Nigerians Reject Proposed N1,500 ATM Card Issuance Charge by CBN

The Central Bank of Nigeria’s plan to raise the cost of issuing Automated Teller Machine cards from N1000 to N1500 has caused a lot of problems for economists and bank customers.

This comes after the central bank released a 42-page draft of the Guide to Charges by Banks and Other Financial Institutions on April 21, 2026.

Reports say that some of the proposed fees include a 50% increase for issuing ATM cards, ending maintenance on Naira debit and credit cards, and a $10 fee per year for maintaining cards that are mostly used for foreign currency.

CBN listed other bank fees and asked banks and the public to give their feedback by May 8, 2026.

Nigerians have reacted to the apex bank’s policy statement, especially the N1500 ATM card issuance fee.

Some Nigerians said that the ATM card issuance fee would make things even harder for bank customers, while others praised CBN for suggesting that the maintenance fee on Naira debit/credit cards be dropped.

Dr. Uju Ogunbunka, President of the Bank Customers’ Association of Nigeria and a financial analyst, criticized the deadline for public and stakeholder feedback on the draft in an interview.

He said the move was unrealistic and too quick.

Ogunbunka said that the timeline seems “too sudden” and doesn’t give stakeholders enough time to look over and respond to the draft, which was just made public.

“We don’t agree with the take-off date or the proposed take-off date.” “It seems too sudden and too close,” he said.

He said it would be hard to get useful feedback and finish the document in such a short amount of time, especially given the current situation in the country.

“I think it’s Herculean, especially given what’s going on around us,” he said.

He says that the association’s main concern right now is the short deadline, which makes it hard for stakeholders, especially operators, to fully study the document.

“Our first thought is that the deadline is too short for people to respond.

Ogunbunka said, “Nigerians would have had more time to study, especially operators.”

Oyedokun says that the CBN ATM fee increase will hurt Nigerians and make it harder for everyone to participate.

Godwin Oyedokun, a professor of Accounting and Finance at Lead City University, said he was worried about the CBN’s fees for issuing and replacing money.

He said that the policy could make things harder for consumers and make it harder for people to get access to financial services.

According to Oyedokun, the move “has once again brought to light the ongoing conflict between adjusting regulatory costs and protecting consumers.”

“Many Nigerians are already dealing with inflation, stagnant incomes, and rising living costs. Any increase in banking fees is sure to get a lot of attention,” he said in an interview on Monday.

He said that from the point of view of regulators and banks, the rise might be reasonable.

He said, “The cost of making cards, chip technology, cybersecurity measures, logistics, and service infrastructure has gone up a lot in the last few years.” He also said, “Banks have to deal with rising operating costs, such as power costs, technology investments, and compliance obligations.”

Oyedokun said, “In that sense, a revision of charges may be seen as an attempt to reflect current economic realities and keep service delivery going.”

But he made it clear that the truth is different for most Nigerians.

He said, “Consumers often don’t see banking fees as separate costs, but as a cumulative burden.”

He went on to say, “Transfer fees, SMS alert deductions, electronic transaction charges, and other service-related costs already make it seem like customers are always paying just to get their own money.”

In light of this, he said that “a 50 percent increase in ATM card issuance fees is likely to be seen as another strain on already stretched households.”

Oyedokun said that N500 is not a small amount for low-income earners, students, pensioners, artisans, and small business owners in Nigeria. It can pay for food, transportation, or basic household needs.

He warned that “if the cost of accessing banking tools keeps going up, some consumers may put off getting new cards when their old ones expire or are damaged, use fewer formal channels, or go back to using cash.”

He also said that “these kinds of results would go against the national goal of expanding digital payments.”

The professor said that the draft could have some benefits. For example, “reports suggest that the same framework may remove certain recurring charges, such as monthly card maintenance fees on naira cards.”

He went on to say, “If done right, some customers could save more over time than they lose from the one-time increase.”

Still, he stressed that “the way people react shows that they judge policies not just by numbers but also by trust and lived experience.”

Oyedokun said that any rise in fees must come with better service.

He said, “Nigerians are more likely to accept reasonable fees when banking services are fast, clear, and reliable.”

He said that the system still has problems, such as “failed transactions, delayed reversals, ATM cash shortages, poor complaint resolution, and unexplained deductions,” which make people lose faith.

“The CBN must make sure that any new fees are matched by stronger protections for consumers.”

“Customers should be able to see all of the fees that banks charge, there shouldn’t be any hidden fees, service delivery standards should be raised, and dispute resolution systems should be made stronger.

Oyedokun added, “Regulatory reform should not just mean higher fees.”

“Ultimately, banking should still be easy to get to, cheap, and safe.

“Opening accounts is not enough to keep people financially included; citizens must also be able to use financial services without feeling taken advantage of,” he said.