The Central Bank of Nigeria (CBN) is facing criticism from Nigerians and financial experts following its proposal to increase ATM card issuance fees from ₦1,000 to ₦1,500.
The proposal is part of a newly released draft titled *Guide to Charges by Banks and Other Financial Institutions*, published on April 21, 2026. The document outlines several changes, including a 50 percent increase in ATM card issuance fees, the removal of maintenance charges on naira debit and credit cards, and a $10 annual maintenance fee for foreign currency cards.
The apex bank has invited stakeholders and the public to submit feedback before May 8, 2026.
However, the proposal has sparked mixed reactions. While some Nigerians welcomed the removal of maintenance fees on naira cards, many expressed concern that the higher issuance cost would add to the financial burden on already strained households.
President of the Bank Customers’ Association of Nigeria, Uju Ogunbunka, criticized the short timeline for feedback, describing it as rushed and insufficient for proper review. He argued that stakeholders need more time to thoroughly examine the 42-page document before implementation.
Similarly, Godwin Oyedokun noted that although rising operational costs may justify the increase, the policy could further strain consumers. He emphasized that Nigerians already contend with multiple banking charges, making any additional cost feel excessive.
Oyedokun also warned that the increase could negatively impact financial inclusion. According to him, higher access costs may discourage low-income earners, students, and small business owners from using banking services, potentially pushing some back to cash transactions.
He added that public acceptance of such policies depends not only on the cost but also on the quality of banking services. Persistent issues like failed transactions, delayed refunds, and poor customer service continue to erode trust in the system.
Experts stress that any increase in charges should be matched with improved service delivery, greater transparency, and stronger consumer protection to maintain confidence in the banking sector.
