Economists and bank consumers have raised major fault lines in the Central Bank of Nigeria’s proposed increase of the Automated Teller Machine card issuance charge to N1500 from N1000.
This comes as the apex bank on April 21, 2026, released a 42-page exposure draft of the Guide to Charges by Banks and Other Financial Institutions.
DAILY POST reports that part of the drafted charges include a 50 percent increase for ATM card issuance, removal of maintenance on Naira debit/credit cards, and a $10 charge per annum for foreign currency-dominated card maintenance.
CBN listed other bank charges, urging financial institutions and the public to make their input on or before May 8, 2026.
The policy statement from the apex bank has stirred reactions from Nigerians, especially with regard to the N1500 ATM card issuance charge.
Some Nigerians argued that the ATM card issuance charge would further worsen the burden on bank consumers, while others commended CBN for the proposed removal of the maintenance charge on Naira debit/credit cards.
Speaking on the draft in an interview with DAILY POST, Dr. Uju Ogunbunka, President of the Bank Customers’ Association of Nigeria and financial analyst, faulted the deadline for expected feedback from the public and stakeholders.
He described the move as unrealistic and rushed.
Ogunbunka said the timeline appears “too sudden” and does not allow adequate room for stakeholders to review and respond to the draft, which was only recently released.
“We disagree with the take-off date or proposed take-off date. It appears rather too sudden, too near,” he said.
He noted that expecting meaningful feedback and finalizing the document within such a short period would be difficult, especially given prevailing conditions in the country.
“I think it is Herculean, especially given what is happening in our own environment,” he added.
According to him, the association’s immediate concern is the tight deadline, which limits the ability of stakeholders, particularly operators, to properly study the document.
“The first reaction we have is that the deadline is too tight for people to react.
“Nigerians would have been given more time to study, especially operators,” Ogunbunka stated.
CBN ATM charge hike will strain Nigerians, threaten inclusion — Oyedokun
On his part, a professor of Accounting and Finance at Lead City University, Godwin Oyedokun, expressed concern over the CBN issuance and replacement fees.
He warned that the policy could further burden consumers and weaken financial inclusion.
Oyedokun said the move “has again brought to the fore the enduring tension between regulatory cost adjustments and consumer welfare.”
“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 told DAILY POST in an interview on Monday.
He explained that from the standpoint of regulators and financial institutions, the increase may be justified.
“The cost of card production, chip technology, cybersecurity safeguards, logistics, and service infrastructure has risen significantly in recent years,” he said, adding that “banks operate within an environment of escalating operating expenses, including power costs, technology investments, and compliance obligations.”
“In that sense, a revision of charges may be viewed as an attempt to reflect prevailing economic realities and sustain service delivery,” Oyedokun noted.
However, he stressed that for the average Nigerian, the reality is different.
“Consumers often experience banking charges not as isolated items, but as a cumulative burden,” he said.
“Transfer fees, SMS alert deductions, electronic transaction charges, and other service-related costs already create the perception that customers are paying continuously simply to access their own money,” he added.
Against this backdrop, he warned that “a 50 percent increase in ATM card issuance fees is likely to be seen as another strain on already stretched households.”
Highlighting the impact on vulnerable groups in Nigeria, Oyedokun said, “For low-income earners, students, pensioners, artisans, and small business operators, N500 is not a negligible amount. It can cover transportation, food, or basic household needs.”
On financial inclusion, he cautioned that “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.”
He added that “such outcomes would run contrary to the national objective of digital payments expansion.”
The professor acknowledged potential benefits in the draft, noting that “reports suggest that the same framework may remove certain recurring charges, such as monthly card maintenance fees on naira cards.”
He added, “If effectively implemented, some customers could save more over time than they lose through the one-off increase.”
Nonetheless, he emphasized that “public reaction shows that consumers judge policies not only by arithmetic but also by trust and lived experience.”
Oyedokun argued that improved service delivery must accompany any increase in charges.
“Nigerians are more likely to accept reasonable charges when banking services are efficient, transparent, and dependable,” he said.
He pointed out persistent challenges in the system: “Failed transactions, delayed reversals, ATM cash shortages, poor complaint resolution, and unexplained deductions continue to erode confidence.”
“The CBN must therefore ensure that any revised charges are matched by stronger consumer protection measures.
“Banks should be required to communicate fees clearly, eliminate hidden charges, improve service delivery standards, and strengthen dispute resolution mechanisms.
“Regulatory reform must not become synonymous with fee increases alone,” Oyedokun added.
“Ultimately, banking should remain accessible, affordable, and trustworthy.
“Financial inclusion is sustained not merely by opening accounts, but by ensuring that citizens can use financial services without feeling exploited,” he told DAILY POST.
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