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Nigerians lament hike in card maintenance fees

Nigerians have reacted to the move by Central Bank of Nigeria to increase the card maintenance charges for all debit and credit card users, starting from May 2017. Speaking with about this development, credit and debit card users disapproved the move by CBN, calling it insensitive.

According to Temitope Azeez, “It is sheer rubbish, how would they do that. Even if you misplace your card, they will demand for money to get it replaced. I don’t know what they are maintaining really. It is better for us to forget the credit and debit cards than to pay N600 per annum.”

Bisola Aminat is against the decision: “Even if they have to increase the charges, must it be times six, from N100 to N600. It is just too much.”

Olaide, a student of Mapoly stated, “I don’t leave money in my account, I just opened the account in order to make transfer easy for those who want to send money to me. How would they charge N600 per annum? It means I would close some of my accounts because I cannot maintain them.”

Mr. Femi Solomon also noted: “They are going to defeat the cashless policy they have been talking about since last year. Most people would abandon their ATM cards because of that maintenance charges, it is just too much. It is better for them to review it. ”

Mrs. Fola Olaoye also added, “From N100 to N600, CBN is insensitive to the plight of Nigerians. How would they charge so much to maintain what really, I don’t quite understand. I have up to four bank accounts, that means they would be charging N2,400 annually to maintain. I would rather close some of the account and leave one or two, even at that, I may stop using ATM cards if they mean it. How much do I have in my account?”

A couple of weeks back, CBN revised the guide to bank charges. This includes the card maintenance charges; it was increased from N100 annually to N600 annually.


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