Bank customers lament ATM card fee hike, urge CBN intervention

Business

ABUJA, Nigeria (Agency Report) —Bank customers in the Federal Capital Territory (FCT) have expressed frustration over the recent increase in Automated Teller Machine (ATM) card issuance and replacement fees, describing the move as insensitive amid Nigeria’s challenging economic climate.

The Central Bank of Nigeria (CBN), in a recent circular, announced that effective May 1, the fee for issuing or replacing debit and credit cards would rise from ₦1,000 to ₦1,500.

Speaking to the News Agency of Nigeria (NAN) on Sunday, several customers appealed to the apex bank to reconsider the decision and engage directly with stakeholders before implementing such policies.

Mr. Boniface Onne criticized the hike, noting that customers already face multiple transaction charges. “Bank charges are getting out of hand. We still get debits for transfers below ₦5,000 despite CBN’s directive,” he said.

Chief Ifeanacho Ubaka urged the CBN to hold regular forums with customers to understand their challenges. He lamented that almost every transaction attracts deductions, adding that the additional ₦500 fee was unfair.

Mrs. Sarah Onifade commended the scrapping of maintenance fees but recounted her experience of being charged twice for a faulty ATM card issued by her bank. “Imagine now that the CBN has added ₦500 to the fee and such issues persist,” she said.

Mr. Victor Agabi said the economic situation does not warrant any increase, while Miss Hafsat Aliyu, a student, called on the CBN to translate circulars into local languages to improve awareness among customers.

Economic experts warned that the policy could worsen financial strain. They stressed the need for transparency, customer engagement, and stronger regulation of banks to prevent excessive charges.