LunagisthubCBN’s Proposed ₦1,500 ATM Card Fee Faces Backlash: Will Bank Charges Get Worse for Nigerians?
The Central Bank of Nigeria’s plan to raise ATM card issuance fees from ₦1,000 to ₦1,500 is drawing heavy criticism from economists, bank customers, and financial experts who say it could hurt ordinary Nigerians already battling inflation.
The proposed hike is part of CBN’s new 42-page “Guide to Charges by Banks and Other Financial Institutions” draft released on April 21, 2026. CBN is asking for public feedback before May 8, 2026.K
The draft guide doesn’t just raise ATM fees. Here’s what CBN proposed:
Charge Type Current Proposed | Change
ATM Card Issuance ₦1,000 | ₦1,500 | +50%
Naira Debit/Credit Card Maintenance Charged Removed Relief for users
Foreign Currency Card Maintenance Not specified | \$10 per annum | New charge
While removing monthly maintenance fees on Naira cards could save customers money long-term, many Nigerians are focused on the upfront ₦1,500 ATM card cost.
Dr. Uju Ogunbunka, President of the Bank Customers’ Association of Nigeria, faulted CBN’s May 8 feedback deadline as “too sudden” and “unrealistic.”
“We disagree with the proposed take-off date. It appears rather too sudden, too near,” Ogunbunka told DAILY POST.
He said stakeholders need more time to study the 42-page document. “Nigerians would have been given more time to study, especially operators. I think it is Herculean, especially given what is happening in our own environment.”
Professor Godwin Oyedokun, Accounting and Finance expert at Lead City University, warned the increase could strain households and threaten financial inclusion.
“At a time when many Nigerians are already grappling with inflation, stagnant incomes, and rising living expenses, any upward review of banking charges is bound to attract scrutiny,” he said.
From a bank’s view, Oyedokun noted card production costs, chip tech, cybersecurity, and power expenses have all risen. “In that sense, a revision of charges may be viewed as an attempt to reflect prevailing economic realities and sustain service delivery.”
But for customers, it’s different: “Consumers often experience banking charges not as isolated items, but as a cumulative burden. Transfer fees, SMS alert deductions, electronic transaction charges… create the perception that customers are paying continuously simply to access their own money.”
He added: “For low-income earners, students, pensioners, artisans, and small business operators, ₦500 is not a negligible amount. It can cover transportation, food, or basic household needs.”
Oyedokun cautioned that higher costs could push people back to cash.
“If the cost of accessing banking tools continues to rise, some consumers may delay replacing expired or damaged cards, reduce usage of formal channels, or revert to cash-based transactions. Such outcomes would run contrary to the national objective of digital payments expansion.”
He acknowledged one bright spot: removing monthly Naira card maintenance fees. “If effectively implemented, some customers could save more over time than they lose through the one-off increase.”
Still, he said “public reaction shows that consumers judge policies not only by arithmetic but also by trust and lived experience.”
CBN wants public input on the draft guide by May 8, 2026 .After that, the apex bank will finalize the new charges.
*Key Takeaway*: ATM card fees may jump 50% to ₦1,500, but monthly Naira card maintenance could be scrapped. Experts say the timing is rushed and the hike will hit low-income Nigerians hardest, risking Nigeria’s cashless policy goals.
Review the CBN draft charges and submit feedback to your bank or CBN before May 8. Compare banks — charges may vary once implemented.
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