The Central Bank of Nigeria is facing growing criticism from Nigerians and financial experts over its plan to increase ATM card issuance fees from ₦1,000 to ₦1,500.
The proposal, outlined in a 42-page draft guideline released on April 21, 2026, forms part of a broader review of bank charges. Key highlights include a 50% rise in ATM card issuance fees, the removal of maintenance charges on naira debit and credit cards, and the introduction of a $10 annual maintenance fee for foreign currency cards. The apex bank has invited feedback from stakeholders, with a deadline set for May 8, 2026.
However, the proposed increase has sparked mixed reactions. While some Nigerians welcome the removal of recurring maintenance fees, many argue that the higher issuance cost will further strain consumers already battling economic hardship.
Uju Ogunbunka, President of the Bank Customers’ Association of Nigeria, criticized the short timeframe given for public input, describing it as rushed and insufficient for meaningful engagement. He noted that stakeholders need more time to properly review the policy before implementation.
Also weighing in, Godwin Oyedokun warned that the increase could negatively impact financial inclusion. According to him, while rising operational costs may justify the adjustment from a regulatory perspective, the reality for average Nigerians is different, as banking charges already feel excessive.
He emphasized that the additional ₦500 could significantly affect low-income earners, students, and small business owners, potentially discouraging the use of formal banking systems. This, he warned, may push more people toward cash-based transactions, undermining Nigeria’s digital payment goals.
Oyedokun further stressed that any increase in banking charges must be matched with improved service delivery, transparency, and stronger consumer protection. He pointed out ongoing issues such as failed transactions, delayed reversals, and poor customer service, which continue to erode public trust.
While the removal of monthly card maintenance fees could offer long-term savings, experts insist that public acceptance will depend on how well the policy balances cost, service quality, and consumer confidence.