The Central Bank of Nigeria (CBN) has increased the cost of Automated Teller Machine (ATM) card issuance to ₦1,500, raising concerns among bank customers over rising financial service charges.
The new fee represents a 50 per cent increase from the previous ₦1,000 and applies to all standard debit cards issued by commercial banks across the country. The directive also covers the replacement of lost, damaged, or expired ATM cards.
According to the apex bank, the adjustment forms part of a broader review of banking service charges aimed at reflecting current operational costs and improving efficiency within Nigeria’s financial system.
In a move expected to cushion the impact on customers, the CBN simultaneously scrapped the ₦50 monthly maintenance fee previously charged on naira-denominated ATM cards. Industry analysts say this could provide some relief, particularly for low-income earners who rely heavily on electronic banking services.
Banks have begun notifying customers of the new charges, which take immediate effect, urging them to take note when requesting new or replacement cards.
The policy shift comes amid ongoing reforms by the CBN to streamline banking operations, promote transparency, and encourage the adoption of digital payment channels as part of Nigeria’s drive toward a cashless economy.
However, reactions have been mixed, with some customers expressing concern over the increasing cost of banking services, while others view the removal of maintenance fees as a welcome development.
Financial experts note that while the upfront cost of obtaining ATM cards has risen, the elimination of recurring charges may balance the overall cost burden for many users in the long term.