Nigerian bank customers are voicing concern following the start of a revised fees framework issued under guidance from the Central Bank of Nigeria, with attention focused on higher costs tied to ATM services. The new regime follows a central bank circular that adjusted several charges affecting everyday banking, including an increase in the price of getting an automated teller machine card.
Key takeaways
- The Central Bank of Nigeria raised the ATM issuance fee to 1,500 naira from 1,000 in its updated charges guidance.
- Banks were also instructed to remove maintenance fees on naira-focused cards as part of the changes.
- The reviewed charges are expected to begin on May 1, 2026.
- The Bank Customers’ Association of Nigeria warned that customers could still face higher overall costs, particularly around the ATM-related increase.
- The directive was announced by the apex bank last week, and customer reaction intensified after the rollout.
CBN revises fee schedule for card and ATM services
The policy change comes from a central bank circular titled “Guide to Charges by Banks and Other Financial Institutions,” which outlined adjustments to bank and financial service fees. One of the most noticeable changes is the increase in the charge for issuing automated teller machine cards, which moved upward to 1,500 naira from 1,000.
Alongside the ATM issuance adjustment, the central bank directed institutions to eliminate maintenance charges on cards that are tied to naira-dominated usage, along with other reviewed fees. These updates are scheduled to take effect from May 1, 2026, giving banks time to align their pricing and billing systems with the new instructions.
Customer group questions whether the changes reduce costs
In response to the rollout, Uju Ogunbunka, president of the Bank Customers’ Association of Nigeria, said consumers are likely to encounter additional charges due to the upward revision of the ATM issuance fee. He argued that while some charges are being removed—specifically maintenance fees on certain cards—the increase in another key fee could leave customers worse off overall.
Ogunbunka said the policy’s cost-saving intent is unclear. “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,” he said in comments made on Monday.
The central bank’s directive on new bank charges was announced last week, setting off debate among customers as the changes begin to filter through banking channels and fee schedules.
