Customers Voice Concerns Over Rising Bank Charges in Nigeria

Bank customers across Nigeria are increasingly concerned about the rising charges associated with electronic transactions, including transfers, ATM withdrawals, and card payments. Customers report that while individual charges may seem small, they accumulate significantly, especially for individuals and small businesses conducting multiple transactions daily.

An analysis of the financial statements of 11 listed Nigerian banks revealed that they generated approximately N224.69 billion from electronic banking services and ATM/card-related charges between January and March 2026, a 12.56% increase from N199.61 billion in the same period in 2025. Customers have noted that transaction charges are particularly noticeable with low-value transactions, prompting some to combine transactions to mitigate costs.

Financial analysts, including banking analyst Raheem Adedoyin, argue that banks must maintain transparency in their pricing structures to avoid customer confusion. They warn that excessive transaction costs could drive customers to seek alternatives to formal banking channels.