Some bank customers in Abuja have criticised the Central Bank of Nigeria's (CBN) decision to increase the fee for ATM card issuance and replacement from N1,000 to N1,500, calling it insensitive amid the country's economic hardship. The new charge, effective May 1, applies to standard debit and credit cards issued by banks and other regulated financial institutions nationwide. Customers who spoke to the News Agency of Nigeria (NAN) on Sunday described the hike as frustrating, particularly given existing multiple bank charges. Boniface Onne said transaction deductions were already exhausting, noting that despite a CBN circular stating transactions below N5,000 should be free, customers still receive NIP transfer debits for amounts like N3,000. He added that banks continue to declare profits every quarter using customers' funds, a situation the CBN appears to accept. Chief Ifeanacho Ubaka urged the central bank to engage customer associations regularly to understand challenges before implementing new charges. He highlighted that many customers, especially those with low literacy, cannot distinguish which transactions should attract fees and which should not. Ubaka also listed multiple deductions including SMS alerts, PoS charges, stamp duties and NIP fees, arguing that adding N500 more to ATM card fees is unfair. Sarah Onifade commended the CBN for scrapping ATM maintenance fees but criticised her bank for charging her N1,000 to replace a faulty instant card that only worked on PoS machines, not ATMs. She said the bank charged her again despite the fault appearing to be on their end. Victor Agabi said he now avoids depositing money in banks due to constant charges, while student Hafsat Aliyu called on the CBN to translate its circulars into local languages to improve understanding among all customers.
The CBN raised ATM card fees while customers report being charged for transactions it claimed should be free, exposing a gap between policy and practice. If banks continue to impose unauthorised debits and the CBN fails to enforce compliance, the fee increase will deepen public distrust. Customers are not only paying more — they are paying for services that do not work as promised.
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