Your wallet just got lighter! ATM debit/credit card issuance and replacement fees are jumping 50% – from N1,000 to N1,500 – starting May 1, 2026.
This directive, detailed in CBN’s latest circular to all Deposit Money Banks (DMBs), aims to “enhance service quality and cover rising operational costs amid inflation.” No grace period – banks must comply immediately, passing the buck straight to you.
Key Details You Need to Know:
- Old Fee: N1,000
- New Fee: N1,500 (N500 extra!)
- Applies to: New issuances AND replacements (lost, damaged, or expired cards)
- Timeline: Kicks in May 1, 2026 – renew now if you’re due!
- Why? CBN cites “cost recovery” in a tough economy, but critics slam it as another burden on everyday Nigerians already grappling with fuel prices, naira woes, and cash scarcity.
Is this pushing us faster to POS, Opay, or PalmPay? Or just padding bank profits? With Benue farmers relying on ATMs daily, this hits hard.
