A single line in a 42-page regulatory document has ignited one of the sharpest public debates in Nigeria's banking sector this year and the Central Bank of Nigeria has until May 8 to absorb the backlash.
The CBN on April 21, 2026, released an exposure draft of the Guide to Charges by Banks and Other Financial Institutions, proposing a 50% increase in ATM card issuance and replacement fees from ₦1,000 to ₦1,500 alongside the removal of monthly maintenance charges on naira debit and credit cards, and a $10 annual maintenance fee on foreign currency-denominated cards.
Under the revised framework, charges for premium debit, credit, or hybrid cards remain negotiable, while virtual cards will be issued at no cost. Customers withdrawing cash from another bank's ATM will pay ₦100 per ₦20,000 withdrawal at on-site locations, while off-site ATMs may attract an additional surcharge of up to ₦500 per transaction subject to disclosure at the point of withdrawal.
The framework also delivers relief in other areas. Electronic transfers of ₦5,000 and below remain free, transfers between ₦5,000 and ₦50,000 attract a ₦10 charge, and those above ₦50,000 cost ₦50. Current account maintenance fees will be capped at ₦0.5 per mille in 2026 before being completely eliminated by 2027.
But the ₦1,500 card issuance fee has drawn the loudest response. Professor Godwin Oyedokun of Lead City University warned that the policy "has again brought to the fore the enduring tension between regulatory cost adjustments and consumer welfare," adding: "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."
Oyedokun acknowledged the regulator's constraints, noting that "the cost of card production, chip technology, cybersecurity safeguards, logistics, and service infrastructure has risen significantly in recent years" but stopped short of endorsing the hike as consumer-friendly.
His prescription was pointed: "The CBN must 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."
The CBN, in the circular signed by Financial Policy and Regulation Director Dr. Rita Sike, said the updated framework aims to enhance flexibility, standardisation, transparency, and competition in the Nigerian financial system, while accelerating digital financial services adoption and expanding financial inclusion.
The revised guide replaces the previous one issued in January 2020 and covers all institutions under the CBN's supervision, including commercial banks, microfinance banks, payment service banks, and mobile money operators. The new framework is expected to take effect from May 1, 2026. Public submissions close May 8 and if the volume of public reaction is any guide, the CBN's inbox is unlikely to stay quiet.
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