The Central Bank of Nigeria (CBN) has approved a 50 percent increase in the fee charged for issuing and replacing ATM debit and credit cards, raising it from ₦1,000 to ₦1,500.
At the same time, the apex bank scrapped the ₦50 monthly maintenance charge previously applied to naira-denominated debit and credit cards. However, customers using foreign currency cards will still pay an annual maintenance fee of $10.
The CBN also clarified that customers will not be charged for ATM transactions carried out at merchant Point of Sale (PoS) terminals, as such fees will now be borne entirely by merchants.
These changes were outlined in the draft of the 2026 Guide to Charges by Banks and Other Financial Institutions in Nigeria, released by the apex bank.
According to the CBN, ATM card issuance and replacement for standard cards will now cost ₦1,500, while charges for premium and hybrid cards will be negotiable. It also confirmed that virtual cards will be issued free of charge.
On merchant transactions, the bank stated that a 0.5 percent Merchant Service Charge (MSC), capped at ₦10,000, will apply regardless of the payment method or technology used, and this cost will be borne solely by merchants.
In a circular signed by the Director of the Financial Policy and Regulation Department, Dr. Rita Sike, the CBN explained that the review is aimed at strengthening the financial system, promoting innovation in financial services, improving financial inclusion, and encouraging greater use of electronic payment channels.
The bank added that the revised guide also reflects new industry players and adjustments to existing charges introduced since the 2020 framework.
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