denominated cards. The changes, outlined in the CBN circular titled “Guide to Charges by Banks and Other Financial Institutions,” are slated to take effect on 1 May 2026.
The increase in ATM issuance charges has prompted a response from consumer groups. Uju Ogunbunka, president of the Bank Customers’ Association of Nigeria, told DAILY POST that the higher fee will place an additional burden on bank users. “Consumers will suffer more charges, but if the intention is to scrap the maintenance charge, which happened to be lower, then it makes the policy not plausible,” he said.
The CBN’s directive also calls for the removal of other reviewed charges, though specific details of those fees have not been disclosed. The central bank explained that the adjustments aim to streamline banking costs and enhance transparency across the financial sector. By abolishing maintenance fees on Naira‑based cards, the regulator intends to offset the impact of the increased ATM issuance price, although consumer advocates remain skeptical about the net effect on customers.
Banking analysts note that the move reflects a broader trend among African central banks to reassess fee structures as digital payments expand and regulatory frameworks evolve. The CBN’s guidance follows similar initiatives in the region where authorities seek to balance revenue needs for financial institutions with consumer protection objectives.
Implementation will require banks to update their pricing schedules and inform account holders of the new rates before the 1 May deadline. The CBN has urged institutions to ensure a smooth transition and to communicate clearly with customers to avoid confusion.
The reaction from the Bank Customers’ Association highlights ongoing concerns about the affordability of basic banking services for Nigerian consumers. As the new charges take effect, monitoring will focus on whether the elimination of maintenance fees sufficiently mitigates the higher ATM issuance cost and how the changes influence overall banking accessibility in the country.
