Economists and bank consumers have criticised the Central Bank of Nigeria's proposed increase of ATM card issuance charges from N1,000 to N1,500, contained in a 42-page exposure draft released on April 21, 2026. The draft also includes removal of maintenance fees on naira debit or credit cards and a $10 annual charge for foreign currency-denominated card maintenance. The Bank Customers' Association of Nigeria described the May 8, 2026 feedback deadline as "unrealistic and rushed." A professor of accounting and finance warned the increase could strain households and weaken financial inclusion, particularly for low-income earners, students, and pensioners.
Key Points
- Bank customers face a 50% one-off increase for card issuance or replacement.
- Low-income earners may delay replacing expired cards, reducing formal banking usage.
- Recurring monthly maintenance fees on naira cards are proposed for removal.
- The short feedback deadline limits meaningful stakeholder input on the draft.
- Consumers may revert to cash-based transactions if banking costs continue rising.
Watch whether the CBN extends the feedback deadline and if the final guideline incorporates public concerns before implementation.
Sources: Daily Post
