Nigerians may soon pay more for one of the most basic banking tools — the ATM card — following a proposed revision of charges across the financial system by the Central Bank of Nigeria (CBN).

In its exposure draft for the 2026 Guide to Charges, the apex bank proposed a ₦1,500 fee for the issuance and replacement of ATM debit cards, representing a 50 per cent increase from the ₦1,000 benchmark in place since 2020.

The adjustment, scheduled to take effect from May 1, 2026, signals a shift in how everyday banking costs are structured, particularly for services widely used by millions of Nigerians.

Beyond the increase, the review reflects a broader policy direction. According to the CBN, the revised charges are part of efforts to modernise the financial ecosystem, promote innovation, and expand digital transactions — especially in low-value payments where financial inclusion remains critical.

The document, signed by Rita I. Sike, Director of the Financial Policy and Regulation Department, introduces a more flexible pricing framework. While standard debit and credit cards will attract a fixed ₦1,500 fee, premium cards will be subject to negotiable pricing, creating a new dynamic between banks and customers.

This marks a departure from the 2020 guideline, which standardised ATM card fees at ₦1,000 across all categories, covering issuance, replacement, and renewal.

The draft also strengthens consumer protection measures. Financial institutions will be required to clearly inform customers when charges are negotiable and ensure that fee agreements are reached transparently. All charges must remain within defined regulatory limits, reinforcing accountability.

In addition, the CBN clarified its position on low-balance accounts. Customers will not be charged beyond available funds; instead, pending charges will be deferred until sufficient balance exists, and such deferred fees will not attract interest.

The proposed framework applies broadly across the financial sector, including commercial banks, merchant banks, microfinance institutions, mobile money operators, and mortgage banks under the CBN’s regulatory oversight.

For the regulator, the objective is to create a more transparent, structured, and competitive financial system that reflects evolving realities — particularly the growth of digital banking and emerging financial service providers.

However, for many Nigerians, the immediate concern is the impact on daily costs. Amid rising living expenses, even a modest increase in ATM card fees could be significant, especially for customers who frequently replace or renew their cards.

The CBN has opened the draft for public input, inviting stakeholders to submit feedback before May 8, 2026.
If adopted, the new guide will replace the 2020 framework and redefine banking charges in Nigeria. For now, the proposal remains under review — but it has already sparked renewed debate over the cost of banking services in the country.