The Central Bank of Nigeria (CBN) has raised the fee for issuing and replacing Automated Teller Machine (ATM) debit and credit cards by 50 per cent, increasing the charge from N1,000 to N1500. At the same time, the apex bank has scrapped the N50 monthly maintenance fee on Naira-denominated debit and credit cards, which previously included a 7.5 per cent Value Added Tax component. However, holders of foreign currency-denominated card will continue to pay an annual maintenance fee of $10.
The changes were disclosed in the CBN’s exposure draft of the “Guide to Charges by Banks and Other Financial Institutions (OFIs) in Nigeria 2026,” which outlines updated rules for fees and banking practices.
In the draft, the CBN also clarified that the cost of ATM transactions carried out on merchants’ Point of Sale (PoS) terminals will be borne by the merchant, not the customer.
Detailing the new charges, the bank stated: “ATM card Issuance/Replacement charges for regular/basic debit/credit card is N1,500. Charges for Premium Debit/Credit/Hybrid Card are negotiable Virtual cards at no charge. Merchant Service Charge (MSC) (charge to be borne by the merchant). There shall be no charge to the cardholder paying the merchant.”
It further emphasised: “All card transactions done by cardholders at a merchant location shall be free of charge to the cardholder, i.e. the MSC shall be borne by the merchant. The MSC payable by a merchant (0.5 percent) subject to a cap of N10,000 shall be the same irrespective of the technology or payment methods.”
In a circular addressed to banks, other financial institutions, and the public, and signed by the Director of the Financial Policy and Regulation Department, Rita Sike, the apex bank said the review aligns with its mandate to ensure a safe and sound financial system.
The CBN explained: “This reviewed Guide provides for an increased range of financial services, encourages development of innovative products, strengthens responsibility for oversight and accountability and promotes financial inclusion through lower tariffs for micropayments/transactions.”
It added that the revised framework updates the 2020 version to reflect current market realities, including the growing adoption of digital banking and the emergence of new industry participants.
The bank noted: “Furthermore, the Guide reviewed some charges for banking services to encourage increased adoption of electronic channels and accommodates new industry participants since the issuance of the 2020 Guide.”
