Nigerian bank customers have begun reacting to the implementation of a new bank charges regime introduced by the Central Bank of Nigeria.
The policy, outlined in a circular titled “Guide to Charges by Banks and Other Financial Institutions,” includes an increase in the fee for issuing Automated Teller Machine cards from N1000 to N1500. It also directs banks to eliminate maintenance fees on naira denominated cards, alongside other reviewed charges that took effect from May 1, 2026.
Commenting on the development, the President of the Bank Customers Association of Nigeria, Uju Ogunbunka, expressed concern over the impact on consumers.
“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.
The policy has sparked mixed reactions, with some customers worried about the increased cost burden, while others are weighing the potential benefits of removing recurring maintenance fees.
The directive forms part of broader efforts by the apex bank to review banking charges within the financial system.
