The Central Bank of Nigeria has set a new ATM card issuance fee at N1,500, up from N1,000, effective May 1, 2026. This forms part of a broader directive titled 'Guide to Charges by Banks and Other Financial Institutions', which also requires banks to eliminate maintenance fees on Naira-denominated cards. The policy changes were announced last week, with full implementation scheduled for over a year from now.
Uju Ogunbunka, President of the Bank Customers' Association of Nigeria, expressed concern over the increased cost. Speaking to DAILY POST on Monday, Ogunbunka said the higher ATM issuance fee would impose additional burdens on consumers. "Consumers will suffer more charges, but if the intention is to scrap the maintenance charge, which happened to be lower, then it makes the policy not plausible," Ogunbunka stated.
The CBN's circular outlines several reviewed charges beyond ATM issuance and account maintenance. However, specific details on other revised fees were not provided in the report. The apex bank has not offered further public commentary since the release of the directive.
The CBN is raising the cost of ATM cards while eliminating a smaller fee, a move that benefits banks more than customers. Consumers like those represented by Uju Ogunbunka face higher upfront costs with little savings in return. The policy shift suggests a regulatory tilt toward financial institutions at the expense of everyday account holders. Nigerians must now pay more to access their own money, even as promised relief falls short.
Editorial note: AI-assisted opinion, not established fact. Full disclaimer →
