The Central Bank of Nigeria (CBN) has approved an increase in the cost of issuing Automated Teller Machine (ATM) cards, raising the fee by 50 per cent from the previous rate to N1,500.
The adjustment applies to new ATM card issuance and is part of a broader review of banking service charges aimed at reflecting current economic realities, rising operational costs, and infrastructure maintenance within the financial sector.
According to the updated directive, deposit money banks and other financial institutions are expected to implement the new fee structure in line with the CBN’s guidelines. The apex bank stated that the review was necessary to ensure the sustainability of payment systems and continued improvement in electronic banking services across the country.
The increment means customers who apply for new debit or ATM cards will now pay N1,500, up from the previous charge of N1,000. Banks are also expected to maintain transparency in communicating the revised charges to customers while ensuring compliance with consumer protection standards.
Financial sector analysts note that the adjustment reflects broader inflationary pressures affecting banking operations, including card production costs, technology maintenance, and security enhancements. However, some customers may view the increase as an additional burden amid rising living costs and multiple banking deductions.
The CBN, in its regulatory role, has continued to update service fees periodically to align with market conditions and improve efficiency in the financial system. It also maintains that such adjustments are necessary to support innovation and strengthen Nigeria’s cashless policy framework.
Banks are expected to begin implementing the new charge immediately, while customers have been advised to confirm updated fees with their respective financial institutions.
The development adds to ongoing discussions around banking costs in Nigeria, as consumers continue to adjust to revised charges across various financial services, including transfers, account maintenance, and electronic transactions.
